London Stock Exchange welcomes Circassia Pharmaceuticals plc

London Stock Exchange welcomes Circassia Pharmaceuticals plc

Tuesday 18 March 2014

London Stock Exchange today hosted Circassia Pharmaceuticals plc in an 11am welcome ceremony to mark the start of dealings in its shares and admission to the Main Market, under the ticker CIR.

Circassia is a clinical-stage biopharmaceutical company focused on the development and commercialisation of a range of immunotherapy products for the treatment of allergies.  These product candidates were discovered using the Company’s innovative technology, ToleroMune®, which was initially developed at Imperial College, London by Professors Mark Larché and Barry Kay, and was acquired by the Company, co-founded by Steven Harris and Charles Swingland, in 2006. 

Circassia’s lead product, Cat-SPIRE (for the treatment of cat allergy), is in Phase III development and a further three products have completed Phase IIb studies for Ragweed-SPIRE (for the treatment of ragweed allergy), Grass-SPIRE (for the treatment of grass allergy), and HDM-SPIRE (for the treatment of house dust mite allergy), as well as a pipeline of earlier-stage programmes.

Circassia has raised £200 million before expenses, issuing 64,516,129 new ordinary shares at the top of the range, 310 pence per share.  Immediately following the Placing, the Company has 187,422,379 ordinary shares outstanding, giving Circassia a market capitalisation of approximately £581 million.

The Company intends to use the net proceeds of the IPO to bring its lead product candidate Cat-SPIRE to market and significantly advance the clinical development of its other three clinical stage product candidates.

Steve Harris, Circassia’s Chief Executive officer, said:

"We are delighted to have received such strong support from UK, US and European investors in raising £200 million, which we believe is the biggest ever fundraising for a biopharmaceutical company at IPO in the UK market.  Our journey as a public company begins today and we look forward to creating value for our shareholders. 

"With the proceeds raised from the flotation, we can bring the first of our new generation of allergy immunotherapy products, Cat-SPIRE, to market and accelerate the development of our ToleroMune® platform technology.  London is a great market and we believe the London Stock Exchange is an excellent platform from which we will continue to build a world-class British specialty biopharmaceutical company."

J.P. Morgan Securities plc (which conducts its UK investment banking activities as "J.P. Morgan Cazenove") acted as Sole Global Co-ordinator, Sole Sponsor and Joint Bookrunner; Peel Hunt LLP ("Peel Hunt") acted as a Joint Bookrunner; and Canaccord Genuity Limited ("Canaccord Genuity") and Shore Capital Stockbrokers Limited ("Shore Capital") acted as Co-Managers for the IPO.