In the placement, which still requires shareholder approval, Proteome Systems will issue up to 33.33 million fully paid ordinary shares to the investors at a price of AU$.30 per share.
The company expects net proceeds of approximately AU$9.75 million from the placement, allowing it to further develop its diagnostics and therapeutics business. In particular, Proteome Systems plans to accelerate the development of its diagnostic for active tuberculosis and to start clinical development of one of its lead scavenger drug compounds as a topical treatment for a range of dermatological diseases.