Proteomics International Raises $12 Million, Oversubscribed Share Plan Drives Growth
Proteomics International has completed a $12 million capital raise, including a heavily oversubscribed Share Purchase Plan, to fast-track the rollout of its innovative diagnostic tests in Australia and the USA.
- Oversubscribed $7.5 million Share Purchase Plan completes $12 million raise
- Funds to accelerate commercial launch of PromarkerD, PromarkerEso, PromarkerEndo, and OxiDx tests
- Capital raise includes institutional and director placements
- Expansion targets both Australian and US markets
- Upgrades planned for laboratory platforms and clinical diagnostic systems
Capital Raise Success
Proteomics International Laboratories Ltd (ASX, PIQ), a leader in precision diagnostics, has successfully closed a $12 million capital raise, driven by a heavily oversubscribed Share Purchase Plan (SPP) that raised $7.5 million. This follows earlier institutional and director placements totaling $4.5 million. The strong shareholder support underscores confidence in the company’s strategic direction and its suite of diagnostic tests.
Strategic Use of Funds
The fresh capital will be deployed to accelerate the commercial rollout of several first-in-class diagnostic tests. These include PromarkerD, designed to predict diabetic kidney disease; PromarkerEso, aimed at diagnosing esophageal cancer; and PromarkerEndo, for endometriosis detection. Additionally, funds will support the launch of OxiDx and other pipeline tests, reflecting the company’s commitment to expanding its diagnostic portfolio.
Market Expansion and Infrastructure
Proteomics International plans to launch these tests across two key markets, Australia and the United States. The capital raise will facilitate system upgrades to support clinical diagnostic testing in Australia and establish laboratory platforms in the US for the Promarker suite. This dual-market approach positions the company to capitalize on growing demand for predictive diagnostics in diverse healthcare systems.
Leadership Perspective
Managing Director Dr Richard Lipscombe expressed gratitude for the overwhelming shareholder support, highlighting the pivotal moment for the company as multiple diagnostics prepare to go live this year. He emphasized that the funds will enable Proteomics International to expedite commercialisation efforts and enhance awareness campaigns targeting patients, healthcare providers, advocacy groups, and potential partners.
Looking Ahead
The issue of new shares and attaching options is scheduled for 6 June 2025, following the lodgement of a supplementary prospectus. As Proteomics International moves forward, the market will be watching closely to see how effectively the company translates this capital injection into commercial success and broader adoption of its diagnostic innovations.
Bottom Line?
With $12 million secured, Proteomics International is poised to transform diagnostic testing; but execution will be key.
Questions in the middle?
- How quickly will the new diagnostic tests gain traction in the US and Australian markets?
- What are the expected timelines and milestones for revenue generation from these tests?
- How will the company manage competition and regulatory hurdles in expanding its diagnostic offerings?