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Proteomics completes acquisition of 10% stake in CPR Pharma

Proteomics International Laboratories Ltd. completed its previously announced acquisition of a minority stake in CPR Pharma Services Pty. Ltd., a privately held contract research organization.

Completion of the deal follows approval from CPR shareholders.

Perth, Australia-based Proteomics issued 3,868,305 shares for 10% of CPR Pharma's share capital. The stake was valued at A$1.2 million.

Proteomics said the share swap cements the companies' partnership agreement, under which Proteomics' predictive diagnostics and analytical services complement CPR Pharma's clinical and laboratory testing services.

Adelaide, Australia-based CPR Pharma provides drug development support services to clients in the U.S. and Asia.