Australian medical technology company, Next Science Limited (Proposed ASX: NXS) is all set to debut on the Australian Securities Exchange (ASX). The company’s IPO offer was closed early on 19th March 2019, and the official quotation of NXS’ ordinary fully paid shares will commence at 11:00 AM AEST on Thursday, 18 April 2019.
The company has completed the issue of 35,000,010 shares at an issue price of $1.00, raising $35 million, which will be used to expand the company’s product development activities, for administration costs and working capital, and to pay for the cost of the offer. After the completion of the offer, the company has 179,164,575 shares on issue.
Next Science Limited is mainly involved in the research, development and distribution of technologies, which solves bacterial related issues. Operating in the health care sector and targeting the treatment of human bacterial infections, the company has a wide range of antibiotics and antibacterial products marketed by major health care companies.
Founded in 2012, Next Science has developed a unique non-toxic technology platform with proven efficacy in eradicating biofilm-protected bacteria, which accounts for 90% of all the bacteria, including antibiotic-resistant superbugs such as Golden Staph (MRSA), E. Coli and Staphylococcus.
The company has developed Xbio, a novel technology platform, which is the basis for products, that clinical trials have shown, can be more effective in treating biofilm protected infections than existing treatments. The company is having a strong internal research and development capabilities combined with the experienced healthcare business leaders driving business development to maximise the commercialisation potential of Xbio technology.
The company’s primary method of commercialisation is through distribution partnerships with major health companies. Under the distribution agreements, the distributor is responsible for the sales and marketing of products to health care professionals.
The company maintains a small internal sales team to assist with the market entry for new products and engagement of key opinion leaders.
Next Science has patented and differentiated technology that has shown superior performance in the clinical trials in eliminating biofilm-based bacteria compared with other available treatments.
Four of the company’s products – Bactisure, BlastX, SurgX and TorrentX have obtained FDA clearance and have already been introduced in the US market.
Next Science’s business strategy is to further the commercial development of the products, using its proprietary Xbio technology platform and it is planning to continue its strategy of sales through established distributors rather than directly selling the products itself.
Next Science believes that its Xbio technology has broad applications in the human health care sector and along with that, it has various medical device and pharmaceutical products in development, though not in a commercialisation stage.
The company believes that its proprietary Xbio technology has applications to treat biofilm-protected bacteria across a wide range of other industries, including applications in animal health, food, safety and in industrial, medical and domestic cleaning.
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