Water Sciences in $4.5m float

TECHNOLOGY company Water Sciences International has launched a $4.5 million initial public offering of shares ahead of a listing on the Australian Stock Exchange. The Perth company plans to acquire the CRypoBlast technology developed by the Australian National University and Sydney Water Corporation. The technology removes some biological species from water, including cryptosporidium, which contaminated Sydney’s water supply in 1998. The company believes the technology can be used to treat drinking water and swimming pools and in pharmaceutical applications. Water Sciences has a close association with another Perth technology company PharmAust, which has been earmarked as Water Sciences’ contract manufacturer and packager. Water Sciences managing director Stuart Gunzburg sits on the PharmAust board, while his counterpart at PharmAust, Bryant McLarty, sits on the Water Sciences board. PharmAust shareholders have been given a priority allocation in the Water Sciences float. The IPO has been underwritten up to $3.5 million by Kirke Securities.