Pallane Medical Raises Capital for Viral Infections Test

Pallane Medical through its merger with Dia-B Tech, has lodged a prospectus with the Australian Securities Exchange (ASX) and Australian Securities and Investments Commission (ASIC) to raise up to US$15 million. The capital raising is conditional upon Dia-B Tech shareholder approval of the merger with the former.

The funds will be used for the worldwide commercialisation of the RETCIF (Rapid Enhanced Tissue Culture ImmunoFlourescence) test that can identify viruses accurately and quickly.

The test is expected to be commercially available around the world within 24 months. It is based on a simple test from any specimen containing a live virus and can diagnose individual or multiple viral infections simultaneously.