Novagen spinning off Glycotex as IPO

By Ted A. Knutson

Washington, Sept. 9 - Novagen Ltd. is spinning off Glycotex Inc. in an initial public offering of common stock units, the company disclosed in an S-1 registration statement with the Securities and Exchange Commission.

The IPO includes an over-allotment option for up to 15% of the common stock units.

Estimated gross IPO proceeds are $47 million, assuming exercise of the greenshoe.

Each unit will be made up of one share of common stock and one warrant.

Janney Montgomery Scott LLC is the underwriter.

Glycotex is clinical stage biopharmaceutical company focused on discovering and developing a novel class of drugs for human wound healing and tissue repair.

The company hopes to be listed on the Nasdaq under the ticker symbol "GLTX" for its stock and "GLTXW" for the warrants.

Glycotex had a net loss of $363,000 for the fiscal year ended June 30.

Both Glycotex and its parent Novagen are based in North Ryde, New South Wales, Australia.

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