Covid trials underway

Drugs firm ICL raising £3.5m ahead of possible IPO

Clinical trials are under way

ILC Therapeutics, a Glasgow-based drugs development company, is raising £3.5m from wealthy investors and family trusts ahead of a possible IPO next year.

The company wants the new funding in order to complete trials of its potential Covid-19 treatment Alfacyte.

A spokesman said the timing and magnitude of the IPO depends on the market at that time, “though it could be AIM or NASDAQ in the first half of next year.” It could value the company in the order of £10m.

In the meantime, it has strengthened its board and management with Peter Bains joining as non-executive chairman, Richard Morgan as a non-executive director and Allan Watson as chief financial officer.

Current chairman Dr Magnus Nicholson will become senior adviser and non-executive director.

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His successor has more than three decades of experience in the pharmaceutical and biotech industry. This includes senior strategic and operational roles in a 20-plus year career with GSK and more recently serving as CEO of Syngene (where he led a successful IPO and listing) and Sosei Heptares, a Japanese publicly listed company.

Mr Morgan has played an active role in the development of more than 35 life science companies assisting a number of these with listings on the London Stock Exchange.

Mr Watson has worked globally as a CFO for leading pharmaceuticals and med-tech companies and has advised multiple companies on IPOs and M&As.

ILC Therapeutics has attracted international attention for its work developing a new class of proprietary laboratory-designed interferons based on the pioneering work of Professor William Stimson, ILCT’s founder and Chief Scientific Officer.

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