FRANKFURT, Feb 11 (AFP) - Paion, a German biotech firm that is developing an anti-stroke treatment from the saliva of vampire bats, became the first company to go public in Germany this year, with shares moving higher Friday on their first day of trading on the Frankfurt stock exchange.
In late morning trade, shares in Aachen-based Paion were changing hands at 8.39 euros, comfortably above their issue price of 8.00 euros.
Paion issued around 500 million shares by way of the initial public offering (IPO), raising som 40 million euros (51.2 million dollar), which would used to help finance the new treatment.
When a so-called "greenshoe" or over-allotment option of some 750,000 shares is exercised, the total funds raised from the issue will amount to 46 million euros.
Paion is currently developing an anti-stroke treatment, Desmoteplase, which is based on a protein isolated from the saliva of vampire bats.
The bats' saliva prevents blood clotting when they bite, ensuring that the blood keeps flowing while they feed.
The treatment, which is due to start phase III clinical trials next month, has potential benefits for stroke victims as it could help dissolve brain blood clots.
02/11/2005 10:45 GMT - AFP