24th Sep 2018 12:57
LONDON (Alliance News) - OptiBiotix Health PLC on Monday said it intends to form a subsidiary ProBiotix Health Ltd and appoint Adam Reynolds as non-executive chairman to ProBiotix board.
In July 2016, the life sciences company revealed plans to develop its technology platforms into separate divisions, with each containing its own technology platform, intellectual property portfolio and partner agreements.
The company said it now intends to separate those entities with the potential for a separate public listing.
The first step in this strategy began in March 2016 when OptiBiotix formed SkinBiotix Ltd, which was admitted as Skinbiotherapeutics PLC to AIM in April last year. After the admission, OptiBiotix holds 42% interest in Skinbiotherapeutics.
OptiBiotix's Probiotic division has made strong progress in the last 18 months, the company said, with 14 commercial deal wins.
This division uses OptiScreen technology for the identification of probiotics with specific health benefits as supplements or therapeutic products.
OptiBiotix said it believes that this division has now reached a stage of scientific and commercial maturity and has a potential for a separate public listing.
Meanwhile, the appointment of Reynolds brings a track record of increasing shareholder value and leadership, OptiBiotix said, in building a team with a view to seeking an initial public offering.
"The formation of ProBiotix Health and appointment of Adam Reynolds as chairman continues a successful strategy of building value in each division which is materialised by forming separate legal entities and taking them to a public listing," said OptiBiotix Chief Executive Stephen O'Hara.
"This is an innovative business model which over time looks to give OptiBiotix shareholders a position in multiple companies, and with it the prospect of multiple returns," explained O'Hara.
OptiBiotix shares were trading 0.2% higher on Monday at 95.16 pence each
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