TBG Diagnostics relisted on ASX

TBG Diagnostics, formerly known as Progen Pharmaceuticals, was today relisted on the ASX under the code TDL.

The company was suspended from quotation on the ASX late last year after its acquisition of in vitro diagnostics (IVD) company TBG. It later completed a capital raising of $12,721,590 via a public offer and has since been working on finalising re-compliance with Chapters 1 and 2 of the ASX Listing Rules. Its reinstatement to the ASX was approved last week.

TBG Diagnostics Chairman Jitto Arulampalam said the company’s new name will reflect more accurately its future operations and activities. With a focus on the global molecular diagnostic industry, TBG will be involved in work such as:

• developing nucleic acid test (NAT) products;
• developing human leukocyte antigen (HLA) typing reagents based on NAT technologies;
• developing automation systems for NAT operations; and
• development, manufacture and marketing of IVD-related NAT kits and services.

TBG Diagnostics plans to expand its footprint in the growing Chinese IVD market by introducing its current products and developing new products especially suited to this market. With this in mind, the company’s main areas of development will include:

• expanding its offering of HLA typing kits and reagents, including real-time polymerase chain reaction (PCR) HLA SSP typing, an advanced laboratory technique compared with convention HLA SSP typing;
• virology diagnostic products targeted at lower respiratory tract diseases, sexually transmitted diseases, hand, foot and mouth disease and pneumonia;
• oncology diagnostic products for the testing of targeted cancer therapy for non-small cell lung cancer (NSCLC), colorectal cancer and melanoma. TBG also plans to develop a range of products in line with the Chinese Government’s push for cervical and breast cancer screening; and
• new automated molecular diagnostic products in its range, including a new generation ChiTaS, clinical automation product and a real-time PCR analysis machine.

TBG Diagnostics (ASX:TDL) shares opened at $0.225 on Wednesday.