(MENAFN- ProactiveInvestors)
() is raising $126454 through a fully underwritten issue of 1 option priced at $0.01 for every four shares held.
The options are exercisable at $0.20 and expire on 31st March 2015.
Shares in PIQ last traded at $0.31 highlighting the role of the issue as a reward for shareholders who supported the company in its first months after listing in April this year.
The offer is fully underwritten by K S Capital Pty Limited.
Proceeds will be used for working capital.
PIQ has an established income stream of $1 million per annum which reduces cash burn. The analytics division underpins cash flow (revenue grew 27% in 2015).
It had $2 million in cash as at 30th June 2015.
Target Market
The company targets the diagnostics (biomarkers) market that is predicted to be worth $45.6 billion by 2020 as well as the proteomics market that is estimated to be worth $20.8 billion by 2018 with 7 of the world’s top 10 selling drugs being protein therapeutics.
In addition the market for therapeutic peptide based drugs is currently worth $17 billion and growing at about 10%.
This is driven by genomics and next generation science while offering better safety levels than traditional small molecule drugs.
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