Blis Technology stock jumped 50% on news of wider rollout through Sinopharm
By Jonathan Underhill
Aug. 25 (BusinessDesk) - Blis Technologies shares soared 50 percent after the biotech company said its Chinese partner planned to roll out a much wider market test of its probiotic products for mouth and throat health than it had initially indicated.
The shares jumped 1 cent to 3 cents on the NZX, the highest since November last year, valuing the company at $33 million.
The company said that following a test market trial through Sinopharm, the largest oral health and pharmaceutical company in China, its Chinese partner now planned to release Blis products in 600 pharmacies across the country, from 30 currently.
"This is still an early phase of commercialisation ," chief executive Barry Richardson told BusinessDesk. "If you think about the size of China, then it's not a large number (of pharmacies) in relation to that. Suffice to say, they are pretty positive about the development to go to the next level."
The Dunedin-based biotech company has been long in development, having first listed on the NZX in July 2001.