Quiet ASX debut for BioPharmica

BioPharmica (ASX: BPH) made its debut on the ASX on Friday afternoon, closing slightly lower than its opening price of AUD$0.25 at $0.21.

The Perth-based company's IPO closed oversubscribed after raising $2.6 million at $0.20 per share in a spin-out from investment company Grandbridge (ASX: GBA), which stands to turn a $1 million profit from the listing.

BioPharmica is developing diagnostic and therapeutic applications for a tumour suppressor gene, HLS5, with a potential role in breast, prostate and colorectal cancers, based on research conducted at the Western Australian Institute of Medical Research.

A second project involves development of genetics-based diagnostic systems for bacterial infections, with an initial focus on diagnosing respiratory tract infections in partnerships with RMIT spin-off, Diagnostic Array Systems.

The company also announced the appointment of US-based consultant Richard O'Connor to its advisory board. Managing Director David Breeze said O'Connor's corporate experience and access to US networks was of the highest calibre.