Shares in Medlab Clinical, which is looking at trials of medical cannabis in NSW, opened higher on its ASX debut today.
The biotech will use some of the $6.17 million from the IPO to research cannabis as a pain relief drug. NSW has taken a lead in approving clinical trials of cannabis.
The 20 cents shares were trading as high as 21 cents on opening.
The Sydney-based early phase drug development company is expanding its research into chronic kidney disease, obesity, depression, anti-ageing and pain management.
Medlab was formed by Sean Hall after he sold his family’s companies Bioceuticals and Hall Drug Technologies to vitamin giant Blackmores in 2012.