Middle-aged men in lycra take note: we hear some savvy investors have taken a keen interest in listed biotech Rhinomed.
The $13m microcap makes a fledgling nasal device aimed at cyclists called Turbine, which is turning a lot of heads.
The trick will be to get the product into the hands of star athletes; although with former executives from Nike, the AFL and Acrux, this shouldn't be too much trouble.
While the device could tap into the lucrative sleep apnea market, which made Resmed a $1.5 billion company, backers are hoping for a more prosaic outcome, such as a takeover.
In 2006, GlaxoSmithKline paid $567 million in order to acquire the company who owned Breathe Right nasal strips, which just happens to come off patent later this year.
Gw
RNO Price at posting:
3.4¢ Sentiment: LT Buy Disclosure: Held
