Proteomics International Laboratories Ltd To Raise $6.5m Through Institutional Placement
Summary
Perth, Australia (ABN Newswire) - Proteomics International Laboratories Ltd (ASX:PIQ), a pioneer in predictive diagnostics is pleased to announce that it has received firm commitments from new and existing institutional investors for a non-underwritten placement of 8.6 million new fully paid ordinary shares ("New Shares") at A$0.76 per New Share ("Placement Price") to raise A$6.5 million in gross proceeds ("Placement"). These investors have actively researched and engaged with the Company and are investing at a pivotal point ahead of our commercialisation of PromarkerD and further clinical development of our diagnostics pipeline. "PlacementDetails of the Placement are as follows:- The Placement is being made to new and existing shareholders and comprises the issue of 8.6 million New Shares for gross proceeds of approximately A$6.5 million- The New Shares will be issued pursuant to Proteomics Internationals placement capacity under ASX Listing Rule 7.1 and is expected to settle on Thursday, 25 January 2024New Shares issued under the Placement will rank pari passu with existing PIQ fully paid ordinary shares from their date of issue.Concurrent Secondary Sell-DownConcurrent with the Placement, Proteomics International Founder and Managing Director Dr Richard Lipscombe has agreed to sell approximately 2.6 million shares, representing 14% of his shareholding in the Company ("Sell-Down"). The Sell-Down reflects the first sale of shares by Dr Lipscombe since the Companys inception in 2001 and has been conducted in conjunction with the Placement to facilitate institutional investor participation without additional equity dilution.Use of ProceedsThe Company will use the proceeds received from the Placement for:- Commercialisation of the PromarkerD predictive test for diabetic kidney disease- Development of the Promarker diagnostics pipeline- General working capital purposesTo view the Indicative Timetable, please visit: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.