My two cents are that this could potentially be good news on the...

My two cents are that this could potentially be good news on the basis that:

1) Plenty of cash on hand: Last cash balance as at 30 June 2020 was $2.365m. Cashflow from Operations for FY20 was ($0.39m). On that basis, PIQ doesn't really need to raise, Further, the R&D incentive is typically received in the December quarter. Last year we received $1.135m
2) Last capital raise: PIQ raised $3m in November 2019, partly to fund the new facility at UWA. The last reported cash balance at the time of the raise was $1.05m (ie much lower than it currently is)
3) Proteomics business model: Lastly, and probably most importantly, is the business model. My understanding of the business model is that PIQ will double-dip on revenue when they sell a PromarkerD test. Firstly for the royalty (5-15% of sales price) as well as the sale of the reagents required to undertake the test (presumably a 'Cost Plus' pricing structure). From the recent annual report:

"The Company’s business model is to out-license its intellectual property to diagnostics providers and to receive a royalty on each test sold. Proteomics International will also sell the specialist reagents required to perform each test, whilst the PromarkerD hub regulates use of the test by each provider. Under this model the licensee will cover the capital expenditure to distribute and promote PromarkerD within their network, thus removing a significant cost burden from Proteomics International"

There are a couple of data points to suggest that the ramp up is beginning to happen, including the hiring of the manufacturing manager that @daniel1990 picked up. This ramp up is a material step change for PIQ on many levels, including its capital structure. Significant working capital is required for growth particularly if your product includes the manufacture and storage of inventory (ie. the reagents).

We will wait and see what the raise is for. However, if the above is at all correct, the quantum will be a good indicator of the volume of tests that the company expects to sell in the near term.