Firm aiming for flotation
Borders drugs firm plans IPO after £4.45m acquisition
Alan Walker (right): combination offers real hope
A Scottish biotech company is aiming for an IPO after raising £4.45 million to acquire a business in the south of England.
Ryboquin has bought Sussex-based Nanogenic Solutions to form a new product and platform company.
The combined business, which has been re-named Nanogenics, aims to revolutionise gene therapy through its LipTide product.
Dr Alan Walker, who founded Selkirk-based Ryboquin, becomes chief executive of Nanogenics. He said: “I am thrilled we have been able to combine these two businesses.
“It will offer real hope to those millions of patients living with diseases who have been unable to benefit from the advances in gene therapy because, until now, it has been so difficult to safely deliver the correct gene therapy to the right target.
“That can now change and we are already working with six major biotech companies.”
In addition to working with partners to deliver their gene therapy programmes, Nanogenics is developing its own product pipeline.
In May 2016 Ryboquin raised £1.3 million to allow the company to take its cancer gene therapy product closer to clinical trials. Investors include Scottish Enterprise, angel investors Tri Cap and Braveheart.
Paul Murray, executive chairman, of the enlarged company, said: “We have worked hard and convinced investors of the huge potential of LipTide and we plan to grow the company quickly to a stage where we can take it public as soon as that is feasible.
“This is a great opportunity to generate real value by offsetting the high risk high return of product development with the amazing potential for multiple licence deals for the revolutionary LipTide platform. It is very rewarding to be involved in the cutting edge of medical science.’