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Code Name Issue price Price Return Day 1 return Market cap Listed
IXC Invex Therapeutics Ltd $0.40 $1.075 168.8% 168.8% $33.59m 5/07/2019

Invex Therapeutics (ASX: IXC)

Biopharmaceutical company Invex Therapeutics made its ASX debut on Friday after raising $12 million via the issue of 25 million shares at $0.40 each.

The company will use the funds to advance its ambitions of repurposing diabetic drug Exenatide for neurological conditions.

Exenatide already has US Food and Drug Administration and European Medicines Agency approvals for treating Type II diabetes.

However, Invex has found Exenatide can lower intracranial pressure by reducing cerebral spinal fluid secretion in the choroid plexus of the brain.

On its first day of trade, Invex rocketed 168.75% to close Friday at $1.075.