The share price of Perth-based biotech firm Actinogen Ltd has fallen again in the company's second day of trade on the Australian Securities Exchange, closing today at 31 cents, down 19 cents from its offer price.
The company, which made its debut yesterday, has isolated two actinomycetes (a bacteria common in soils) that produce compounds which it says show significant antibiotic activity against Golden Staph and Vancomycin Resistant Enterococci bacteria.
Actinogen said in its prospectus that it was seeking commercial applications for those actinomycetes, as well as others found throughout Australia, saying that many have not yet been discovered or examined in detail.
The company, formerly known as Australian Biogen Ltd, issued 20 million shares at 50 cents each to raise $10 million earlier in the year to fund its planned research and development program.
Actinogen also distributed one free attaching option for every two shares issued.
The company is chaired in an executive capacity by Uranium Oil and Gas chairman Zhukov Pervan, who is joined on the board by Iron Mountain Mining chair Simon England, David Keast, Alan Morton and David Zohar, who will also serve as comapny secretary.
Sydney-based Cameron Stockbrokers were sponsoring broker to the deal, while Lawton Gillon provided legal advice and BDO Kendalls served as auditors and investigating accountants.
The offer was not underwritten
