Proteomics International Laboratories (ASX:PIQ) has completed a AU$12 million capital raise, combining a AU$4.5 million institutional and directors placement with an oversubscribed AU$7.5 million share purchase plan (SPP), to accelerate the launch of its suite of diagnostic tests, according to a Thursday filing with the Australian bourse.

The upsized and heavily oversubscribed SPP enabled eligible shareholders to purchase approximately 20.3 million new shares at AU$0.37 each, with one free option granted for every two shares, the filing said.

Proceeds from the capital raise will fast-track the launch of three Promarker tests in both Australia and the US, support system upgrades in Australia, establish lab platforms in the US, advance pipeline tests, including OxiDx, and cover working capital and offer expenses, the filing added.

New shares and new options under the SPP are scheduled to be issued on June 6.