Rush to buy into Genesis

by DANIEL RIORDAN

Demand for shares in Genesis Research & Development, the country's first biotechnology listing, has proven as rampant as unattended fungi in a petri dish.

The company yesterday closed its $34.5 million offering after scaling back applications from both retail and institutional investors on both sides of the Tasman.

There was no public pool for the 5.75 million shares offered at 600c.

When it lists on the Australian and New Zealand exchanges next Friday the company's market capitalisation will be $148 million.

The money raised will be used for research and development.

That work includes the clinical development of immune therapies for psoriasis and asthma, expansion into eczema and the development of potential forestry and horticultural products.

Genesis pulled its float in May, citing volatile markets. At the end of June, it raised $13.8 million from six institutional investors, placing 2.76 million shares (15 per cent) at 500c a share.