Fluorotechnics $12m IPO to expand global operations

Rapid sales growth: 98% of sales overseas

05-Sep-2008 - Australia

Fluorotechnics Ltd lodged a prospectus for an initial public offering to raise up to $12 million. The company has developed valuable IP based on proprietary research conducted over the past decade. Fluorotechnics today has specialised manufacturing facilities at North Ryde in Sydney and near Stuttgart in Germany. The company was established in 2002 with management and directors owning almost half of the issued shares. The company was spun-out of Macquarie University and the university remains a shareholder. Fluorotechnics' offer of $1.00 per share is due to open on 10 September and close on 10 October. When listed on the ASX Fluorotechnics will have 26-28 million shares on issue with a market capitalisation of $26-28 million. BBY Limited is the lead manager of the float. CEO Duncan Veal said the IPO fund raising, "would allow Fluorotechnics to ramp-up its production capability to meet the significant unmet demand for its proteomics products." Last year Fluorotechnics acquired ETC Elektrophorese-Technik. ETC develops and manufactures high-end electrophoresis consumables including specialised high value gels and instrumentation for DNA and protein electrophoresis. ETC is located in Kirchentellinsfurt near Stuttgart Germany. In addition Fluorotechnics has entered into an agreement to acquire The Gel Company in the US. The company plans to bring 20 new products to the market in the next three years. Unlike many other biotechnology companies Fluorotechnics does not require FDA approvals to sell its consumables and is already generating revenues, according to the company. 98 per cent of revenues are from overseas sales.

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