Perth-based pharmaceutical products commercialisation specialist Helicon Group Ltd will open its initial public offer today, aiming to raise $4 million to fund market research and pursuit of new opportunities in the Chinese and North Asian markets.
The company, which will issue 20 million shares at 20 cents each to raise the money, has acquired distribution rights for Subiaco-based Clinical Cell Culture Ltd's ReCell cell harvesting device in China.
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.
Helicon has set a minimum subscription level of $3 million, with $1 million in oversubscriptions also being accepted.
Helicon is chaired by Allegra Capital Pty Ltd chair and Biotech International Ltd (now Agenix Ltd) founding chief executive Saliba Sassine in a non-executive capacity. He is joined on the board by former Allergan Inc managing director Peter Abrahamson as managing director, along with non-executive directors Arthur Emmett and Chris Brown. Graeme Boden serves as company secretary.
Allegra Capital will be manager to the issue, with Stantons International serving as auditors and Stanton Partners Corporate serving as investigating accountant. DJ Carmichael Pty Limited will act as lead broker to the issue, with legal advice being provided by Steinepreis Paganin.
The offer will close on July 20.
