Perth-based biotech company ResApp Health had a steady first day of trade on the ASX today, after being acquired by Narhex Life Sciences in an $11 million backdoor listing.
ResApp, which was founded by AusBiotech chairman Brian Leedman, closed 0.1 cent lower to 2.2 cents a share.
The company is developing a mobile application that can provide health care solutions to assist doctors and consumers in diagnosing respiratory disease including pneumonia, bronchitis, chronic obstructive pulmonary disease and asthma.
It holds a licence to develop and commercialise intellectual property developed by the University of Queensland, and funded by the Bill and Melinda Gates Foundation.
Earlier in the month it completed a $4 million capital raising to put towards developing the technology.
ResApp is also looking to tap into the telehealth market, whereby doctors can remotely diagnose their patients for respiratory diseases.
“Today is an important milestone for ResApp as we commence trading as a public-listed company,” ResApp managing director Tony Keating said.
“Our unique and exclusive technology provides ResApp with the ability to become a leading provider of telehealth services in diagnosing respiratory conditions.
“We are now fully funded and well positioned to accelerate our clinical trials in Australia and the US as we look to increase the speed towards commercialisation of the product.”
ResApp is one of four local companies to have started trading on the ASX this month after completing their respective backdoor listings.
Marketplace lending company DirectMoney began trading yesterday following a reverse takeover by Basper, with its shares closing 17 per cent lower to 14.5 cents.
Tech Mpire, the online advertising business founded by Perth entrepreneur Zhenya Tsvetnenko and bought by Fortunis Resources in a $3.1 million backdoor listing, has been trading since last Tuesday, with its shares trading 1 per cent higher at 46.5 cents each.
Local IT company Cirrus Networks began trading last Wednesday after being acquired by Liberty Resources, with its shares doubling in value since Liberty shares were suspended from trade in May.
Cirrus closed 5.5 per cent lower to 3.4 cents each.
