MELBOURNE, Australia, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Telix Pharmaceuticals Limited (ASX.TLX) (“Telix”, the “Company”), an Australian biopharmaceutical company focused on the development of diagnostic and therapeutic products based on targeted radiopharmaceuticals or “molecularly-targeted radiation” (MTR), has today listed on the Australian Securities Exchange (ASX) after raising $50 million in a fully underwritten Initial Public Offering (IPO).
Telix’s issue price is $65c per share, with a market capitalization of $128 million, placing the IPO as the largest for the Australian ASX biotechnology sector, by capital raised, since 1994. The IPO was fully underwritten by the Lead Managers, Taylor Collison Limited and Wilsons Corporate Finance Limited.
The IPO has been strongly supported by existing shareholders, which includes both industry partners and domestic institutional investors such as Acorn Capital, CVC, Monash Investors, Viburnum Funds, Alium Capital Management and Allan Moss. Fidelity International is a cornerstone investor in the IPO at approximately 10% of the issued capital of the Company.
Telix Co-Founder and CEO Dr. Christian Behrenbruch, “We are delighted with the strong support from our partners, institutional and retail investors to make the IPO success We believe this is a very exciting opportunity for investors and we look forward to keeping shareholders closely informed of our progress as we develop our oncology product pipeline and engage with commercial partners.”
Proceeds from the IPO will fund the development and completion of clinical trials for Telix’s pipeline in renal (kidney), prostate and brain cancer (glioblastoma), and enable the Company to complete multiple clinical and product development milestones over the next 24 months.