A developer of targeted cancer therapies has outlined plans to become a public company and raise £7.5m.
Alderley Park-based BiVictriX Therapeutics has revealed its intention to apply for admission to the London Stock Exchange's AIM.
BiVictriX is proposing to raise £7.5m, before expenses, by way of a placing and subscription of new ordinary shares.
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The net proceeds of the fundraise will be used to "accelerate the lead optimisation" of BVX001 to reach key preclinical milestones on efficacy and safety and expand BiVictriX’s early-stage pipeline to include two additional candidates with preclinical proof of concept.
The extra money will also go towards growing BiVictriX’s intellectual property portfolio to add further protection around BVX001 and the additional pipeline as well as expanding BiVictriX’s internal capabilities to include providing potential avenues for platform intellectual property generation and defensibility of BiVictriX’s approach.
SP Angel Corporate Finance LLP is acting as nominated advisor and sole broker to the business.
BiVictriX Therapeutics' founder and chief executive Tiffany Thorn said: "I am thrilled to announce our intention to list on AIM, signifying a new chapter in our company’s long term development.
"The listing will enable us to accelerate our growth and expedite the development and delivery of our next generation, highly selective cancer therapeutics, based on our proprietary Bi-Cygni platform.
"By targeting combinations of antigens expressed primarily on cancer cells, our unique approach enables clinicians to treat patients with higher precision and potentially higher doses of medication.
"This promises to lead to better cancer eradication, without causing harmful side-effects to the patient.
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"Our approach could prove to be a game-changing avenue for patients diagnosed with some of the most difficult-to-treat cancers and I look forward to progressing the group’s lead programme, BVX001, to support patients suffering from one of the most aggressive cancers, Acute Myeloid Leukaemia."
