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Australia: Shares in Rhythm Biosciences jump on ASX debut

Shares in Rhythm Biosciences, which is developing a screening test intended for the accurate and early detection of colorectal cancer, jumped 62.5% on the ASX debut yesterday.

The company was looking to raise A$9 million (US$6.9 million) in an IPO on the ASX. It sold 45 million shares at A$0.20 per share, but they closed the day at A$0.33.

The deal was not underwritten.

Funds will be used for r&d, to cover ongoing costs associated with intellectual property protection, to fund regulatory submissions in Australia and the EU, and to provide working capital.

Chairman of the group is Shane Tanner, chairman of ASX listed Paragon Care and Zenitas Healthcare.

Taylor Collison managed the deal.
Posted on: 08/12/2017 UTC+08:00


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