CathRx lists on ASX at a premium

Sydney medical device company CathRx (ASX:CXD)has made a dream debut on the ASX - after opening at AUD$1.11, shares in the company have traded hands today at up to $1.35, a premium of 35 per cent.

"We are happy -- exceptionally so," said CathRx chairman Denis Hanley. "It is always a positive for shareholders to have their purchase vindicated. It's a very good company, good people -- experienced in the field -- and the product is looking good in the clinical trials and should be on the market next year."

CathRx is developing cardiac catheters for the diagnosis and treatment of cardiac arrhythmias. Based on technology developed by the CRC for Cardiac Technology and the University of Technology, Sydney, CathRx has developed novel methods for manufacturing catheters.

CathRx raised $14 million through the issue of 14 million shares at $1 each, and closed the issue last week heavily oversubscribed. The offer was fully underwritten by Wilson HTM Corporate Finance.