Biotechnology Company To List On ASX
PanBio has announced plans to list on the Australian Stock Exchange.
PanBio will issue 17 million shares at $1 per share. The offer is scheduled to open on 2 March and end on 23 March but may close earlier if fully subscribed.
Through its research and development, PanBio has developed technology platforms for diagnostics and drug development programs. The company has also adapted these platforms to a range of tests for infectious diseases.
As PanBio has invested 13 to 20% of its operating revenue into research and development, the company has been able to develop most of its technology platforms and products in-house.
PanBio has a product range of more than 60 diagnostic tests for a number of infectious diseases including dengue fever, ross river fever, glandular fever and whooping cough.
Proceeds raised from the float will be used to increase export penetration, accelerate research and development and fund acquisitions. The company will also expand its global presence to capitalise on the world-wide market for invitro diagnostics.
The company plans to increasingly invest in DNA and point-of-care based technologies which to drive future growth. Industry trends towards point-of-care diagnostic testing world-wide and the increased understanding about links between disease and genetic disposition, has puts the company in a strong position for growth.
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