WA tech firms raise $5m

Two local tech companies have raised more than $5 million, with medical firm Proteomics International Laboratories securing $3.4 million via the exercise of options.

Proteomics has entered into an agreement with Alto Capital to underwrite the last $2 million of any shares arising from options not taken up by existing option holders.

Early exercise of options from existing holders has already raised $430,146, while the company’s directors have also undertaken to exercise their options to raise a further $1 million.

Proteomics said in a statement to the ASX that the funds placed the company in a strong financial position to continue to leverage its technology across analytical services, diagnostics and therapeutics.

Shares in Proteomics finished flat at 23 cents each.

Meanwhile, mobile services company Norwood Systems has received firm commitments for a $1 million placement at 1.25 cents per share, and will raise an additional $1 million via a share purchase plan on the same conditions.

Proceeds from the placement and SPP are to be used primarily for sales and marketing and working capital.

Shares in Norwood finished off 6 per cent off at 1.4 cents each.