London Stock Exchange welcomes SourceBio International plc to AIM
London Stock Exchange today welcomes SourceBio International plc (‘SourceBio’ or the ‘Company’), a leading international provider of integrated state-of-the-art laboratory services and products, to celebrate the listing of the Company's public shares onto AIM, under the ticker "SBI".
SourceBio, employs approximately 235 employees across six sites globally, in the UK, Ireland and the USA with headquarters in Nottingham, UK. The Company provides services and products to clients in the healthcare, clinical, life science research and biopharma industries, with a focus on improving patient diagnosis, management and care. SourceBio operates with four core businesses areas:
• Healthcare Diagnostics - histopathology and clinical diagnostic services for the NHS and private healthcare across the UK and Ireland;
• Genomics - DNA sequencing services for pharmaceutical and biotechnology companies, academia, contract research organisations (CROs) and other research groups in the UK, Europe and North America;
• Stability Storage - shelf life testing services and equipment for pharmaceutical and biotechnology companies, contract manufacturers and analytical testing companies from around the world but primarily in the UK, Ireland and the USA; and
• Infectious Disease Testing - since May 2020, the Group has provided COVID-19 Antigen RT-PCR testing services. These services passed all of the auditing requirements of the NHS and the Department of Health and Social Care (DHSC) in April 2020. It is intended that this offering will potentially provide a broad range of infectious disease testing across the NHS, private healthcare and commercial sectors in the future.
The Directors believe that the Group is well positioned to capitalise on attractive market opportunities across all of its core business divisions.
The Company has successfully raised £35 million (before expenses) through a placing of new Ordinary Shares, to repay outstanding shareholder and bank loans and for general corporate expenses, including working capital and capital expenditure required in order to further scale-up the COVID-19 testing business. On Admission, the Company will have a market capitalisation of approximately £120m.
Jay LeCoque, Executive Chairman of SourceBio, said: “We are delighted by the strong support we’ve received from new institutional investors and our existing shareholders. Our IPO on AIM allows us to significantly increase our COVID-19 testing capacity, accelerate earnings growth in our core business and execute on potential M&A opportunities. It’s an exciting time for our business and we look forward to executing on our ambitious growth plans and delivering value to our shareholders.”
To find out more about SourceBio visit: www.sourcebiointernational.com