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Fluorotechnics to Raise $1.6M in Rights Offering

NEW YORK (GenomeWeb News) – Fluorotechnics today said that it is offering a one for five non-renouncable pro rata rights issue at A$.30 per share that it expects will bring in proceeds of A$1.8 million (US$1.6 million).

The Australian supplier of fluorescence and other protein detection technologies said that the shares are priced at a 14 percent discount to its closing price on the Australian Stock Exchange yesterday.

Fluorotechnics intends to use the proceeds for sales and marketing initiatives and as working capital.

It also noted that its sales expectations for fiscal year 2010 remain between $7 million and $10 million.

Earlier this year, the firm cut its forecast for 2009 revenues to around A$3.2 million (US$2.5 million) from its previous forecast of A$4 million.

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