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Proteomics International Raises $1.4M

NEW YORK (GenomeWeb) – Proteomics International Laboratories said today it has raised $1.4 million through the placement of 6 million shares of stock at $.24 per share.

The company also announced a share purchase plan for an additional 2 million shares, intending to raise an additional $480,000 at $.24 per share from existing shareholders.

Proteomic International said it will use $500,000 to commercialize its PromarkerD test, a proteomic test for diagnosing and predicting risk of diabetic kidney disease, and another $500,000 to launch an analytical testing services business aimed at the clinical trials market. Both actions will continue to push the company towards cash-flow positive operations, Proteomics International said in a statement.

The balance of the proceeds will be used to fund day-to-day operations.