Merged drug developer nears ASX listing
Monday, 02 April, 2012
Hunter Immunology and Probiomics (ASX:PCC) have completed their merger, and plan to rename the combined company Bioxyne (ASX:BSN).
The company plans to relist on the ASX on April 4, initially under the Probiomics name, but will then change its name and ticker code by around April 10.
Soon-to-be-named Bioxyne has completed a $2.2 million public offer and a share consolidation in the lead up to the relisting.
The company's main asset is a new drug in development to treat chronic obstructive pulmonary disease (COPD). The drug is currently in phase IIb trials. In the Phase IIa study, patients' hospitalisation rates decreased by 90%.
The company will have a market capitalisation of around $33 million on the first day of relisting.
Hunter Immunology first announced its reverse takeover bid for Probiomics in October, and the parties reached an agreement on the deal in December.
The deal involved the issue of nine Probiomics shares for every one Hunter Immunology share.
According to data released in preparation for the relisting, the new company currently has 1,767 shareholders, and 163 of these hold just over 91% of its issued share capital. Its largest single shareholder is Phillip Asset Management, with a nearly 21% share.
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