The directors, who were scaled back in-line with other shareholders, have committed to top up their scale-back by buying shares in the open market.
It is worth noting that Proteomics has a tight free float, and directors buying on-market shows a vote of confidence.
The share purchase plan follows a placement to sophisticated investors, which raised $1.44 million.
The combined issues have raised $2 million, before costs.
The funds will be used to advance Proteomics’ activities in diagnostics and analytical services, specifically to support:
- the development and commercialisation of its flagship diagnostic product, PromarkerD, a breakthrough predictive test for diabetic kidney disease; and
- the rollout of Proteomics’ new analytical testing services for the fast-growing clinical trials market.
Recent clinical studies have shown that PromarkerD correctly predicts 61-97% of individuals who went on to have a clinically significant decline in kidney function within four years.
There are currently 415 million adults worldwide with diabetes, and about one-third of these people have chronic kidney disease which can lead to dialysis or kidney transplant.
Proteomics has multiple commercialisation pathways for PromarkerD - as a laboratory developed test (LDT), a standard clinical pathology in-vitro diagnostic test and a companion diagnostic (CDx).
In October, the company edged out shipbuilding giant Austal and Fortescue Metals Group to win the Western Australia Exporter of the Year Award.