Biotech TBG Diagnostics has had a positive start to trading on the share market after changing the nature of its business and raising funds.
TBG, formerly Progen Pharmaceuticals, now focuses on providing in-vitro diagnostic products - tools used to diagnose and detect diseases or infection in a controlled environment.
In-vitro diagnostics also involves monitoring prescribed treatments.
The information obtained from the tests enables more targeted treatment.
Previously, the company was involved in the development of small molecule pharmaceuticals, primarily for the treatment of cancer.
TBG says the in-vitro diagnostics market is growing, and the global market is expected to be worth about $US75 billion by 2020.
The company plans to introduce its products to the market in China, which it says is in its early growth stage.
Its main areas of development will include diagnostic products for lower respiratory tract diseases, sexually transmitted diseases, hand, foot and mouth disease, and pneumonia.
TBG will also provide diagnostic products for the testing of targeted cancer therapy for lung cancer, colorectal cancer and melanoma.
Progen announced in May 2015 that it would acquire TBG, raise funds through the issue of new shares and have its shares requoted on the Australian Securities Exchange.
Progen raised $12.7 million through a public offer of shares at 21 cents each.
Progen shares were trading at 22.5 cents when they were suspended in December 2015, and TBG shares gained four cents to 26.5 cents on Wednesday.
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