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news.Australia-based diagnostics company Proteome Systems has closed a private placement totalling A$2.5 million.
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The company will issue 23.81 million shares at A$0.105 per share. Participants in the placement include OppenheimerFunds and other US and Australian investors.
Proceeds are being allocated to maintain development timelines for the company’s two lead diagnostic programs – a rapid point-of-care test for tuberculosis and an on-site test for determining wheat quality and thus pricing.