AirXpanders, a biotech with a new way of breast tissue expansion for mastectomy patients, is the next in a growing list of US-based technology companies listing on the ASX.
Scott Dodson, the CEO, says a combination of factors led AirXpanders’s decision to come to Australia.
“Firstly, one of our largest shareholders is GBS Ventures in Melbourne, and secondly, the ASX has been highly recommended to us by a number of our contacts,” Dodson told Business Insider.
“We’ve been watching the success of medtech companies that have recently listed in Australia, and believe we have a compelling story that will attract investor attention,” he said.
The AirXpanders IPO raised $36.5 million with strong support from institutional investors. The company offered 73 million CDIs to be listed at $0.50 each with a market cap of $113 million. The stock opens for trade on Monday.
The cash raised by the IPO will be used to increase manufacturing capability and ramping up sales and marketing effort.
Other US-based companies to list on the ASX include: 1-Page, a cloud-based human resources software platform; Osprey Medical, a medtech which came out of technology developed in Australia, migrated to the US and then listed on the ASX; Impedimed, which listed here and then moved the business to the US.
AirXpanders product is the AeroForm tissue expander, a less painful, quicker and needle free alternative for breast tissue expansion for mastectomy patients undergoing breast reconstruction.
Dodson said the first three AirXpanders trials were held in Australia. The company will be seeking FDA approval of AeroForm in the second half of this year.
“Australia and the US share some important similarities for patients who are diagnosed and treated for breast cancer,” he says. “Australia is home to some of the world’s leading reconstructive surgeons and treatment options are similar to those on offer in the US.”