TruScreen rises as high as 60% in compliance listing on NZAX

TruScreen rises as high as 60% in compliance listing on NZAX

By Suze Metherell

Nov. 12 (BusinessDesk) - Shares of TruScreen, which develops a cervical cancer screening system, rose as much as 60 percent from the recent issue price of 10 cents in its compliance listing on the small-cap NZX Alternative Market.

The stock debuted at 16 cents, and recently traded at 14 cents as $100,721 worth of shares changed hands, to give the company a market value of about $20 million, after the Auckland-based company listed 144.4 million ordinary shares on the NZAX. As a compliance listing, TruScreen didn't issue any new shares after earlier raising $6.07 million in the 2014 financial year selling shares at 10 cents apiece, according to its annual report.

The private placement "was to acquire the intellectual property and business assets of TruScreen Pty Ltd, and to provide working capital for the commercialisation and further product improvement of the TruScreen technology," the report said.

TruScreen's cancer screening system is made up of a medical device and process designed to detect the presence of cancerous and pre-cancerous tissue in the cervix in real-time.

The company is targeting China as a primary target market, which underpins its commercial roll-out. TruScreen had cash and equivalents of $2.48 million as at March 31, 2014.

TruScreen is chaired by Robert Horn, a significant investor in the development of the product, Christopher Horn, who has been involved with the company for a number of years, Sean Joyce, who is sponsoring the listing, and Tim Preston, a former stock broker.

(BusinessDesk)

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