Aquarius’s C4XD raises £11m in IPO

The company sold 11 million new ordinary shares at a price of 100 pence apiece, resulting in a free-float of around 36%. Aquarius did not sell any shares in the IPO and is now in a lock-up period of 12 months.

Following the flotation, Aquarius holds a 23.4% stake in the company across two funds. Its Aquarius IV Fund owns a 15% stake while its Aquarius Origin Fund holds 8.4%.

Total proceeds from the offering will go to the company, who will use the capital to push two of its programmes through to clinical trials.

Zeus Capital acted as nominated adviser and sole broker for the offering. C4XD is trading on the AIM of the LSE under the ticker "C4XD".

Previous funding
Aquarius first invested in C4XD in November 2009 via its newly launched Origin Fund, according to unquote" data. The company was then known as Conformetrix and subsequently changed its name to C4X Discovery in July last year.

Aquarius's IV Fund then paid capital to C4XD over three tranches, with the first deployed in 2011 and the last in September 2012. C4XD triggered each payment with certain milestones reached.

Aquarius typically invests £3-7m in a company over several rounds or tranches.

Company
C4XD was established in 2008 when it span out from University of Manchester. The company is a drug discovery and development firm that has developed technology designed to generate 3D structures of drug molecules.

The company generated revenues of £619,000 for the year to July 2014. It employs 18 staff.

People
Piers Morgan is the CEO of C4XD.

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