West Perth-based company Beta Pharmaceutical Ltd has opened its $5 million initial public offering with funds to contribute to cancer research.
The company 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.
"In December 2007, an integrated programme of scientific research was initiated using mice and purified isomers of tocotrienol, a natural phytonutrient found preferentially in, and which can be extracted from, palm oil," Beta said in its prospectus.
Palm oil is the most concentrated natural source of tocotrienol.
Under the IPO, Beta will plans to issue 20 million shares at 25 cents each to raise a maximum of $5 million, and has set a minimum subscription level of $2.5 million.
On the board is executive chairman Alan Reid, non-executive directors Sandra Patton and Neil Bonsor and company secretary Darren Crawte.
The IPO is scheduled to close on September 23 and Beta is anticipating to list on the ASX on October 14.
