SSH Medical re-lists with Bio-Layer
Monday, 07 November, 2005
SSH Medical (ASX:SSH) re-listed today on the ASX following a capital raising of AUD$4.26 million and the acquisition of unlisted Brisbane-based materials sciences specialist Bio-Layer.
SSH issued 15.2 million shares at $0.28, capitalising the company at approximately $22 million. The issue closed oversubscribed and 7.6 million free listed options, with a strike price of $0.35 and a two-year expiry, were also issued on a one-for-two basis.
"We got the money we needed, and we're back and running now. We can focus on the business a little more, which will be good," said Bio-Layer CEO Jason Armstrong.
Founded in 2000 as Polymerat, Bio-Layer has developed a high-throughput proteomics screening platform to improve applications in the biotechnology, diagnostics and pharmaceutical industries. Bio-Layer's most advanced products are designed to provide better biological surface coating for immunoassays used in the drug discovery and diagnostic industries.
Funds from the capital raising will primarily be used to expand Bio-Layer's first product, Mix&Go, and to pay for the business development costs for that product, said Armstrong. "Mix&Go is a surface coating for plastics and glass, that automatically binds antibodies and protects them without the need for complex chemical reactions," he said.
Bio-Layer has already partnered with US-based life science technology company Invitrogen for this product, and intends to sell the same version to other partners.
"We also feel we can make two or three different variants of it, so it really spreads across the immunoassay market as much as possible," said Armstrong.
Bio-Layer will also be using the capital to build its team, said Armstrong. "We've got more feasibility studies than we can handle, so we need to get more people on board."
The funds will also be used for R&D on a couple of new products, said Armstrong.
SSH intends to change its name to Bio-Layer Corporation at its AGM on November 29.
After opening this morning at $0.34, Bio-Layer's shares reached a high of $0.35. At the time of writing, shares were trading at $0.26.
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