Proteomics solid on debut

Perth biotech Proteomics International Laboratories has finished its first day of trade in positive territory, closing up 2.5� from its 20�-a-share listing place.

The company, only the second Perth-based stock to list after a successful initial public offering this year, traded as high as 24� after listing at midday, and closed just above its IPO price at 22.5�.

Proteomics, which employs 20 people and is based at the Harry Perkins Institute of Medical Research at Sir Charles Gairdner Hospital, is focused on early detection of diabetes and kidney disease.

It also has a three-pronged business model focused on analytical services, diagnostics and therapeutics.

It closed its $3.1 million raising last month after two false starts forced the company to lodge supplementary prospectuses earlier this year.

Its chief executive and founder Richard Lipscombe is listed as the main shareholder with a 32 per cent stake. On yesterday's closing price that stake was worth $3.6 million.

The second-biggest shareholder is listed as Ingrid and William Parker from the West Perth-based private company XYLO.

The 12.4 per cent holding is worth about $1.4 million. According to documents lodged with the Australian Securities Exchange, Proteomics last year had revenue of $476,000 and booked a $250,000 net loss. It initially tried to raise $6 million but the original prospectus, lodged in November, stalled.

It is only the second WA-based stock to list this year, behind medical marijuana company Phytotech, which had a controversial market listing earlier this year.