Boom spurs a biotech listings flurry
The biotechnology industry is experiencing a boom with dozens of companies planning to list on the ASX over the next year. Three companies – Cryptome Pharmaceuticals, ITL and Pharmaxis – have issued their prospectuses and their offers will close in early November. An additional nine companies are believed to be planning IPOs or backdoor listings.
The IPOs follow investment in 25 biotechnology companies worth $180 million over the past four months. The listings have been driven by venture capital investors seeking returns, according to the Bioshares report by Blake Industry and Market Analysis. Blake expects 12 companies to list, including Proteome Systems, Biodiem, Portland Orthopedics, Acrux, Rockeby Biomed, Dia-B Tech, Norwood Immunology and possibly Alchemia.