25 Biotech IPOs In Australia In The Last 12 Months As The IPO Window Closes Fast

The Australian listed healthcare and biotech sector has expanded to 134 companies in the second quarter of 2004 with a cumulative market value of $25.5 billion. There were six new biotech listings in this quarter although the biotech window looks to be closing fast. The last quarter was a healthy period for raising cash for Australian biotechs, with $84 million raised in total although 40% of this money was raised from overseas investors. The total funds raised for the first six months of this year was $198 million. There were six biotech listings in the last quarter bringing the total to 25 listings for the last 12 months. Of these, 17 were new IPOs and eight were backdoor listings. $211 was raised in IPOs over the 12 months with an average $8.4 million raised. Of the 25 companies that listed, 12 produced positive returns for shareholders and 13 stocks finished below their issue price. Overall, the stocks generated an average 2% gain from their issue price. In comparison, 27 stocks listed in the US over the last 12 months raising an average US$61 million.

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