Genetic Signatures launches prospectus for IPO

Australian molecular diagnostics company Genetic Signatures has launched a prospectus for its upcoming IPO.

The Sydney-based company plans to list on the ASX on 23 December and is seeking to attract the interest of institutional and retail investors.

The company plans to use the funds raised from the listing to help support the expansion of its customer base and product lines.

“The proceeds of the offer will primarily to be applied to increasing the company’s business development and sales activities to help achieve rapid growth via a continued commercial rollout of our reagent products in Australia, entry into the US and further penetration into EU markets,” CEO Dr John Melki said.

Genetic Signatures was founded in 2001 by Dr Geoffrey Grigg, former CSIRO chief of molecular biology. The company’s MDx 3Base platform is designed to give high-volume hospitals and pathology labs the ability to rapidly and accurately screen for infectious pathogens.

“Genetic Signatures’ tests have the ability to quickly and accurately screen patient samples for a wide array of pathogens that are most commonly associated with medical conditions such as gastroenteritis,” Melki said.

The company decided to focus on enteric pathogens because the segment was a niche with the greatest need and has developed a suite of real-time polymerase chain reaction products being used in Australian hospitals for the detection of pathogens that cause gastroenteritis.

Genetic Signatures’ technology has applications in a number of other areas such as cancer detection assays or food testing.