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Development Bank of Wales supports BiVictriX Therapeutics’ IPO on AIM


Published:
Tiffany Thorn - CEO of BiVictrix

BiVictriX Therapeutics (AIM: BVX), an emerging biotechnology company applying a novel approach to develop next-generation cancer therapies using insights derived from frontline clinical experience, has announced its intention to list on the AIM market of the London Stock Exchange/ BiVictriX is proposing to raise £7.5 million (before expenses) by way of a placing and subscription of new ordinary shares as part of its initial public offering (IPO).

BiVictriX’s pioneering ‘precision’ approach to cancer treatment has the potential to deliver a broad pipeline of proprietary, first-in-class Bi-Cygni® therapeutics to enable potentially higher dosing and more aggressive tumour eradication in patients, without causing harmful side effects. Through access to state-of-the-art techniques at their St Asaph’s laboratory facility, BiVictriX has identified a diverse library of cancer-specific antigen fingerprints that can be used for the treatment of a wide range of cancer indications. BiVictriX’s lead candidate, BVX001, is designed to deliver a game-changing therapeutic approach to patients with Acute Myeloid Leukaemia (AML).

As a component of the IPO, Iain Ross will join the board as Chair, together with experienced non-executive directors Susan Lowther and Drummond Paris. Professor Bob Hawkins, a world-renowned oncologist and biotech innovator completes the board and will add significant scientific support. Existing lead investor, the Development Bank of Wales, will make an additional £500,000 share purchase and remain the largest shareholder of the company.

With BiVictriX’s listing on AIM, 33-year-old CEO Tiffany Thorn will become one of the youngest female CEOs of a UK-based publicly listed technology firm.

CEO and Founder of BiVictriX, Tiffany Thorn, said: “This is an exciting step for all of us at BiVictriX. This fundraise will allow us to accelerate our growth and expedite the development and delivery of our next-generation, highly selective cancer therapeutics to patients diagnosed with some of the most difficult-to-treat cancers, in urgent need of more effective therapies. We would like to take this opportunity to offer our sincere gratitude and thanks to all of our supportive investors, both old and new, for their help in enabling us to carry out this crucial work.”

Initially receiving seed investment in 2016, BiVictriX has been supported over multiple funding rounds by the Development Bank of Wales.

Deputy Fund Manager Mike Bakewell said: “We’ve worked with BiVictriX and Tiffany Thorn for five years, investing seed equity finance as well as subsequent follow-on rounds as the company develops its lead therapeutic candidate. We believe in being a long-term partner to our high-growth technology companies. BiVictriX is developing a unique approach that will truly revolutionise treatment of hard-to-fight cancers like AML. We’re delighted to work with Tiffany and the team as they take their next steps with this AIM listing.” 

Development Bank of Wales Investment Director Rhian Elston said: “Tiffany and BiVictriX are leading the way in important medical research, as well as breaking down boardroom barriers to women in tech. Tiffany is a highly talented CEO and scientist and BiVictriX’s approach has the clear potential to develop next-generation cancer treatments. Having founded the company at 28 years old, just five years later she will now be one of the youngest female CEOs to list on AIM. She is a true trailblazer. As an investor, we’re committed to long-term partnerships – like our relationship with BiVictriX – and providing patient capital to support companies from seed to listing or exit.”

BiVictriX will be fifth company the Development Bank of Wales technology venture investments team has supported to list on AIM.

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA (EXCEPT IN COMPLIANCE WITH CANADIAN SECURITIES LAWS), JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY ORDINARY SHARES OF BIVICTRIX THERAPEUTICS PLC (THE “COMPANY”) IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. 

This announcement does not constitute or form part of, and should not be construed as, an offer to sell or issue, or a solicitation of any offer to buy or subscribe for, any securities, in any jurisdiction, including in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia (the "United States" or the "US")), Australia, Canada, Japan, the Republic of South Africa (each a "Restricted Jurisdiction") or any other jurisdiction where to do so might constitute a violation or breach of any applicable law nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. 

Investors should not use this announcement as the basis for any investment in the securities of the Company which should only be made on the basis of information contained in the admission document (the "Admission Document") intended to be published by BiVictriX Therapeutics plc (the "Company" and, together with its subsidiary undertakings, the "Group", "BiVictriX") in due course in connection with the proposed admission of its Ordinary Shares to trading on the AIM market ("AIM") of London Stock Exchange plc (the "London Stock Exchange"), ("Admission"). Copies of the Admission Document will, following publication, be available for inspection on the Company's website at www.bivictrix.com.