Blis to be listed on main board

By DANIEL RIORDAN

Blis Technologies will list on the stock exchange's main board next Monday.

Shares in the sore throat company have been trading on the secondary board since September.

Chairman Murray Doyle told around 100 shareholders at the company's annual meeting in Dunedin on Monday that based on present budgets, the company had enough resources to fund its activities for the next three years.

It expects to begin earning royalty income from its key Salivaricin B products well within that period. The natural product treats streptococcal throat infection.

Since last August the board had made substantial progress, Mr Doyle said, including the appointment of a board with both clinical and commercial skills; the acquisition of the University of Otago's collection of several thousand other bacteriocin-like inhibitory substances (Blis) producing organisms; securing Salivaricin B pioneer Professor John Tagg as a consultant; the appointment of microbiologist Chris Chilcott as science director and former Boots UK senior executive Kelvin Moffatt as chief executive; and an agreement with Zenith Technology to carry out product development and regulatory compliance services relating to Salivaricin B.

Blis' biggest shareholder is the university, with 20 per cent, followed by South Island businessman Howard Paterson with around 12 per cent and investment company Southern Capital with about 10 per cent.

In May, Blis completed a $6 million private placement to several local institutions, issuing 8.2 million shares at 73c each.

Shares were trading at around $1.10 this week, and with 62 million on issue that gives it a market capitalisation of $68 million.

A listing profile will be distributed to sharebrokers on Friday.

The company will be the first new listing this year, and the second biotechnology stock.