Regeneus leaps on debut
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Regeneus (RGS) has jumped 14% on its debut as investors welcome the first non-device biotechnology float in more than two years.
The stem cell firm leapt to 28.5 cents a share at first open on the Australian Securities Exchange, compared with its initial offer price of 25 cents a share.
This puts the market capitalisation of Regeneus at around $53.3 million.
Regeneus is hoping to clone the success of market darling Mesoblast (MSB) as it also uses stem cells to find cures for a range of diseases. However, Mesoblast soared 82% from its IPO price to first-open when it listed in December 2004.
Further, the stock has since slipped from its peak of 29 cents in the first few minutes of trade back to 25 cents at 1050 AEST.
Last week the company closed its initial public offer (IPO) fully subscribed at $10.5 million from the issue of 42 million shares.
Regeneus uses cell-based therapies to treat musculoskeletal conditions such as osteoarthritis in humans and animals. The proceeds from the IPO will primarily be used to register one of its products for clinical trials and to roll out more labs and day surgeries in Australia.
The market’s interest is encouraging for another small biotech rumoured to list in the near future. Eureka Report has learnt that privately-owned New Zealand biopharmaceutical company Innate Immunotherapeutics has plans to move to Australia to capitalise on the growing interest in biotechs with its drug that is being developed to treat multiple sclerosis. An Australian IPO for Innate Immunotherapeutics can't be far behind.
Support for biotech IPOs follows on from a strong period of capital raisings for existing biotech stocks (see Three small biotechs worth examining).
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