Retroscreen Virology admitted to AIM
The company raised gross proceeds of £15 million in a placing of 18,750,000 Ordinary Shares at 80 pence per share.
Retroscreen Virology is a contract virology research company, dedicated to creating the next generation of antivirals and vaccines in the field of biomedical research. Its research includes both pre-clinical and clinical projects, and it currently conducts and co-ordinates several clinical trials per year involving student/staff volunteers or patients in general practice, particularly involving influenza or common cold viruses or vaccines.
The Group has grown and developed its Viral Challenge Model (VCM) for evidencing the efficacy of antiviral and viral therapeutics in RSV, flu and cold. As the business develops, it intends to expand into adjacent clinical areas, such as asthma. It also intends to leverage virometrics, harvesting the potential of its research for the discovery and creation of proprietary intellectual property.
The proceeds of the IPO are to be used to invest in infrastructure, facilities and personnel, to allow the Group to pursue its development strategy and as general working capital.
IP Group has a beneficial interest in Retroscreen, representing 22.7% of the enlarged issued share capital, valued at £7.4 million at the placing price, giving an unrealised fair value gain to IP Group of £5.3 million. In addition, the IP Venture Fund managed by the IP Group, has a beneficial interest, representing 9.2% of the enlarged issued share capital. IP Group and IP Venture Fund committed £1.5 million and £0.5 million respectively to the placing.
Posted on Friday, 08 June 2012