Flotation for stem cell venture
The Netherlands-based group trades in 36 countries, has stored 65,000 stem cell samples and estimates its share of the European market to be 50 per cent. Its turnover last year was €10.9 million (£7.7 million), with pre-tax profits of €2.9 million.
Chief executive Rob Koremans comments: ‘The funds raised and our admission to AIM will provide us with the resources to continue to grow rapidly, both organically and by acquisitions, around the world.
‘We are operating in a fast-growing market, which is being driven by increasing public awareness of the potential for stem cell therapy.’
With the proceeds of the placing, Cryo-Save plans to grow the business in existing markets and drive growth into new markets, including India, Russia, Turkey and South East Asia. It also intends to make acquisitions among its existing partners, as well as launching new products next year.
Cryo-Save’s current share price is 242p, up 15.2 per cent on the placing price.