Proteomics International Raises $1.44 Placement and Now Offering a Share Purchase Plan

2nd December 2016, ASX Announcement

• Proteomics International is a specialist innovation-driven medical technology company based in Perth, Western Australia.
• Focused on the area of proteomics- the industrial scale study of the structure and functions of proteins.
• Established in 2001, providing services to groups throughout the Indo-Asian region. They consider themselves and are recognised as global leaders in their field of work.

Medtech company, Proteomics International Laboratories Ltd (PILL), is pleased to announce it has finalised the first phase of a targeted capital raising by placement of 6m shares at $0.24 to raise $1.44m. The oversubscribed “Placement” raised $1.44 million with the support from existing and new sophisticated investors.

The Placement received strong support overall from existing and new sophisticated investors and was significantly over-subscribed. The Placement was priced at $0.24 per share, with a discount of 12.7% to the last sale price. Proteomics also announced a Share Purchase Plan (SPP) to existing shareholders to raise $480, 000 at $0.24 per share. With K S Capital Pty Ltd acting as a Lead Manager to the Placement.

PILL recently announced important developments in both its areas of operation, Diagnostics and Analytical Services. The Board considered that these activities could be enhanced by an injection of capital.

The funds will therefore be used to contribute support to:

1. The commercialisation and product development of PILLS’s flagship diagnostic product, PromarkerD, a breakthrough predictive test for diabetic kidney disease; and
2. The roll-out of PILL’s new analytical testing services, in conjunction with Linear Clinical Research, for the fast-growing clinical trials market.

From the Placement, $500,000 has been allocated to each area, with the balance for working capital. Funds raised under the SPP will be distributed equally between the areas of diagnostics, analytical services and working capital. By fast-tracking its programs PILL seeks to bring forward its potential commercialisation deals for PromarkerD, and to expand sales from analytical services. Both areas continue to push the company towards cash-flow and positive operations.

To read the full announcement, please click here.