Shield Therapeutics has announced its intention to proceed with an Initial Public Offering and fundraising of Shares to certain institutional and other prospective investors to raise gross proceeds of up to £110 million.
Application will be made to the UK Listing Authority and the London Stock Exchange for all of the issued and to be issued Ordinary Shares in the Company to be admitted to the premium segment of the Official List and to trading on the London Stock Exchange’s Main Market for listed securities. It is expected that admission will become effective and that unconditional dealings for normal settlement in the Ordinary Shares will commence on or around 9 October 2015.
Carl Sterritt, CEO of Shield Therapeutics (pictured) comments: “Shield Therapeutics is at a very exciting stage in its development and this IPO marks another important step in the maturity of the Group as we move from a development focus to one that has revenue generation at its heart. We have a European application for marketing approval of Feraccru currently under review by the European Medicines Agency and have also completed a successful pivotal phase 2b study with PT20.
“The IDA and hyperphosphatemia markets are both large and growing and we believe each of our late-stage products has the potential to meet a significant unmet need for prescribers and patients. This IPO will raise the additional funds needed to continue the development and commercialisation plans of our key products as we work to build a world-leading independent specialty pharmaceuticals business based in the UK.”
Dr Andrew Heath, Non-Executive Chairman of Shield Therapeutics, adds: “Shield Therapeutics is operating in a large and growing market with pharmaceutical products in late-stage development that have the potential to make a meaningful impact on society. Shield’s Board and executive management team has a strong track record in both commercialising pharmaceuticals and creating value for shareholders. We look forward to joining other highly respected pharmaceutical peers on the London Stock Exchange.”