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UniQuest congratulates Protagonist Therapeutics Inc. on the news that the biotech company has raised $ US90 million in its initial public offering of 7.5 million shares on the NASDAQ Stock Market.

Founded in 2001 based on research originating from UQ’s Institute for Molecular Bioscience, Protagonist is developing peptide-based oral drugs for the treatment of gastrointestinal (GI) disorders such as Inflammatory Bowel Disease (IBD).

UniQuest CEO Dr Dean Moss said the company’s novel approach to IBD treatment has generated strong interest from the investment community.

“In an area where the majority of treatments are injectable, oral treatments are attractive alternatives.”

“Protagonist has raised $AUD88 million since it was founded in 2001, and it’s clear that the market continues to recognise the company’s potential,” Dr Moss said.

The company is now headquartered in Menlo, California USA and has operations in both California and Brisbane, Australia.