Universal seeking $5m IPO

Perth-based tech company Universal Biosecurity is aiming to raise $5 million through an initial public offer to fund a two-year research and development program.

Universal’s focus is developing its fumigation technology, Fume8, and the company is offering 25 million shares at 20 cents each.

The company is led by managing director Simon Andrew, who was a founding director of Emmerson Resources and most recently worked as the commercial and finance manager for Yowie Group.

Also on the board is non-executive chairman Simon McKirdy, who is the deputy chairman of the Western Australian Biosecurity Council and director of the Harry Butler Institute at Murdoch University.

Mr McKirdy said the company’s target markets would be Australia and South Korea.

“The development of the Fume8 apparatus with ethyl formate use is a possibly disruptive technology to relevant fumigation markets given its environmentally friendly outcome,” he said.

“The company is looking to develop various revenue streams in Australia with the Fume8 apparatus with a particular focus on a royalty licensing model by which the Company licenses the Fume8 apparatus to fumigation operators.

“In South Korea, the company will target the Fume8 apparatus being used with ethyl formate liquid fumigant on oranges and bananas.”

Mac Equity Partners will act as lead manager to the placement, while View Street Partners are corporate advisers.