Life sciences company eSense-Lab has enjoyed steady gains on its first day of trading on the ASX, after raising $3.5 million from investors in an initial public offering.
Israel-headquartered eSense, which includes Otsana Capital director Brendan de Kauwe as chairman, raised the funds from investors through the placement of shares at 20 cents each.
At the close of its first day of trading, eSense shares were worth 25.5 cents each.
The company has developed a plant profiling technology that can be used to generate a comprehensive model of targeted plants.
The model is used to reverse engineer and reconstruct the plant’s profile using alternate natural sources, in what it says is a more cost-effective and sustainable way.
Its primary focus is on the cannabis plant.
“Today marks an important and exciting day for esense, our first as a newly listed company,” chief executive Haim Cohen said.
“We are extremely pleased by the progress we have made to date developing a first-in-kind plant profiling technology.
“Our technology has the potential to significantly disrupt existing plant product markets that use rare or high-value source plants, by offering indistinguishable quality, greater consistency, significantly lower costs, and using more sustainable plant sources.
“Our aim is to make the essence of these plants accessible and affordable to the broad market.”
Otsana managed the IPO.
