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biotecs to spring to life soon APOLLO Life Sciences Ltd made a stellar debut on the Australian Stock Exchange today, defying a lacklustre biotechnology sector as it seeks to development treatments for a wide range of diseases.

The Adelaide-based biopharmaceutical company's shares rocketed 54 per cent on their first day of trading.
The stock hit the boards at 60 cents – a 10 cent premium to their issue price – and closed at a high of 77 cents.

Turnover was 20,000 shares valued at $14,350.

Apollo, headed by former Coca-Cola Amatil Ltd finance director John Priest, issued 19 million shares at 50 cents each in an oversubscribed initial public offer (IPO).









Apollo will use the $9.5 million raised in the float to fund the creation, manufacture and marketing of therapeutics based on human proteins.

The company is developing treatments for diseases such as hepatitis C, multiple sclerosis and psoriasis, as well as research reagents and anti-ageing products.

The IPO was fully underwritten by Blackwood Capital.

Blackwood Capital director Stuart Richardson was pleased with Apollo's listing, saying the low turnover of shares demonstrated investor commitment to the company.

"They're true believers, they don't want to sell," he said.

Mr Richardson said investors had been attracted by Apollo's diversity.

"Most biotechs are centred around a single disease, Apollo is more like a pharmaceutical," he said.

"It's going to have cosmetic sales, it's going to have reagent sales, all within 12 months."

Mr Richardson said Mr Priest also enjoyed a strong following in the market.

"It's unique because you've got a businessman running it who's looking for commercial outcomes and people are backing him," he said.

Australia's listed biotechnology stocks lost over 23 per cent of their value in the opening five months of this year amid panic selling in the retail market, according to broker Intersuisse.

In 2004, biotechnology companies rose 0.16 per cent, compared with a 23 per cent jump in the all ordinaries index, Intersuisse said.

ABN Amro Morgans client adviser Bill Bishop said Apollo's strong listing boded well for its future.

"The stock hasn't traded very much because it's so tightly held," he said.

"It's a clear indication of the potential of the stock to make money."