Chief executive Paul Carboon said the shareholder base now exceeded 50 entities or individuals, which triggered the move to become an unlisted public company.

“There are no plans to list the company in the short term,” he said.

“The latest capital raising is ongoing and has already generated more than half of the $3 million target.”

The company is aiming at marketing a bloodstream infection diagnostic test which it hopes to release later this year after receiving a CE Mark of Approval for the test kit in Europe.

Carboon said there was strong interest in the market and shareholders had been supportive of its plans.

The current investment round would be used to increase commercialisation resources, prepare for domestic and international manufacturing and pay for initial marketing and distribution expenses.

Meanwhile, Vanadium company Critical Minerals Group said it would close its $5 million initial public offering on August 8 and list on the ASX on August 22.

The company’s goal is the development of the Lindfield vanadium resource, near Julia Creek, a region that hosts several other companies including QEM.

The funds would be used to carry out maiden drilling at Lindfield which has an inferred resource of 210 million tonnes at 0.39 per cent vanadium pentoxide.

The company also holds the greenfield copper projects in the Cloncurry region.