Phylogica defies IPO blues
Wednesday, 30 March, 2005
Perth-based functional proteomics company Phylogica (ASX: PYC) has defied recent biotech trends, with shares in the company opening today 37 per cent above their issue price of $0.20. At time of writing shares had slipped slightly and were trading at $0.25.
Major investors in the $5 million float included listed investment group Biotech Capital (ASX:BTC) and the Australian Heritage Group. Azure Capital managed the IPO, which was not underwritten.
Phylogica has used its technology to develop large libraries of naturally occurring protein fragments, which it will screen to identify drug candidates.
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