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Proteomics International Labs Delays IPO, Lowers Minimum Target Raise

NEW YORK (GenomeWeb) – Australian proteomics services firm Proteomics International Laboratories has delayed the closing of its initial public offering and reduced the minimum target raise from the offering. 

The company recently pushed back the closing date for its IPO to Feb. 27 from Jan. 27 and lowered its minimum raise to A$3 million (US$2.3 million) from A$4 million when it announced in November its plans to go public. Proteomics International originally said that it planned to offer up to 30 million shares of its stock at A$.20 per share. In a supplemental prospectus, the company said that it still plans to offer its shares at this price.

The firm said that it lowered the target raise as a result of a deal announced this week with Chinese biopharmaceutical firm New Summit Biopharma to commercialize Proteomics International's diabetes kidney disease test in China. As part of the deal, New Summit will commit A$1.1 million to seek licensing partners to further develop and commercialize the proteomics-based in vitro diagnostic test.

Proteomics International said the deal is the first commercial agreement for the test.

Based in Perth, the firm offers proteomics services, including contract research, analytical testing, and consulting. Its biomarker development program is focused on diabetic kidney disease and Alzheimer's disease, and it has a therapeutic program focused on peptide drug discovery from venoms for use as painkillers and antibiotics.