Therapeutic Antibodies Achieves First-Ever Stock Exchange Listing

Therapeutic Antibodies, a US-based biopharmaceutical company, has announced the placing of 4,190,477 new shares in the company at 525p ($8.14) per share. At this placing price - its first listing on the London Stock Exchange - the company is valued at L112 million ($173.7 million), effective July 23. However, this is considerably less than the L150 million anticipated when the listing was first announced (Marketletter June 10).

Approximately L22 million ($34.1 million) was raised from the placing, for the primary utilization of research and development into existing and potential applications with the company's polyclonal antibodies, and the continuation of clinical trials with existing products, with the intention that they achieve a significant level of income for the company.

Founded in 1984 by John Landon and Timothy Chard of the Medical College of St Bartholomew's Hospital in the UK, TAb's head office is now located in the USA in order to become established in that market. Since 1984, TAb has raised approximately $45 million through private placements of equity and debt.