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Proteomics International Raising $4.3M via Placement of 8.6M Shares

NEW YORK — Proteomics International said Tuesday that it is planning to raise roughly A$6.5 million (US$4.3 million) in a non-underwritten placement of 8.6 million ordinary shares.

The company said it will use the funds to support development and commercialization of diagnostic products, including its PromarkerD test for diabetic kidney disease, and for general working capital purposes.

The placement is being made to new and existing institutional investor shareholders and is priced at A$.76 per share, an 11.5 percent discount to the five-day volume weighted average price and a 16.5 percent discount to the last closing price on Jan. 22.

Concurrent with the placement, Proteomics International Founder and Managing Director Richard Lipscombe is selling approximately 2.6 million shares, representing 14 percent of his shares in the company. He is selling at the same price the new shares are being issued.

The placement is expected to close on Jan. 25.