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Abzena secures £20m ahead of flotation on Aim

July 8, 2014

SUZIE NEUWIRTH



LIFE sciences company Abzena yesterday priced its upcoming Aim flotation at 80p per share, valuing the company at 77.9m.


The London-headquartered firm, which provides technology for drug companies to develop new products, has raised 20m via a placing of 25m shares at 80p per share.


Abzena receives payments or royalties from a number of major pharmaceutical firms for the development of products created with its technologies, for a wide range of diseases including cancer and autoimmune illnesses. It posted revenues of 5.8m last year.


Chief executive John Burt said the placing and upcoming Aim admission would help Abzena grow the business and expand its offering.


"Abzena combines a growing, highmargin service business with the potential for substantial longer term revenue streams from licences to our prop-rietary technologies," he said.


Technology provider ClearStart also announced its plans to float on Aim yesterday.


The company, which provides IT services for the background check industry, said it believed the Aim admission would enhance its profile within the market and help grow the business.


Cenkos Securities is advising both companies on their upcoming initial public offerings.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: City A.M. (UK)


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