Pharma firm C4X to raise £11m in AIM listing
A SPIN-OUT healthcare company from The University of Manchester is to raise £31m in an AIM listing led by Zeus Capital.
C4X Discovery which has developed a technology to improve the discovery process for small molecule drugs for diabetes and substance addiction, is based on Ducie Street in Manchester city centre.
It is Zeus’ second AIM IPO in the last week after announcing deal to list entrepreneur Brian Kennedy’s home improvements companyu Entu.
C4X is raising £11m through a listing of nearly 36% of its shares. North West-based life sciences investor Aquarius Equity Partners is the firm’s largest shareholder with three of the investor’s funds controlling a combined 41.76% C4X’s shares prior to the float.
Shares in the business will make their debut on AIM on Thursday.
C4X was spun-out of the University of Manchester in 2008 and is led by Piers Morgan, who was appointed chief executive in June this year. He was previously with gene therapy specialist uniQure.
Aquarius first invested in 2009 and provided follow-on funding a year later. Its chairman the former paper tycoon Steve Sealey is also an investor and is cutting his stake in the business as part of the IPO transaction from 4.38% to 2.82%.
