Stem Cell Sciences moves to list on AIM

Biotech Capital (ASX:BTC) investee company Stem Cell Sciences is looking to raise up to £10 million on London's Alternative Investment Market (AIM).

"When we invested in the company [it] was an Australian company with the CEO based in Melbourne. But with very strong intellectual property access from the University of Edinburgh," said Harry Karelis, managing director of Biotech Capital, which has a 15.7 per cent stake in Stem Cell Sciences.

However, while the company still has a core team of people in Melbourne, it has since moved most of its operations overseas, with its company secretary, chairman and deputy chairman based in the UK, Karelis said.

"It's well and truly a UK look and feel company, so it was pretty logical for us to be doing something on the UK market," said Karelis.

Stem Cell Sciences will use the money raised from the IPO to expand production facilities for the generation and sale of cell culture media as well as establishing offices in the US, probably in California, he said.

Karelis also said that the company has had some key patents granted in the US and it is aware of a number of infringes on its intellectual property.

"So some of our money will go into expanding our licensing and business development head count to go and chase license fees from people that we know are using our IP," said Karelis.

Any remaining money will be used for general working capital, he said.

The timing of Stem Cells Sciences listing on AIM, as well as the amount that will ultimately raised, is still uncertain. The company has appointed UK broker Collins Stewart as its nominated adviser and broker for the capital raising.