Shares in biotechnology entrepreneur A2 Corporation surged a staggering 62.5 per cent in value yesterday, as an ascent started by last week's promising preliminary full-year results continued.
Shares in the NZAX-listed biotechnology company, which owns and licenses intellectual property relating to milk containing a protein linked to health
benefits, climbed almost 75 per cent to 42c by the afternoon, before closing at 39c, up 15c on the previous day's close of 24c.
Their average value since the company listed in 2004 has been 12c.
A2 Corporation chief executive Anthony Lawler said the surge simply reflected some of the "good milestones" mentioned in last week's preliminary results announcement - including a joint venture in Australia that began on June 1 - and insisted there was no new information to disclose. He did not expect a stock market query into the price rise.
"There is nothing material to disclose to the market that hasn't already been disclosed with our release last week."
Shares began to climb after A2 announced on Thursday last week a 518 per cent leap in operating revenue to $7.6 million for the year to March 31 - largely a result of the company buying back its Australian business.
That purchase, however, plus investment related to launching A2 milk into the US in April, helped deepen operating losses to $5.082 million from $926,000 in the previous period.
A joint venture with ASX-listed Freedom Nutritional Products began on June 1, aimed at selling A2 milk in Australia and Japan.
