Japan's GNI completes IPO

Tokyo-based GNI, a drug discovery/pharmaceutical company with operations in Japan, China and the USA, says it has successfully completed an initial public offering of new shares in connection with the company's listing on the Mothers market of the Tokyo Stock Exchange on August 31. A total of 10 million shares were issued at 90 yen each.

Founded in 2001, GNI applies gene network analysis and other biotechnology tools to develop drugs to alleviate suffering from pulmonary disease, liver cirrhosis, cancer, inflammation, and other medical conditions.

Chief executive and founder Christopher Savoie said: "this is an important milestone in GNI's history. We intend to use the capital raised to advance our products towards commercialization and to be partners with companies worldwide in the discovery and development of drugs arising out of our gene networks analysis."