Acrux lists at a discount

Drug delivery company Acrux (ASX:ACR) listed on the ASX today at $0.90, a discount of 10 per cent to its issue price of $1.00 per share. But shares rallied slightly as the day progressed, and at time of writing were trading at $0.93.

Acrux chief executive officer Igor Gonda said that he was not worried about the share slump in the first day of trading. "I'm here from the long term of the company," he said. "10 per cent here or there on a daily basis is not what this business is all about."

Acrux raised $30 million in the offer, which was oversubscribed and underwritten by Wilson HTM

It will use the funds to support its R&D and clinical development programs. The company reformulates existing drugs for metered dose transdermal delivery (MDTS) using its ACROSS enhancers.

Phase III clinical trials for its Estradiol-MDTS are planned for later this year, and Phase III trials for its testosterone product are likely to commence in 2005.

Acrux's largest shareholder is the Queensland Investment Corporation, with a holding of just over 10 per cent. Gonda said that the company also had support from other institutions.

Acrux had planned to float last year, but cancelled its plans due to the poor market at the time.