TC Biopharm’s IPO delivers big returns for investors
TC Biopharm has generated an eightfold return for its angel investors after listing on the Nasdaq stock exchange in New York.
The Lanarkshire-headquartered company, which develops cancer treatments, floated with a valuation of $119.25m and raised $17.5m to finance clinical trials.
The IPO comes almost three years after Daily Business revealed co-founder Angela Scott’s ambitions to list on the tech-focused market.
Ms Scott has spoken of her ambition to turn the firm into Scotland’s first billion-dollar business quoted on Nasdaq. Nucana, based in Edinburgh, listed on the exchange in 2017, while Cyclacel, founded in Dundee in 1996 was admitted in 2016.
TC Biopharm 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.
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.
The IPO means Investing Women Angels (IWA) has become the first Scottish angel group to achieve a Nasdaq exit.
Following initial on-site meetings with IWA Founder Jackie Waring and support from its sister organisation AccelerateHER, the all-female IWA became the only angel group to invest in TC Biopharm in 2015 in a £1.2m round with Scottish Enterprise co-investment.
IWA members were also active in several follow-on investment rounds which supported the company’s journey to becoming a publicly listed entity.
Based on TC Biopharm’s market valuation at flotation on Friday, IWA’s early investors will generate nearly eight times return on their initial investment.
Ms Waring said: “ We believed in this world-class team from day one and knew they could take this company to the highest level.
“We’re delighted to be part of this journey.”
IWA managing director Evelyn Simpson said: “TC Biopharm’s success underlines the importance of the support that IWA and our sister organisation AccelerateHER are providing for female-founded businesses across Scotland.
“The global success of this female-led company along with the forthcoming IW AccelerateHER Fund will help encourage more women into launching and scaling their own business, which is vital for wider economic growth and prosperity.”