Iran Fara Bourse stock exchange hosted the IPO press conference for the public offering of Avicenna Laboratories Inc. (Avicenna) today.
10 percent of the shares of Avicenna is going to be offered to the public in near future by Parsian Brokerage Co. under the ticker of “AVLZ “.
IPO press conference is an event established by Iran Fara Bourse in 2016 to raise awareness of the details of the IPO and the company’s status which is going to be offered to the public soon.
Reporters, investment consulting firms and financial data processing companies generally take part in this particular kind of conference to ask their questions about the company’s financial statement, visions, and missions, etc. and then a board of directors member or the managing director is supposed to fix the ambiguity and elaborate on the subject so that the investors could better bid on the stock with their eyes open which will in turn enhance the transparency of the trades; Therefore the very conference must be held before the actual public_offering day.
At the Avicenna’s IPO press conference which was the 41th one held in IFB, the CEO of the company told the reports that the competitive advantage of the company in the country is being a knowledge-based one and added that Avicenna has about 80 patents in various countries, including the United States and Canada. Moreover they exported $3 billion of Pharmaceutical Active Ingredients (APA) to Canada (prior to sanction exertion).
According to Avicenna Laboratories Inc. it is a manufacturer of solid dosage form of drug products. Founded in 2003, the company supplies various drug products to domestic and international clients. Regulatory Affairs, Sales, Marketing and other administrative functions as well as Formulation R&D are conducted through the head office and laboratories in Tehran. Material Management, Quality Control, and Manufacturing are located in two separate factories in Kaveh Industrial Park 90 km south of Tehran and it was the recipient of the Technology-Quality Award in Pharmaceutical Industry by European Union (ICS Group).
The CEO then stated: About 400,000 of Iranians are suffering from cancer and this number is unfortunately growing each year. On the other hand, 23% of such treatment costs are the Health and Medical Education Ministry responsibility to pay which adds to the budget deficit issues. With that in mind, there definitely would be a huge advantage if it (Avicenna) could produce anticancer drugs and save the US$1 billion cancer treatment costs.
We are about to produce drugs for breast cancer, colon cancer, lung cancer etc, taking into account sanctions and the prohibition of drug imports the company will be more profitable, according to Avicenna authorities.
Karimian, the chair of the board, who also holds a PhD in Biochemistry from an American university stated: Many pharmaceutical companies with no chemical and scientific capabilities are leaving the market due to the recent economic changes but Avicenna is still producing and this is because of our competitive advantage which is being a knowledged-based company.
Executive Vice President, Chief of Listing & Issuers on the very IPO press conference elaborated on the knowledged-based news in IFB and announced launching of new kinds of VCs active in movies, agriculture, and mining exploration.
Alamolhoda then added: Through the very exchange mechanisms trading of intellectual properties, patents, industrial designs, and trademarks are getting completed and a unique potential is available in Third market due to the new tax exemption.