First day fillip for Pharma Zen

By SIMON HENDERY

Animal remedies firm Pharma Zen has made a spectacular debut on the Stock Exchange's unlisted board.

The company's shares changed hands for up to 2 1/2 times the issue price on their first day of trading yesterday.

Pharma Zen's $8 million share offer (80 million 10c shares) closed about eight times oversubscribed last week and the shares rocketed to a high of 25c when trading began yesterday.

Almost 1.2 million shares changed hands during the day, and the price eased back to close at 20c.

The company intends using the proceeds of the float to commercialise a range of biotechnology products to strengthen animal and human immune systems.

The money will be used to purchase the rights to products, develop its manufacturing facilities, pursue overseas marketing, develop additional products and expand the business through acquisitions and partnerships.

Pharma Zen was started by Zenith Technology (Zentech) directors Max Shepherd, Cheung-Tak Hung and Dunedin businessman Howard Paterson, who are also behind listed biotech company Blis Technologies, secondary board company A2 Corp and Botry-Zen.