26th Feb 2016 09:17
LONDON (Alliance News) - Pharmaceutical company Shield Therapeutics PLC started trading on AIM on Friday following its delayed initial public offering and said it has secured marketing authorisation for its Feraccru inflammatory bowel disease treatment in Europe.
Shield raised GBP32.5 million in its initial public offering, issuing 21.7 million shares at 150.00 pence apiece and giving it a market capitalisation upon admission of GBP162.0 million.
The Newcastle-based pharmaceutical company had originally announced plans to list on AIM last September, but postponed its listing just a few days before it was expected to be admitted citing "unfavourable market conditions".
It then priced the IPO earlier this month and shares in the group were trading higher on Friday, up to 156.5p.
The group also said on Friday it has secured marketing approval for its Feraccru treatment from the European Commission covering all member states. Shield said it believes the drug could achieve annual global sales of more than GBP500.0 million.
"Today is a landmark day for Shield, not only is it our first day of trading on AIM, but we have also secured Europe-wide approval to begin to market Feraccru on schedule and in line with our plans. We now look forward to increasing the treatment options available to prescribers and improving the lives of patients who are able to receive Feraccru, a novel treatment for a serious unmet medical need," said Carl Sterritt, Shield's founder and chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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