A fledgling technology company called SciTOX held its first annual shareholder meeting in Christchurch this weekThe company was formed at the end of 2008 via a $1.3 million capital raising to commercialise a Lincoln University-developed trade-waste bio-se
A fledgling technology company called SciTOX held its first annual shareholder meeting in Christchurch this week
The company was formed at the end of 2008 via a $1.3 million capital raising to commercialise a Lincoln University-developed trade-waste bio-sensor.
The initial offer in the SciTOX investment statement was for 689,655 shares at $1.45 per share but directors increased the offer by 206,895 shares to 896,550 due to higher demand.
Since that time there have been more share subscriptions to a total of 2.5 million shares on issue to private and public investors - the most recent being 451,684 shares to Lincoln Ventures. Another key investor to come board recently was Colin Harvey, also associated with veterinary care company, Ancare.
The company has developed a bio-sensor, which uses micro-organisms to measure the toxicity of trade-waste and will enable waste-water treatment plants to charge fees for the treatment of effluent depending on the type of pollutants. The device is expected to be popular with municipal authorities, which will be able to more accurately measure pollutants in trade waste from manufacturers and other clients.
Most waste water plants use some form of biological treatment, such as oxidation ponds, activated sludge, or anaerobic digesters and it is important that the microorganisms which do the treatment work are not killed or affected by toxic components.
SciTOX chief executive Ralph Wattinger highlighted the reliability, robustness and simplicity of the sensor, controlled by a touch screen. It produces results in 15 minutes, which he said is faster than alternative devices. The sensor sells for about US$10,000 ˆ approximately half to a third of the price of alternative products.
Mr Wattinger told NBR that the first five orders had been nearly completed to customers in New Zealand and overseas. Second product with more accessories was due for release next month.
One of the aims of the company was to provide employment opportunities in this country and it had sourced from local suppliers who had also turned out to cheaper than overseas suppliers.
SciTOX would bee seeking further capital soon but Mr Wattinger expected it would be for less than $1 million to help develop a new opportunity that had arisen.
SciTOX uses a synthetic chemical that generates an electrical signal to measure the effect of a toxic chemical on bacteria. While the instrument is being marketed initially to waste-water treatment plants, the technology also has potential in the dairy, medical, chemical, pharmaceutical, food and drinking-water industries.
At the annual meeting this week the chairman of the company, Dr Merv Jones, welcomed Lincoln Ventures as a significant shareholder and its chief executive officer, Peter Barrowclough, as a new director on the board of directors at their monthly.
SciTOX sells and supports products through distribution offices around the world and offers seminars and customer demonstrations.
