LONDON, July 4 (Reuters) - TransXenoGen, a protein drug manufacturer, announced on Tuesday it would list on London's Alternative Investment Market (AIM) on July 27 with an anticipated capitalisation of 60 million pounds ($90.78 million).
The company will place 6.2 million shares at 200 pence per share, raising around 11.5 million pounds before expenses.
TransXenoGen is currently working on the production of protein drugs in the egg whites of chickens with the aim of developing transgenic processes to manufacture insulin, human serum albumin, calcitonin and human growth hormone.
It is based in Massachusetts in the United States but has a significant shareholder base in Britain, including its non-executive chairman Kim Tan who owns 6.5 percent of the company.
TransXenoGen will be the second UK transgenics firm to list in London after PPL Therapeutics (LSE: PTH.L - news) , which helped to clone Dolly the sheep five years ago. PPL is now valued at $199 million.
"With the funds raised through this placing, we are confident that the company will deliver on the development of a low cost manufacturing system for important therapeutic proteins such as insulin, and potentially for a large number of monoclonal antibody products currently under development by the pharmaceutical industry," Chief Executive Steve Parkinson said in a statement. |
