Polymers pioneer raises £25m ahead of AIM listing

A PIONEERING polymer company behind a range of products ranging from a removabe and degradable chewing gum to adhesives and sealants, has raised £25m ahead of an admission to AIM.

Revolymer, which is based at the Deeside Industrial Park near Chester, will join the junior market on July 10.

Employing 31 people, the company’s first commercial product is the Rev 7 chewing gum, which is already on sale in the US.

Revolymer, which was spun-out of the University of Bristol, has conditionally placed 25 million placing shares with institutional investors at a price of 100p per share.

Based on the placing price, the market capitalisation of Revolymer on Admission will be around £53m.

Revolymer will use the proceeds of the fund-raising to expand the distribution of its confectionery gum products in the US and into Europe, to fund additional regulatory dossiers in connection with its nicotine gum commercialisation, and to fund the development of its consumer specialties products.

Founder Chief executive Dr Roger Pettman said: ““I am delighted with the success of our equity fund raising and with such strong demand for the group’s shares.

“Revolymer has an exceptionally strong technology base and a portfolio of products that has the potential to deliver near term licences and launches of our own-branded and partnered products targeting multi-billion dollar FMCG markets.

“Admission to AIM will be an important step in our group’s development, enhancing our profile and standing and providing the capital to support our strategic objectives.

“We believe we have the technology, commercialisation strategy and team to deliver substantial value to investors via the successful licensing of our portfolio of unique products to key players on the fast moving consumer goods industries.”

As well as chewing gum, the company is developing products for the coatings and adhesives, household products and personal care sectors.

Rob Cridland, formerly with Manchester-based bio-medical company Renovo is Revolymer’s chief financial officer, which the business  is chaired by Jack Keenan, a former chairman and chief executive of Kraft Foods International and chief executive the business that is now Diageo.