IQnovate signs first deal since NSX listing
Thursday, 15 March, 2012
Contract medical company, IQnovate Limited (NSX:IQN) has been engaged by JH Biotech Australasia to commercialise pharmaceutical grade products including nutraceuticals.
The preliminary deal will see IQNovate establish a working committee to assess JH Biotech's IP for potential commercialisation opportunities.
The companies revealed they expect to finalise a binding commercial agreement no later than September 30.
IQnovate will be focusing on the development of novel forms of Omega 3, vitamin C, hydrolysed fibres and chelated minerals.
Sydney-based IQnovate was founded to provide outsourced biopharmaceutical services to its contract customers. The company asserts it is the first of its kind.
IQnovate founder and CEO Mr George Syrmalis said the deal with JH Biotech represented a landmark for the company. “It is our first such agreement since listing as a public company,” he said.
The company completed a listing on the National Stock Exchange (NSX) in December last year, at a market capitalisation of $9.74 million.
IQnovate has revealed it plans to look towards the Asia-Pacific region for expansion.
The JH Biotech Group is headquartered in California, USA. The group's Asia-Pacific operations specialise in plant, animal and human nutrition.
IQnovate (NSX:IQN) shares stayed flat during Thursday's trading at $1.300.
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