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Proteome Systems Nets $2.2M in Private Placement

Aug 25, 2008
WASHINGTON, DC (GenomeWeb News) – Australian molecular diagnostics developer Proteome Systems has closed a private placement of AUD$2.5 million (US$2.2 million), the company said today.
 
Proteome Systems will issue 23,809,524 shares at AUD$0.105 per share to participants in the funding including Oppenheimer Funds and other US and Australian investors.
 
The Sydney-based firm said it will use the money to maintain development timelines for its two lead programs including a rapid point-of-care test for tuberculosis and an on-site test used to determine the quality of wheat, which will be used to help determine pricing.
 
The placement is being arranged by Foster Stockbroking, and the new shares will be ranked equal to the company’s ordinary shares.

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