alchemia and xenome to float soon.

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    CBS MarketWatch reported tonight that the third biotech/pharma company in a week has filed for an IPO on the NASDAQ for later this year. These are the first pharmaceutical co's to be floated since June 2002.

    It has been touted for some time that Alchemia could look to list in the 2nd half of 2003 pending market conditions. I'm not certain if It would be Alchemia Inc (US subsiduary) that would list in the US or wether the IPO would take place in Australia. Someone may be able to enlighten me.

    However it would appear the Biotech seems to be the flavour of the month at the moment with some exuberant share price increases in Aust and share placements being well received of late. It could be that Alchemia or Xenome may want to capitalise on these conditions. It would appear from various articles and company statements that Alchemia are in late stage negotiations with a major pharma for their product under colaboration with Dow Corning (NYSE). Xenome will comence Phase I human clinical trials for their Cone Shell pain compound early 2004. Cytopia may be a little too green to try listing at this stage

    I have primarily bought Medica Holdings because I believe that it is undervalued at 84c, especially compared to some of the Bio stocks at the moment. I am no technical whiz but when I look at the 3 year history I see a stock that is in an accumulation phase with increased volume, well off its previous highs and little apparent previous resistance levels up to $1.10/$1.20 and then $1.50.

    Any announcement regarding any IPO's should lift the share price rapidly (only 40 odd million shares on issue) because holders of MCA should be entitled to share allocations in the IPO's just as Circadian Shareholders were with MBP, AXN, OIL etc.

    Any other comments welcome as MCA is not often discussed.


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