13th Apr 2016 08:04
LONDON (Alliance News) - Tekcapital PLC, the AIM-listed university technology and intellectual property services company, on Wednesday said it is considering an initial public offering of Belluscura Ltd, its newly formed UK subsidiary, which acquired exclusive licences to manufacture and sell three proprietary medical devices.
The intention is for Belluscura to market and expand sales of the devices, initially in the US and Western Europe, using third-party manufacturing. The subsidiary will look to acquire further exclusive licences to sell other medical devices in the future.
Tekcapital said it is exploring the possibility of Belluscura raising funds through an IPO on London's AIM market for smaller companies to provide capital for growth.
The acquired licences were developed by and exclusively licensed from Stryker Corp, the Kalamazoo, Michigan-based medical technology company, Tekcapital said in a statement. Tekcapital owns 95% of the share capital of Belluscura, with Stryker owning the remaining 5.0%.
The devices have regulatory approval where necessary and have already achieved commercial sales, the company said.
"We are very pleased to announce the establishment of Belluscura and the acquisition of its first three medical devices. Belluscura's mission is to provide premium, proprietary medical devices at affordable prices," Executive Chairman Clifford Gross said in a statement.
Shares in Tekcapital were up 2.2% at 47.50 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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