24 May 2013

Neuropharm takes AIM

01/03/2007 Robert Tyerman

Nervous disorders drug developer Neuropharm plans to float on AIM with a £20 million placing at 127p.

West Coast Capital, the investment vehicle of retail and property entrepreneur Tom Hunter, is among the backers of 12-year-old Neuropharm, which has received fast-track development status from the US Food & Drugs Administration to use Prozac ingredient fluoxetine to treat autistic spectrum disorder. As nominated adviser and broker, South African-owned Investec Investment Banking is handling the placing for Neuropharm, steered by chief executive officer Robert Mansfield and chief scientific officer Dr Mike Snape.

A successful float will put a value of around £40 million on the company, whose declared strategy is to work with clinicians and patient groups to develop ‘tailored medicines for disorders of the central nervous system’. Neuropharm plans to market its products itself in the USA and out-license them elsewhere. It hopes to spend some of the placing proceeds on other programmes.

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