Venture capital-backed biopharmaceutical company Circassia has confirmed plans to float on the London Stock Exchange’s Main Market.
The company is backed by London-based technology investor Imperial Innovations, which has led a number of funding rounds for Circassia since 2006. It is Innovations’ largest investment representing approximately 25 per cent of the portfolio by value, with an equity stake in the company of 19.7 per cent.
Circassia is a clinical-stage specialty biopharmaceutical company focused on the development and commercialisation of a range of immunotherapy products for the treatment of allergies such as cat, grass, house dust mite and ragweed. These product candidates were initially developed at Imperial College London.
Russ Cummings, CEO, Imperial Innovations, said, “Circassia is a great example of our business model in action, supporting UK science and research alongside this high calibre management team and board.
“Circassia benefits from a strong group of existing investors and this listing creates an excellent opportunity to build a leading UK-based biopharmaceutical company which is addressing a substantial and growing international market.
“The announcement of Circassia’s intention to float on the Main Market in London follows the recent NASDAQ IPO of Oxford Immunotec, illustrating the considerable strength in depth and maturing of our portfolio.”
Imperial Innovations is connected with UK research universities Imperial College London, Cambridge and Oxford Universities and University College London, with a combined research income of over £1.3bn per annum.
Originally formed as the Technology Transfer office for Imperial College – a role it still carries out – Innovations has built a portfolio of around 90 companies. Almost £150m has been invested by Innovations. In 2013, a £30m loan facility was agreed with the European Investment Bank (EIB) for investment in biotech and therapeutics businesses.
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