Proteome Systems to Raise $7.7M in Private Placement

NEW YORK, Sept. 8 (GenomeWeb News) - Proteome Systems plans to raise approximately AU$10 million ($7.7 million) through a private placement to institutional and professional investors in the UK, US, and Australia, the Australian company said today.

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.