Avexa Rises Most in 7 Months as It Courts Investors (Update1) Share | Email | Print | A A A
By Simeon Bennett
Oct. 14 (Bloomberg) -- Avexa Ltd., the developer of an experimental HIV drug, rose the most in almost seven months in Australian trading after saying it’s courting investors.
Avexa jumped 23 percent to 19 Australian cents, the most since March 17. More than 20 million shares were traded, 13 times the three-month daily average, making today the third-most active trading day in the stock’s history. The shares gained 46 percent in the past two days and have almost tripled this year.
The Melbourne-based company, which has no approved products and has never made a profit, said in a statement on Oct. 2 that it will close a late-stage patient study of its apricitabine HIV treatment and start analyzing the data. Avexa plans to announce results of the trial in the first quarter of 2010, it said.
“We’ve just been talking to people about that, and that’s created some interest within the market,” Julian Chick, Avexa’s chief executive officer, said in a phone interview after the close of trading yesterday. He said the people were retail and institutional investors without giving more detail.
To contact the reporter on this story: Simeon Bennett in Singapore at [email protected]
Last Updated: October 14, 2009 02:41 EDT
AVX Price at posting:
19.0¢ Sentiment: None Disclosure: Held
