NZ biotech company names Australian listing date

New Zealand biotech company Neuren will list on the Australian Stock Exchange on January 11.

Chief executive David Clarke said Neuren was the first local company to list on the ASX yet remain an entirely NZ-based corporate entity.

He said the move aimed to tap into the larger pool of biotech investors across the Tasman. But Neuren recognised the crucial role of local institutions in its development and wanted to keep its head office and research facilities in New Zealand.

The company plans to raise A$15 million ($16.57 million) in an initial public offering (IPO), which closes on December 15. The IPO will fund clinical trials of two drugs aimed at reducing brain damage after coronary artery bypass surgery and traumatic brain injury.

In order to make investing as easy for New Zealanders as it is for Australians, the company has fixed an exchange rate and is offering shares in New Zealand currency.

It will issue 37.5 million ordinary shares at 40Ac each or 44NZc.

Neuren was formed through the merger of two Auckland University spin-offs, Neuronz and Endocrinz, in January. The university retains a 13.2 per cent stake through Neuronz. International pharmaceutical giant Pfizer holds a 12.9 per cent stake.

Clarke said Neuren had one of the richest drug portfolios of any biotech in Australasia.