Proteomics makes debut on ASX

Nedlands-based Proteomics International Laboratories has made a solid debut on the ASX today, closing 2.5 cents above its issue price at 22.5 cents per share, with about 1.13 million shares changing hands.

Proteomics started trading at midday today, with 50.6 million shares on issue at an opening price of 20 cents each.

By the end of the day's trade, it had added about $265,400 to its market capitalisation.

The Richard Lipscombe-headed biotech company, which operates out of the Harry Perkins Institute of Medical Research in Nedlands, closed its initial public offering last Tuesday to raise $3.05 million through the issue of 15.25 million shares at 20 cents each.

Proteomics was originally seeking to raise a minimum of $4 million and up to $6 million according to its prospectus lodged in November last year, but the minimum was cut to $3 million after the offer had been extended twice.

In February it closed an agreement with Chinese drug development business New Summit Biopharma Co, which committed for an initial $1.1 million to commercialise Proteomics’ recently developed diagnostics test for kidney disease.

“The strong level of investor interest in the IPO is a reflection of the major growth potential of Proteomics’ world leading proprietary technology platform in the area of proteomics – the industrial scale study of the structure and function of proteins,” the company said.

Proteomics has been operating since 2001.