Oxonica achieves £35m market cap on stock market debut

Guy
20 July 2005

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Oxonica has raised approximately £7.1m (net of expenses) through a placing of 8,658,796 new ordinary shares at 95.8 pence per share. In addition, Oxonica shareholders have converted loans of approximately £2m into ordinary shares at 95.8 pence per share, which together with the placing strengthens the balance sheet by £9.1m.

The placing shares will represent approximately 23.5 per cent of the enlarged share capital of Oxonica following admission of its ordinary shares to AIM. On admission, Oxonica will have a market capitalisation of approximately £35.3m.

The lead investors in the placing have been Richard Farleigh, Foresight 2 VCT Plc, and Stagecoach Group Plc Oxonica is admitting its ordinary shares to trading on AIM to raise additional capital for group development. Admission to AIM will also raise its profile internationally with customers and suppliers and assist in the recruitment, retention and incentivisation of employees

Oxonica focuses on the development of innovative commercial solutions for international markets using its expertise in the design and application of nanomaterialsThe net proceeds will help to develop and market Oxonica's commercial solutions, including the current products Optisol(tm) and Envirox(tm), worldwide, to carry out any additional required product testing, to add to its research capabilities, to invest in the further commercialisation of Oxonica's UV protection technology and to accelerate the development of its biomarker technology. The number of ordinary shares in issue following admission will be 36,805,329. Panmure Gordon & Co are nominated adviser and broker to Oxonica.