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Australia's Proteomics International Laboratories Launches A$6M IPO

NEW YORK(GenomeWeb) – Australian proteomics firm Proteomics International Laboratories today said it plans to offer up to A$6 million (US$5.2 million) of its shares in an initial public offering on the Australian Stock Exchange.

The firm said in a prospectus that it seeks to raise between A$4 million and A$6 million through an offering of up to 30 million shares of its stock at A$.20 per share. The proceeds will be used to drive growth in each of its three business units: analytical services, diagnostics, and therapeutics.

Founded in 2001, Perth-based PIL offers proteomics services including contract research, analytical testing, and consulting. The company also has a biomarker development program focused on diabetic kidney disease and Alzheimer's disease, as well as a therapeutics program focused on peptide drug discovery from venoms with a focus on painkillers and antibiotics.

Since its founding, PIL has generated gross revenues of A$7.5 million.

The company opened the stock offering on November 3 and plans to close it on November 28 in anticipation of a December 16 listing on the ASX.