OBJ tech launches in China

05/09/2016 - 14:31

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Global healthcare manufacturer Proctor & Gamble has launched a new product in China that features micro-array technology developed by Perth-based OBJ; however the ASX-listed company was unable to publish the milestone on the stock exchange.

OBJ chairman Glyn Denison.

Global healthcare manufacturer Proctor & Gamble has launched a new product in China that features micro-array technology developed by Perth-based OBJ; however the ASX-listed company was unable to publish the milestone on the stock exchange.

Glyn Denison-chaired OBJ, a pharmaceutical and cosmetic technologies company based in Leederville, announced today its magnetic micro-array technology, which had been incorporated into the Olay Pro-X Youth-Activ Eye Wand, had launched in China.

Olay is one of many brands controlled by P&G.

The OBJ-developed, pen-shaped Eye Wand is claimed to provide a three-fold increase in anti-ageing efficacy.

The magnetic micro-arrays influence the movement and penetration of drugs, active ingredients and formulations through the skin at a molecular level, and have the ability to repulse certain molecules to enhance diffusion and alter the permeability of certain biological and non-biological targets.

However, OBJ was unable to share the milestone with investors on the stock market, after the ASX knocked back an announcement for being too advertorial.

An OBJ spokesperson defended the release, saying it was obviously a material development worthy of an ASX announcement.

“We couldn’t reword the announcement to a large extent to make it more ASX friendly, partly due to the constraints to working with someone like P&G, you need to play by their rules a little bit,” the spokesperson said.

“(P&G) had already approved the release and it is fairly general – it doesn’t give a whole lot of information other than that product’s been launched – so that’s something to factor in.

“I’d rather we were able to publish the announcement and we took a crack at it, but that’s the way it is. We’ve published it (on the OBJ website) as a media-only release instead.”

Despite not being published on the ASX, investors welcomed the news with OBJ shares up 9 per cent to 9.5 cents each at the close of trade.

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