Wellnex Life rounds out first week after relisting on a high note
Health & Biotech
Health & Biotech
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Wellnex Life looking healthy after finishing first week in the green.
Wellnex Life (ASX:WNX) has ended its first week after relisting on the ASX on a high, gaining roughly 37.5% in trading on Friday to close at $0.165.
Investors quickly bid the price up from $0.12 at market open to break just above $0.15 by midday before surging in the last half-hour of trade.
Friday’s gains mean the company has ended its first week back on the market 14.2% higher than its opening price on Thursday, when Wellnex Life was officially welcomed back onto the bourse.
Wellnex Life’s relisting marks the culmination of an 18 month strategic review and reorganisation of the business led by CEO George Karafotias to identify new opportunities for expansion.
During this period Wellnex Life successfully raised $2.2 million and acquired Brand Solutions Australia (BSA) in a bid to bolster its research and development, production, marketing, and distribution capacities.
BSA was founded by Zack Bozinovski in 2010, and has since grown to become an emerging player within Australia’s health and wellness market, and distributes numerous health and wellness products and brands with the country’s biggest health and wellness retailers.
These include both Coles and Woolworths, as well as Chemist Warehouse, Priceline and the 3 major Pharmacy wholesalers Sigma Pharmaceuticals, Symbion and Australian Pharmaceutical Industries (API).
Wellnex Life CEO George Karafotias, said the acquisition remains true to what Wattle Health originally set out to achieve – “innovate, develop, and grow Australian health and wellness products”.
“BSA, with its product development expertise and strong retail customer relationships across pharmacy and grocery, positions us strongly to achieve this at greater scale,” he added.
Wellnex Life intends to target the significant vitamin and dietary supplements segment of this market, which is currently worth roughly $3.1 billion domestically, with plans to expand into the $1.3 billion sports nutrition segment going forward.
This article was developed in collaboration with Wellnex Life, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.