Proteome Systems lists, dips 15 per cent

Within 30 minutes of opening, Proteome's shares dipped briefly to 83c from their opening price of AUD$1, and before steadying at 85c. The total volume traded by 1pm was 295,000 shares.

Founder and CEO Keith Williams was unconcerned about the markdown, attributing it to investors' unfamiliarity with Proteome Systems' business. The company is both a developer and manufacturer of proteomics tools and systems, as well as being involved in proteomics research and commercialising its own discoveries.

"At this early stage it is what it is," Williams said. "The market will judge, but the important question is where our share price will be in a year's time.

"For the next 12 months we're going to be very focused on our business and as we tell our story, investors will begin to understand what we do."

Proteome, based in North Ryde, has developed an integrated suite of high-throughput, robotised tools, including 2D electrophoresis gels and mass spectrometers, for purifying identifying and characterising proteins. Its systems are backed up by bioinformatics tools, developed in a partnership with IBM, which record, integrate and archive all data.

The company has 60,615,761 fully paid ordinary shares issued at $1.20, and 8,333,333 options exercisable at the same price. Williams is the largest shareholder, with 24.02 per cent.

Proteome is the third life science company to list this week, following Sunshine Heart (ASX:SHL) and Acrux (ASX:ACR).