CannPal Animal Therapeutics, a Sydney-based pharmaceutical technology startup, is looking to raise A$6 million ($4.74 million) in its initial public offer (IPO) on the Australian Securities Exchange (ASX) slated for October 2017.
CannPal has successfully lodged a prospectus with the Australian Securities and Investments Commission (ASIC) and intends to issue 30 million shares at an issue price of A$0.20 per share. It forecasts an expected market capitalisation of A$18.5 million.
Founded and led by managing director Layton Mills, CannPal aims to develop cannabis-based veterinary products that can be administered as pain relief to companion animals. Mills is also the co-founder of Canberra-based natural health foods trader Tanlay Food Group.
Since inception in 2016, it has grown to a team of 13 but currently lacks revenue streams as it is focused on RD and clinical trials of its product.
The decision to list on the ASX stems from its