Proteomics International Laboratories' (ASX:PIQ) March quarter update contained no major surprises as the company largely reiterated its guided timelines, Euroz Hartleys said in a Thursday note.
The research firm noted that the recent placement and share purchase plan should provide the company with adequate cash for 12 months, with about AU$8.6 million in pro forma cash, assuming the plan is successful.
The research firm said their investment case is based on the company securing a US licensing partner for its product PromarkerD and for its broader test pipeline, over the medium term.
Euroz Hartleys changed Proteomics International Laboratories' rating to speculative buy from hold and cut its price target to AU$0.50 from AU$0.72.
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