ULive stops plans for AIM flotation

UK-based medical technology firm ULive, which has links with the University of Liverpool, has halted its plans to float on London's Alternative Investments Market due to a lack of investor demand. The firm, which estimated a market capitalization of L70.0 million ($139.7 million), had hoped to raise around L20.0 million through the sale of 29% of its shares, in order to provide funding for the commercialization of developmental technologies.

In an article in the UK's Financial Times, observers commented that the lack of interest from investors was probably a result of the lackluster performance of similar technology transfer groups that have recently joined the AIM. Examples include Biofusion, which has experienced price stagnation since listing in 2005, and Imperial Innovations, shares in which have fallen 6% in value.

ULive's non-executive chairman, Iain Ross, told the FT that "the market is pretty skeptical about intellectual property commercialization right now, and is very skeptical on value." The FT article also speculates that the absence of investor demand may be a further indication of continuing doubts regarding the value of small companies listed on the AIM.