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    Biotech CogState lists at 6c premium

    February 13, 2004 - 12:05PM

    Biotech company CogState has debuted on the Australian Stock Exchange at a six cent premium to its initial public share offer (IPO) price.

    Cogstate closed its IPO oversubscribed on January 28 raising $7 million.

    The Melbourne-based company which specialises in computerised testing of brain functions opened on the Australian market at 1100 AEDT at 56 cent.

    The stock moved to a high of 57 cents and at 1116 AEDT was trading at 54 cents with 312,500 shares traded.

    Before Friday's listing CogState chief executive Peter Bick said that a number of major international investors had participated in the IPO and the company's client list included the England Rugby Football Union's women's squad, the Melbourne Storm, Brisbane Broncos, the Stellenbosch University in South Africa and the Buffalo Rugby Club also in South Africa.

    Funds raised through the offer will be put towards expanding the international markets and extending the clinical applications of the company's computerised tests which already have been used for the detection of early Alzheimer's Disease, Dr Bick said.

    CogState's core technology is a computerised cognitive function test that can be used to detect minute neurological changes such as those seen in the early stages of Alzheimer's Disease, and in athletes who have suffered concussion.

    The potential market for the test is large, with 300,000 sports-related concussions worldwide each year, 30 million children playing contact sports in the USA and 122 million people over the age of 50 at risk of Alzheimer's Disease and other neurological problems by 2050.

    CogState also has a therapeutics division which has in-licensed two drug tests from medical research organisations in Japan and Israel for the treatment of Alzheimer's Disease and Parkinson's Disease respectively.

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