** Shares of Australia's INOVIQ IIQ.AX fall as much as 10.8% to A$0.37, their lowest level since July 30

** The biotech firm completes institutional placement to raise A$9.5 million ($6.18 million) at A$0.35 per share

** Placement price represents a 15.7% discount to stock's last price

** Co also announces share purchase plan to raise A$2 million at A$0.35 apiece

** Adds proceeds to be used to accelerate clinical validation and commercialisation of the EXO-OC ovarian cancer test, among others

** YTD, INOVIQ stock down 27.2%

($1 = 1.5378 Australian dollars)

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))