NEW YORK – Australian precision diagnostics firm Proteomics International Laboratories said Tuesday that it expects to raise A$4.5 million ($2.9 million) in a non-underwritten placement of 12.1 million ordinary shares.
Additionally, it plans to enact a share purchase plan that could raise an additional A$1 million.
The Perth-based company said that it has secured commitments from new and existing investors, directors, and key management personnel for the placement at A$.37 per share. The offer is comprised of a A$4 million placement of 10.8 million shares with investors and a A$500,000 placement of 1.3 million shares with board members and key management as well as a share purchase plan that is expected to raise an additional $1 million.
Proteomics International will use the proceeds to support the US and Australian launch and commercialization of three of its Promarker line of proteomic tests, upgrade its infrastructure to offer more tests in Australia, provide working capital, and cover costs of the offer. The firm is preparing to launch its PromarkerD test that is used to predict the risk of diabetic kidney disease, PromarkerEso test that is used to aid the diagnosis of esophageal cancer, and its PromarkerEndo test that is used to aid the diagnosis of endometriosis.
The company said recently that it plans to launch its PromarkerEndo endometriosis test in Australia during the first half of 2025 and the US soon afterward.