Warm welcome for Bone Medical on ASX
Friday, 03 September, 2004
Bone Medical (ASX: BNE) today became the latest in a steady trickle of biotech companies to list on the ASX, making its debut at AUD$0.80, a substantial gain on its placement price of $0.60.
Bone Medical gained access to the ASX through the back door via former Perth property management company Revenir, which merged with the British company Bone in early August.
Prior to the merger, Revenir had been trading at an adjusted price of $0.76 taking into account the 1:4 stock split carried out as part of the merger and relisting process.
Bone plans to use the capital raised to develop and commercialise its portfolio of biopharmaceutical developments projects for the treatment of bone disease, which includes one drug, a oral form of calcitonin, in Phase II clinical trials as a treatment for osteoporosis, and a second drug about to commence Phase I clinical trials.
On Thursday, Bone announced a collaboration with the Institute of Bone and Joint Research (IBJR), at Sydney's Royal North Shore Hospital, to further develop its rheumatoid arthritis therapeutic -- a short peptide that acts by regulating tumour necrosis factor levels.
Bone CEO Jim Phillips said the agreement with the IBJR would build on previous work and accelerate preclinical development.
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