Blis Technologies shares fall 11% after price query

Friday 8th July 2016

Blis Technologies shares dropped 11 percent after the biotechnology firm was quizzed over a spike in the share price by the stock market operator.

The shares fell 0.5 cents to 4.2 cents after the Dunedin-based company got a price inquiry from NZX Regulation over a 42 percent gain in the stock since June 30. Blis said it had nothing to disclose under the stock market's listing rules on continuous disclosure. The stock is still trading above the 3.3 cents price it closed at on June 30.

In May, the company reported a smaller loss of $816,000 in the year ended March 31 on revenue of $5.6 million, and said it was on track to deliver its first annual profit in 2017. Blis listed 15 years ago and has accumulated losses of $33.3 million.

Blis was set up to commercialise probiotic bacteria for use in consumer products for oral health, colds and flu and is focused on managing growth and continuing its strategy of securing regulatory approvals market by market.

BusinessDesk.co.nz

Comments from our readers

No comments yet