Evans launches healthcare venture with £4m float

DAVID Evans, who has been involved in the growth of several Manchester-based life sciences firms, is behind the £4m float of a new healthcare venture.

Healthcare Investment Opportunities (HIO) has raised the cash from institutional investors and will make its debut on the Alternative Investment Market (AIM) on Friday.

It is a shell company and will use the money to buy healthcare businesses that are “revenue generating or near revenue generating”.

The first deal is expected within six months and is likely to involve a supplier to the life sciences sector or involved in genetic research.

Mr Evans, HIO’s chairman, chaired Manchester diagnostics business DxS until June 2009. Later that year it was acquired by German group Qiagen in a deal which valued it at £80m.

He is also chairman of AIM-listed Epistem which has developed a machine which uses molecular diagnosis to provide a test which can quickly highlight a range of conditions.

Manchester-based corporate finance house Zeus Capital advised HIO on its fundraising and admission to AIM.

Ross Andrews said “Zeus Capital has been a long term supporter of David Evans. David has led a number of successful businesses in the healthcare space, many of which have been advised by Zeus Capital, and I am confident that this will be another success story”.

Law firm DWF advised the company and Kingston Smith was the reporting accountant.