Proteome Systems announced it has completed a conditional private placement to institutional and professional investors raising approx $10 million at $0.30 per share The proceeds will allow the Company to accelerate development of its TB test and undertake clinical development of its scavenger drugs for dermatological conditions Proteome Systems (ASX: PXL) today announced that it will raise approximately $10million through the issue of up to 33,333,333 fully paid ordinary shares to institutional and professional investors in the UK, US and Australia at a price of $0.30c per share. The placement is conditional upon shareholder approval, which the Company will seek at an extraordinary general meeting to be convened in October 2005, with notices to be sent to shareholders shortly. The net proceeds of the placement after broker and selling fees will be approximately $9.75million. These funds will provide the Company with sufficient working capital to further develop opportunities in its Diagnostics & Therapeutics business which it believes provide the best prospects for significant near term commercial returns.
