Blis Technologies [NZX: BLT] shares soared 50 percent after the biotech company said its Chinese partner planned to roll out a much wider market test of its probiotic products for mouth and throat health than it had initially indicated.
The shares jumped 1 cent to 3 cents on the NZX, the highest since November last year, valuing the company at $33 million.
The company said that following a test market trial through Sinopharm, the largest oral health and pharmaceutical company in China, its Chinese partner now planned to release Blis products in 600 pharmacies across the country, from 30 currently.
"This is still an early phase of commercialisation ," chief executive Barry Richardson told BusinessDesk. "If you think about the size of China, then it's not a large number (of pharmacies) in relation to that. Suffice to say, they are pretty positive about the development to go to the next level."
The Dunedin-based biotech company has been long in development, having first listed on the NZX in July 2001.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Westpac's NZ CEO David McLean discusses the challenges his bank is facing amid rising costs and falling core earnings
- Grant Thornton’s Pam Newlove on the sugar tax idea
- NBR’s Nevil Gibson discusses the 40th anniversary of Singapore Airlines in New Zealand
- Zeffer Cider's Josh Townsend on the company's expansion plans in the craft market
- Jason Paris on Lightbox, and avoiding the 'race to the bottom'