Proteomics International Laboratories (ASX:PIQ) secured firm commitments from new and existing investors to raise about A$4.5 million through the placement of 12.1 million new fully paid ordinary shares at AU$0.37 per share, according to a Tuesday filing with the Australian bourse.

The issue price represents a nearly 18% discount to the 15-day volume-weighted average price, the filing said.

Participants will also receive one free attaching option for every two shares subscribed with an exercise price of AU$0.50 per share and an expiry date of May 31, 2026, the filing added.

A share purchase plan will also be offered to eligible shareholders on the same terms, to raise an additional AU$1 million, with the possibility of oversubscriptions, the company said.

The funds raised will support Promarker test launches in Australia and the US, system upgrades for diagnostics, US lab setups, and general working capital, the company added.

Shares of the company fell past 13% in recent Tuesday trade.