Proteomics International Laboratories Ltd (ASX: PIQ) has announced that it will receive an amount of $928,399 for the sale of its shareholding in CPR Pharma services Pty Ltd. This sale is due on or about 30 September 2018. The memorandum of understanding between proteomics International and CPR remains in place which targets advanced diagnostics and analytical services for clinical trials. In March 2018, Proteomics International issued 3,868,305 ordinary PIQ shares at a deemed issue price of $0.3045 to acquire 10% of the fully diluted issued share capital of CPR. The share, therefore, equates to receipt of $0.24 per PIQ share issued. The issued share will be remained in escrow until 4 March 2019. With this news, the stock price tumbled 1.754% as on 17 November 2018.
In the Financial year 2018, revenue from the ordinary activities from the company’s analytical services reached $1,176,457 which was a 27% increase from the previous year. Company’s combined income from all sources rose 16% to $2.15m. The loss of $1,440,108 from ordinary activities reflects normal operational costs and non-cash items.
PIQ’s share traded at $0.280 at the market capitalization of 22.83m as on 17 September 2018(AEST 4:47 PM).
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