pSivida subsid plans UK listing
Friday, 12 September, 2003
Perth-based nanotechnology company pSivida plans to list its UK subsidiary pSiMedica next year.
The company expects to list pSiMedica on either the main board of the London Stock Exchange (LSE) or on the Alternative Investment Market (AIM) by September 2004. According to pSivida CEO Gavin Rezos, the timing of the listing will depend on clinical data available for the company's BioSilicon brachytherapy, or in situ cancer radiotherapy, product.
The listing will provide pSiMedica with access to significant overseas capital markets and increased support from European institutions, Rezos said. UK investment bank Evolution Beeson Gregory has been selected to assist the company with the listing.
pSivida will remain a major shareholder of pSiMedica through the listing, and at some point afterwards will distribute pSiMedica shares to pSivida shareholders, said Rezos. In addition, pSivida will take on some of the BioSilicon platform, which encompasses drug delivery, tissue delivery, orthopaedic implants and diagnostic uses, to develop into products.
"We're looking to move into diagnostics," Rezos said, noting that the company would retain worldwide exclusive rights for the platforms it acquired.
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