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Argenica Therapeutics (ASX:AGN) lists on ASX

Health Care
13 June 2021 14:00 (AEST)

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Argenica Therapeutics (AGN) has finished its first day of trade on the ASX, following a well supported initial public offering.

Institutional, high net-worth and sophisticated investors supported the $7 million raise which included the issue of 35 million ordinary shares at 20 cents each.

The company listed with the ticker code AGN and an initial market cap of $14.6 million.

Listing on the ASX is a milestone for the company and provides the capital base to execute its first in-human clinical trial of the company’s lead neuroprotective peptide ARG-007 which is being developed to reduce brain damage after stroke.

Stroke is one of the leading causes of death and disability globally and the estimated cost for treatment is expected to reach $183 billion by 2030.

With no current treatment capable of protecting the brain from damage following a stroke, Argenica is aiming to become a foundational company within this space, providing improved patient outcomes and reducing long-term healthcare costs.

CEO Dr Liz Dallimore said the treatment is more than a “highly compelling commercial opportunity” but also a chance to “truly improve the lives of millions of people”.

ARG-007 has been in development for over six years in partnership with The University of Western Australia (UWA) and Perron Institute for Neurological and Translational Science.

It’s being developed as a potential therapeutic to be administered in the field by paramedics to provide neuroprotective treatment prior to a patient’s arrival at the hospital.

Pre-clinical studies have demonstrated efficacy of the treatment in multiple models of stroke and other central nervous system injury models.

Upon listing, the company said it will begin the human testing phase of product development for its initial target application of ischemic strokes, which make up more than 85 per cent of all strokes.

Before starting a phase one clinical trial, the company intends to initiate a clinical program starting with safety and toxicology verification.

The phase one clinical trial is planned for quarter four of calendar year 2021 and will provide critical data related to the safety of ARG-007 in healthy subjects, which is required for a more comprehensive phase two study.

Additionally, the funds raised under the IPO will be used to support ongoing research and development activities in partnership with the UWA and the Perron Institute of Neurological and Translational Science.

Shares were trading 30 per cent higher at 26 cents apiece at 4:10pm AEST.

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