IQnovate to move to ASX

Contract medical organisation IQnovate (NSX:IQN) has announced plans to move its share listing to the ASX.

IQnovate will apply for admission to the official ASX list shortly, and plans to commence trading on the stock exchange on around 1 July.

The company will simultaneously move delist from the NSX (National Stock Exchange of Australia), and expects its last day of trading on this bourse to be on June 20.

Announcing the planned shift, IQnovate CEO George Syrmalis said it was making the move in order to draw the attention of more institutional investors.

“There are many funds and investors, in particular in overseas markets, who prefer companies in [such] sectors as those occupied by IQNovate to be on larger markets,” he said.

“Our stakeholders – particularly institutional investors – now require access to our stock through the larger market of the ASX.”

IQnovate listed on the NSX in December last year, with a $1.2 million IPO at 20 cents per share. The company's NSX-listed shares last traded at $1.30 per share.

Separately, IQnovate revealed it had completed a share placement to raise capital for new business opportunities with biotech companies.

The company did not reveal how much it raised in the placement, but when the raising was first announced IQnovate disclosed it was aiming for around $1 million.

In March, IQnovate signed a preliminary deal – its first since listing on the NSX – with JH Biotech Australasia.

The deal to commercialise nutraceuticals and other pharmaceutical grade products is expected to be finalised by September 30.