Biotechnology start-up Next Science (ASX: NXS) has shown Australian investors are prepared to support a research based manufacturer with an impressive debut on the stock exchange.
Shares in Sydney-based Next Science, which carries our research and operations in the United States, rose 35 per cent on listing last week to $1.35.
More than $35 million was raised for the company whose products assist antibiotics in the fight against bacteria.
Next science’s patented Xbio technology products attack the biofilm that surrounds and protects bacteria.
Four products have secured US FDA approval including SurgX antimicrobial wound gel, and an open surgery wash called Bactisure.
Meanwhile the giant 3M company is the exclusive distributor of the company’s BlastX wound care gel, which is suitable for long-term infections such as foot ulcers and the sores suffered by paraplegics.
CEO Judith Mitchell said: “Next Science takes pride in the science underpinning our products and the effect they can have on people under medical care.”
Next Science, which is also planning to launch an acne gel, reported a loss of $13.8 million in 2018.
While Next Science is in many ways a US company, its director’s are a who’s who of Australian business.
Chairman is George Savvides who took Medibank Private public, and directors include Mark Compton, CEO of pathology and imaging company, Sonic Health and CEO Mitchell formerly of Cochlear.
Property development mogul, Lang Walker is a major investor responsible for much of the $66 million invested in the group prior to listing.
Picture: Next Science
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