Australian biotech company Progen was readmitted to official quotation on the ASX on Wednesday as TBG Diagnostics (ASX:TDL) following a $12.7 million capital raise.
The capital raise exceeded its minimum raise target and follows Progen's announced acquisition of TBG.
The company enjoyed a good first day on the ASX as TBG.
The core focus of the new company will be as an in-vitro diagnostics (IVD) company.
IVD refers to techniques of diagnostic tests used to diagnose and detect diseases or infection in a controlled environment and monitor prescribed treatments and assessment of medical intervention outside of the human body. The information obtained from IVD allows for earlier and more targeted treatment, increasing the efficiency of the healthcare system.
According to the company, the IVD market is currently undergoing a period of growth, and this growth is expected to continue for a number of years. It said based on Allied Market Research 2013, the global IVD market was approximately US$53.3 billion in 2013 and expected to reach US$74.7 billion by 2020.
TBG plans to expand its footprint in the Chinese market by introducing its current products and developing new products suited for the growing Chinese market.
The Chinese IVD market is in its early growth stage, and it is expected that the growth potential for IVD and molecular diagnostics will be significant.
Having regard to the potential of the Chinese IVD market, TBG’s main focus will be expanding its offering of HLA typing kits and reagents, virology diagnostic, oncology diagnostic products, and its new automated molecular diagnostic products.