Bioniche set for ASX listing on Thursday

Bioniche, a Canada-based biopharmaceutical company, is bracing for its listing on the Australian Securities Exchange, the ASX, which is planned to take place on Thursday.

Bioniche will adopt the same code it has on the Toronto Stock Exchange (TSX): BNC.

The company announced earlier in January that it had completed an offer of 8.6 million CHESS Depositary Instruments (CDI) with Australian investors at $1.45, raising $12.47 million.

This is on top of a further C$16.7 million raised in Canada in December through the offer of 11.5 million shares at C$1.45 per share.

This means the company has raised a total of C$28.9 million (A$29.2 million) through the joint offerings, which will be spent on expanding manufacturing capacity and further research and development and trials.

Bioniche focuses on animal health, human health and food safety technologies, and has offices in Canada, the United States and has a manufacturing facility, farm/research and development facility in Armidale and an office in Melbourne.

Listing on the ASX brings Bioniche closer to the growing Asian market and allows Australian investors to buy stock in the company more easily, said Graeme McRae, Chairman, President & CEO of Bioniche.