Narhex float loses ground

Shares in Sydney anti-viral drug developer Narhex Life Sciences' (ASX:NLS) made a promising debut this morning, listing at 4 cents above their $0.20 issue price. However they failed to maintain momentum, and at time of writing had dropped to $0.19.

Narhex -- the first biotechnology IPO for 2005 -- raised $8 million in the oversubscribed initial public offer of 40 million shares. The company announced yesterday it had signed an agreement with the US National Institute of Allergy and Infectious Diseases under which the NIH would evaluate its protease inhibitor Nar DG 35 for activity against Hepatitis C and SARS viruses. The NIH has already found Nar DG 35 to be moderately active against Hepatitis B protease.

New Zealand drug developer Neuren -- which was originally slated to float on January 11 - has issued a supplementary prospectus clarifying a number of points. The offer is scheduled to close on January 27 and is still fully subscribed. Neuren will now be listing on January 31.