Abzena, a UK biotech, has completed its initial public offering on the London Stock Exchange’s Alternative Investment Market (Aim). The company raised £20m ($34m) by placing 25 million shares at 80p ($1.37) each.
The company is the result of a merger between PolyTherics and Antitope, the former of which was a spin-out from Imperial College London and UCL created in 2002. The merged company had continued its operations under the name PolyTherics until May 2014.
Abzena’s previous funding round came in July 2013, when it secured £13.5m ($23.1m). Its key investors are Imperial Innovations, UCL, Wellcome Trust, ProVen Growth and Income VCT. It has also attracted investments from Mercia Fund Managament, Invesco, Catapult Ventures, Longbow Capital, and YFM Equity Partners.
The biotech is already making a profit. Its technology allows the development of cancer treatments known as antibody-drug conjugates. These drugs attach cancer-fighting molecules to antibodies which are then able to track down the tumour and deliver the medicine to the precise site where it is needed. The technology is still rare: there are only two such antibody-drug conjugates available on the market today.
John Burt, CEO of Abzena, said: “Our admission to AIM marks an important milestone in Abzena’s development. The proceeds will provide a platform for us to grow our existing business and expand our offering, enabling more customers and partners to translate research into better biopharmaceutical products that benefit patients. Abzena combines a growing, high-margin service business with the potential for substantial longer term revenue streams from licences to our proprietary technologies.”