02/08/2006 Exchange welcomes Napo Pharmaceuticals Inc to the Main Market
02 August 2006
The London Stock Exchange is delighted to welcome Napo Pharmaceuticals Inc. to the Main Market.
Napo Pharmaceuticals is the first US company to IPO exclusively on the Main Market. Napo focuses on the development and commercialisation of proprietary pharmaceuticals for the global marketplace in collaboration with local partners. Napo was founded in November 2001, and is based in California, USA with a subsidiary in Mumbai, India.
Napo has a late-stage proprietary gastro-intestinal compound, crofelemer, which is in various stages of clinical development for four distinct product indications.
Through a Placing Napo has raised £11.9m before expenses at a Placing price of 83 pence per share. The market capitalisation at the placing price was £35.8m and the proceeds of the placing will be used to continue to progress the Company’s pipeline including product registration and launches.
Ms Lisa Conte, Chief Executive Officer of Napo Pharmaceuticals Inc, commented: “As a global business we are delighted to join the Main Market of the London Stock Exchange. We have a strong and late-stage pipeline and will use the proceeds of this placing to develop our products which will address large and profitable western indications as well as global health needs afflicting huge populations in emerging and developing economies. These activities will generate multiple revenue streams from around the world.”