07/11/2008 - 11:50

Beta, Gemstar pull IPO plans

07/11/2008 - 11:50

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Perth company Beta Pharmaceutical hopes to list on the local market at a later date after the ongoing economic volatility forced it to withdraw its $5 million initial public offer.

Perth company Beta Pharmaceutical hopes to list on the local market at a later date after the ongoing economic volatility forced it to withdraw its $5 million initial public offer.

Executive chairman Alan Reid told WA Business News that although the company's project was well received, its offer had been under-subscribed despite extensions to the IPO.

The firm is currently researching and developing a cancer intervention program known as chemoprevention with joint venture partner Hong Kong First Tech International Ltd.

Beta said chemoprevention is the administration of a chemical agent, either natural or synthetic, which is designed to reduce the risk or even block, delay or reverse the progression of cancer.

"We would like to float Beta at a later date, but when the market is in a more receptive state," Mr Reid said.

"In the meantime, it's an R&D project so the company continues to build a portfolio of patents.

"So I think probably at a point in the future when we do attempt to float again, the company should be in a more advanced position."

Mr Reid declined to offer a timeframe for when the company could list on the ASX.

Meanwhile another Perth company Gemstar Diamonds has withdrawn its $5 million IPO plans, which it launched in May this year.

The company holds a diamond project in South Africa and several tenements in Western Australia.

Gemstar was not contactable at time of publishing.

 

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