A stunning stock market debut for new Perth-based biopharmaceutical company Invex Therapeutics (ASX:IXC).
The company listed on Australian Stock Exchange late last week following a $12 million capital raise that won the backing of mining magnate Andrew Forrest.
The company's share price has subsequently more than tripled - having opened Friday at $0.40 it was above $1.50 at midday today.
Invex is working on repurposing AstraZeneca's PBS-listed diabetes therapy exenatide for neurological conditions related to increased intracranial pressure. Exenatide is a glucagon-like peptide-1 (GLP-1) agonist.
The company founder is Professor Alexandra Sinclair, a clinician and recognised global leader in the pathophysiology of idiopathic intracranial hypertension and headache.
The incidence of intracranial hypertension is rising globally linked to obesity, particularly in women, with current treatments limited to a number of unapproved therapies.
The company said it has completed pre-clinical testing with orphan drug designations obtained from regulators in Europe and the US. It has also initiated a phase 2 proof of concept clinical study in intracranial hypertension.