US developer of rival to Botox plans UK share issue
Tuesday 06 April 2004
A US company which has developed a new collagen implant to reduce wrinkles and grow back gums is planning to list on the stock market in Britain.
Isolagen uses a patient's own cells, taken from skin behind the ear, to create a regenerative collagen injected into the face or gums, or around burns or scar tissue. The treatment is being marketed initially in cosmetic surgery as a rival to Botox.
The company's shares are traded in New York, where it has a market value of $300m, but Bob Sexauer, vice-president at the European operations, said Isolagen is considering a secondary listing in London to raise $50m (£30m).
The treatment is currently available only in the UK, some continental European countries and Australia, and the company believes London investors will be keener to fund European expansion than fund managers in the US, where Isolagen will not have regulatory approval until next year.
Some 1,000 people in the UK have been given Isolagen since it became available 16 months ago, the vast majority of whom have used it for cosmetic reasons. Mr Sexauer said: "By the time a person is 45 or 50 they will have lost 40 per cent of the collagen in their skin, but we can rejuvenate the entire face."
Collagen-producing cells, called fibroblasts, are taken from behind the ear and grown in a laboratory. Re-introduced into the patient's skin, fibroblasts are believed to produce collagen that can repair dermal defects such as depressions, scars and wrinkles.
Isolagen has also used its product as a treatment for the scars from severe burns and, from early next year, will be trialling it as a means of growing back gums damaged by gingivitis or ageing.
Based in Houston, Texas, the company was set up in 1995 and joined the New York Stock Exchange in 2001. It lost $11.3m last year as it invested in trials and the regulatory approval process in the US, and launched the product abroad. The company raised $19m from US investors last August and has $13.5m in the bank, enough to finance operations until the middle of 2005.
Mr Sexauer said the company would be talking to investment banks in London in the coming weeks with a listing, probably on the AIM market, by the end of the summer.
- 1 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 2 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 3 Scottish referendum 'English question': Tory MPs call on David Cameron to create an English first minister in wake of No vote
- 4 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
- 5 Free U2 album: How the most generous giveaway in music history turned into a PR disaster
Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...