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
- Damien Grant on a disturbing trend in the insolvency game
- Westland Milk chairman Matt O’Regan says the co-op's performance in the 2015/16 season was "less than desirable"
- Airwork’s Hugh Jones on his reasons for selling
- John Key warns "Hobson Pledge" group similar to Trump
- Massey University's David Tripe talking about ANZ's exposure to Pumpkin Patch