Scottish firm aims for New York

TC BioPharm plots route to Nasdaq IPO

Angela Scott

Angela Scott: growth plans

One of Scotland’s fast-growing life sciences companies is working on plans to float on the Nasdaq market in New York next year.

Daily Business has learned that TC Biopharm, the cancer treatment company, is considering an initial public offering (IPO) on the tech-focused exchange. Two sources say Angela Scott, COO, has spoken of the company becoming Scotland’s first billion-dollar business quoted on Nasdaq.

It has raised more than €35m to support its growth since launching operations in Edinburgh in February 2014.  It is now based at the Maxim offices near Glasgow.

The company has a Nasdaq link through its collaboration with Massachusetts-based gene therapy company Bluebird Bio which is quoted on the exchange.

The agreement, signed in 2017, included a $16 million upfront payment and subsequent potential R&D and commercial milestone payments. The deal made TC BioPharm eligible to receive tiered royalties on product sales.

That same year it secured the largest EU funding package awarded  to a UK company for development of a healthcare therapeutic product. A €4m (£3.6m) award from the European Union’s Horizon 2020 research and innovation programme allowed the company to further develop its cell therapy. 

Nasdaq photo by Luca Marfe

TC BioPharm is aiming for Nasdaq (pic: Luca Marfe)

Lorraine Porter, a co-founder of Aberdeenshire-based STATS Group, a £30m turnover company in the global oil and gas sector, came on to the board in 2015. This was soon after the business angel group Investing Women led a £1.2m equity and grant funding round alongside WH Partnership and the Scottish Investment Bank.

Last year it forged a collaboration with Nipro Corporation of Osaka to provide funds of up to £8m as well as research support and give it exclusive rights to sell and distribute TCB’s products worldwide. The business recently announced the opening of an office in Japan as a springboard to further growth across Asia.

Edinburgh-born Ms Scott began her career with the Imperial Cancer Research Fund and then worked with PPL Therapeutics, which was behind Dolly the sheep, the breakthrough development in cloning.

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