Proteomics International receives strong support for its $4.5m placement to help drive the commercial launch of its suite of Promarker diagnostic tests
$4.5m Placement to Launch Promarker Diagnostics
Perth, April 22, 2025 AEST (ABN Newswire) - Proteomics International Laboratories Ltd (
ASX:PIQ) (PIQLF:OTCMKTS), a pioneer in precision diagnostics, is pleased to announce that it has received firm commitments from new and existing investors and Directors and Key Management Personnel for a non-underwritten placement of approximately 12.1 million new fully paid ordinary shares ("New Shares") at $0.37 per New Share ("Placement Price") to raise A$4.5 million in gross proceeds.
- Proteomics International has secured binding and irrevocable commitments for A$4.5 million via a placement to institutional and sophisticated investors
- The Board and Key Management Personnel of PIQ have committed to subscribe for $0.5 million via a placement to directors, subject to shareholder approval being received
- Eligible shareholders to be invited to participate in a Share Purchase Plan to raise an additional $1 million
- Funds raised will be used to drive the launch of the Company's suite of diagnostic tests: PromarkerD for predicting diabetic kidney disease, PromarkerEso for diagnosing esophageal cancer and PromarkerEndo for diagnosing endometriosis
The issue price of $0.37 is at a 17.9% discount to the 15-day volume weighted average price and 16.9% discount to the last traded price on Wednesday, 16 April 2025.
New shares offered under the placement include 1 free attaching option for every 2 New Shares issued ("New Options"). The New Options will be issued under a prospectus proposed to be lodged on or about 28 April 2025 and will have an exercise price of $0.50 with an expiry date of 31 May 2026.
Eligible shareholders will be invited to participate in a non-underwritten Share Purchase Plan ('SPP") on the same terms as the placement to raise $1 million, with the ability to take over subscriptions.
Further details on the SPP will be sent to eligible shareholders following completion of the placement.
Proteomics International Managing Director Dr Richard Lipscombe said, "We are delighted to announce this placement at an exciting time in our Company's development - the funds will drive the US and Australian launch of our suite of diagnostic tests: PromarkerD for predicting diabetic kidney disease, PromarkerEso for diagnosing esophageal cancer and PromarkerEndo for diagnosing endometriosis. We are extremely pleased the placement was strongly supported by a number of our key existing institutional shareholders, together with a number of new investors. We welcome their support and look forward to continuing to update all shareholders as the roll-outs of these tests progress."
Details of the offer are as follows:
- An institutional placement to new and existing shareholders comprising the issue of approximately 10.8 million New Shares to raise gross proceeds of $4.0 million under ASX Listing Rule 7.1 ("Placement") -
- A Director and Key Management Personnel placement to raise $0.5m via the issuance of approximately 1.3 million New Shares in the Company, subject to shareholder approval of the Company's shareholders at an extraordinary general meeting expected to be held in late May ("Director Placement")
- A Share Purchase Plan to eligible shareholders under the same terms as the Placement to raise an additional $1m, with the ability to take over subscriptions
- New Shares will be offered with 1 free attaching New Option for every 2 New Shares issued New Shares issued under the Placement will rank equally with existing PIQ fully paid ordinary shares from their date of issue.
Euroz Hartleys Limited and Bell Potter Securities Limited acted as Joint Lead Managers to the Placement.
Use of Proceeds
The Company will use the proceeds received from the offer for:
- Launch of three Promarker tests in Australia
- Launch of three Promarker tests in USA
- Systems upgrade to provide clinical diagnostic tests in Australia
- Establish laboratory platforms for PromarkerD, PromarkerEso & PromarkerEndo tests in USA
- Working capital & Costs of Offer
To view the Indicative Timetable, please visit:
https://abnnewswire.net/lnk/T8L6220F
About Proteomics International Laboratories Ltd
Proteomics International Laboratories (ASX:PIQ) is a wholly owned subsidiary and trading name of PILL, a medical technology company at the forefront of predictive diagnostics and bioanalytical services. The Company specialises in the area of proteomics - the industrial scale study of the structure and function of proteins. Proteomics International's mission is to improve the quality of lives by the creation and application of innovative tools that enable the improved treatment of disease.
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