USA's Napo Pharma gets London listing

California, USA-based Napo Pharmaceuticals, which focuses on the development and commercialization of proprietary drugs for the global marketplace in collaboration with local partners, says that its shares have started trading on the main market of the London Stock Exchange, UK.

Highlights include: placing and subscription proceeds of L11.9 million ($22.0 million) before expenses; a placing price 83 pence per share; and the market capitalization at the placing price will be L35.8 million; proceeds of the placing will be used to continue to progress the company's pipeline including product registration and launches.

"The proceeds of this placing will be used to advance our strong and late-stage pipeline of products that address global health needs afflicting large populations in both emerging and developed economies," said Lisa Conte, chief executive of Napo, adding: "we are committed to responsibly developing, manufacturing and distributing life-improving drugs on a global basis, mindful of risk management criteria and investment return. We expect these activities will generate multiple revenue streams from around the world."