Xenova Listing To Test UK Biotechnology Market
Xenova, a UK biopharmaceutical company, has announced that it plans to seek a full listing on the London Stock Exchange. The firm intends to raise L25 million ($38.9 million) next month.
The listing will test the sentiment of the biotechnology sector, which has been subdued since May. As a result, a number of companies decided to call off their fundraising plans in the UK. Xenova has been quoted on the Nasdaq stock exchange in the USA since July 1994.
Louis Nisbet, chief executive of Xenova said: "the move to a London listing alongside our Nasdaq quotation is a key step in the growth and development of our business. The bulk of Xenova's operations are based in the UK and it is appropriate for the company to seek new local shareholders to support it throught the next stages of its development." The funds will be used to develop drug candidates, extend and improve its drug optimization capabilities and to advance its collaborations with existing and new joint-venture partners.
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