- Health-tech company Sienna Cancer Diagnostics will be expanding its flagship operations to Melbourne’s south-east
- The expansion will see the company surrounded by high-budget research facilities such as the Monash Technology Precinct
- The move is officially expected to take place early next year, coinciding with finish dates for the construction of the new laboratory and manufacturing facilities
- Despite this good news shares slumped 14.3 per cent, sitting at 4.2 cents apiece
Share prices in Sienna Cancer Diagnostics have dropped significantly today, after the company announced an expansion of operations and relocation.
The health-tech research company signed the lease to move home-base operations to Melbourne’s south-east, located across from The Commonwealth Scientific and Industrial Research Organisation and the Monash Technology Precinct.
“This move represents a significant progression for the company,” CEO Matthew Hoskin said.
“We will establish manufacturing for our cutting edge SIEN-NET technology, which is an important milestone,” he added.
SIEN-NET is one of the company’s flagship technologies, able to capture molecular data on multiple targets at once. Even though it’s still in development, this technology could be particularly useful in non-invasive cancer screening processes.
“Additionally, we are preparing for the expansion of our development, manufacturing and commercialisation capabilities, in anticipation of bringing in new products as part of our technology expansion program,” Matthew added.
The company’s new premises holds an office space, research and development laboratories, a warehouse facility and a manufacturing suite. The warehouse will be used as a product line for SIEN-NET when appropriate.
Aussie punters bit the company’s share price hard following news of the new lease however, causing a 14.3 per cent downgrade — sitting at 4.2 cents apiece
Sienna management stated today the move into Melbourne’s south-east is in tune with the city’s district of enterprise and high-tech research facilities.
The new lease is also located nearby the Australian Synchrotron, a major world-class research facility operated by Australia’s Nuclear Science and Technology Organisation (ANSTO).
According to ANSTO, the facility holds the technology capable of radiating one million times brighter than the sun and frequently holds over 4000 research visits a year.
The move is officially expected to take place early next year, coinciding with finish dates for the construction of the new laboratory and manufacturing facilities.