biotech growth

Biotech growth

And it's not just the tech geeks rising through the rich ranks. Their contemporaries in the biotech sector are also poised for financial windfalls.

As the Australian population ages and Asian countries grow increasingly affluent, there is potential for significant growth in the sector, which currently has 95 listed companies valued at $49 billion, according to research group Bioshares.

Silviu Itescu, a doctor, scientist and chief executive of stem cell research firm Mesoblast Ltd, features on the main Rich List with a $400 million fortune, as his company reportedly considers a second listing on Nasdaq.

Among the minnows tipped to be the next super-earners are neurodegenerative disorder specialist Cogstate, disinfection and sterilisation expert Nanosonics Ltd, IVF diagnostic test developer Universal Biosensors, sleep disorder appliance maker SomnoMed.

"These are all companies that we are expecting to reach profitability in the next 12 to 18 months," said Mark Pachacz, research principle at Bioshares.



Read more: http://www.theage.com.au/business/geeks-oust-miners-among-australias-new-rich-20130624-2orya.html#ixzz2X6QDT715