A strong market debut for Genetic Signatures (ASX: GSS) after listing on the Australian Stock Exchange Wednesday.
Shares in the specialist molecular diagnostics company opened strongly, rising 44 per cent above the $0.40 issue price, before losing some ground as investors took profits.
As of Thursday morning, the company's price was still up around 10 per cent on the issue price.
The company recently announced the expansion of its product range and the first sales of the EasyScreen Respiratory Virus Detection Kit.
CEO of Genetic Signatures, Dr John Melki, described the company's ASX debut as a "major step" in its evolution.
"We have been greatly encouraged by the institutional and retail shareholder response to the IPO and the demand for shares," he said. "This has allowed us to assemble a high quality register of shareholders. We are excited about transitioning from a private company to a publicly listed company and focussing on delivering our growth objectives."
Proceeds of the IPO will be applied to accelerating the company's product development pipeline and to increasing new business development via the continued commercial rollout of its products in Australia and the EU as well as entry into the US market.