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Proteome Sciences Conditionally Raises £2.5M

NEW YORK (GenomeWeb) – Proteome Sciences said today it has conditionally raised £2.5 million ($3.9 million) through the placement of nearly 13.9 new ordinary shares of the company's stock. 

The shares were priced at 18 pence. Proteome Sciences will apply to place the shares for trading on the London Stock Exchanges' AIM on or around July 2, the company said. 

Proteome Sciences Executive Chairman Christopher Pearce has subscribed to about 1.8 million shares in the placement, while Vulpes Investment Management Private has subscribed to nearly 2.6 million shares. 

Net proceeds from the placement will be used to increase capacity and shorten lead times in order to assure that the company can meet demand for its biomarkers services, Proteome Sciences said.