Helicon down 32.5% in ASX debut

Shares in Perth-headquartered pharmaceutical and healthcare products company Helicon Group Ltd shed 6.5 cents, or 32.5 per cent, in its debut today on the Australian stock exchange.

The company, which issued 20 million shares at 20 cents each to raise $4 million in its initial public offer, has acquired distribution rights for Subiaco-based Clinical Cell Culture Ltd's ReCell cell harvesting device in China.

Helicon currently has three products and is in negotiations to grow this to eight to 10 products in the near future.

Managing director and chief executive Peter Abrahamson, the former managing director of Allergan Inc, will will relocate to Shanghai next month to assist with the company's growth.

Having also acquired distribution rights for New York-based Medwrap Corporation's Island wound dressing in ), Australia, New Zealand, China, South Korea and South East Asia excluding Thailand, as well as Chinese distribution rights for UK-based Maelor Pharmaceuticals Ltd's Volplex plasma substitute, the company aims to take advantage of developing niche biomedical markets in the region.