Biosignal raises $4 million, readies itself to list next week
Friday, 02 April, 2004
The first NSW biotechnology listing of 2004 is on the launch pad. Rather than listing in an IPO, Sydney-based BioSignal has chosen to make its debut via the back door, using as its vehicle Perth-based CTI Communications, which yesterday raised $4 million in an oversubscribed share issue and will acquire 100 percent of BioSignal’s shares.
The company is expected to re-list next week with approximately AUD$5.5 million in its kitty, according to CEO and Managing Director Michael Oredsson.
BioSignal has ten scientists working on developing biomaterials using molecules called furanones which prevent bacterial from signalling to each other in order to create colonies known as biofilms.
The first product off the rank for BioSignal is likely to be a contact lense to which these furanones are covalently bound – preventing eyes from becoming sore and red due to bacterial toxins.
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