C4X Discovery, a drug development spin-out of Manchester University, has completed its initial public offering (IPO) on London Stock Exchanges Alternative Investment Market (Aim), raising £31m ($49.7m).
The spin-out is backed by Aquarius Equity Partners, a life sciences investor, while Zeus Capital acted as the broker and nominated advisor for the IPO.
The spin-out is commercialising research which allows the generation of dynamic solution 3D drug molecules derived from experiments within days, a first in the sector. The technology is being used to significantly improve the drug discovery process.
The company will use the funds raised by the IPO primarily to advance two programmes to clinical trial stage.
Clive Rowland, chief executive of Manchester’s tech transfer company UMI3, said: ”We are delighted to see that the plan for the flotation has been successfully realised. It is very encouraging for us to see a project which was discussed over a coffee table some seven years ago and which the university supported though its proof-of-principle programme and which was subsequently housed in our Innovation Centre for a few years, get to the stage of significant funding like this to take the company further forward. We believe that C4X Discovery has amazing science which will have an enormous positive and practical impact on healthcare in the near future. It is a great example of what makes our work so rewarding from both the business and society benefit perspectives. We are particularly grateful to Duncan Peyton at Aquarius for seeing the potential in C4X Discovery’s technology and for supporting the work after the proof-of-principle phase and his personal commitment to the company’s business development.”
