iX Biopharma shares jump 35% on potential US, Australia listing plans
[SINGAPORE] Shares of Singapore-based speciality pharmaceutical and nutraceutical company iX Biopharma jumped 35.1 per cent to S$0.127 on Monday (Oct 27).
This was after it revealed early-stage plans for potential listings in the US and Australia at its annual general meeting (AGM) last Friday.
As at 11.41 am, the counter had surged to an intra-day high of S$0.136. The company called for a trading halt at 2 pm, with 57.4 million shares having changed hands.
This brought its share price up 408 per cent in the year to date – making it the second-best performer on the Singapore Exchange, behind Shanghai Turbo Enterprises with a 427.3 per cent jump.
Based on a presentation that was given at its AGM, iX Biopharma is mulling a dual listing on the Nasdaq, after it establishes an operating presence in the US.
It plans to expand there through a strategic partnership with a US company which has a licensed 503B compounding pharmacy. This refers to outsourcing facilities which can manufacture large batches of medications, with or without prescriptions, to be sold to healthcare facilities for office use only.
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The tie-up could lead to the monetisation of 22 pharmaceutical drugs under development by September 2026, iX Biopharma said.
It also intends to launch a telehealth platform under WaferiX, with the aim to establish the brand as a “household name for longevity or lifespan products and services”. It may also launch an initial public offering of WaferiX in the US in the next 12 to 18 months.
Eva Tan, chief commercial officer of iX Biopharma, said: “With our expansion into the US compounding pharmacy market, there’s been increasing interest from US partners and investors for us to consider a Nasdaq dual listing.
“A US presence would give us access to a broader base of investors who understand our sector and recognise our growth potential and market value.”
Also within the next 12 to 18 months, iX Biopharma said it may list its Australia asset on the Australian Securities Exchange.
