PA comment:
Biotechnology companies seeking their Initial Public Offering on the Official List of the London Stock Exchange are generally admitted under Chapter 20 of the Listing Rules. This is a specific provision for scientific research-based companies with no trading record.
Third party due diligence has been a requirement for admission under Chapter 20 for the last six years. This takes the form of what is known as the 'Experts' Report' which reviews the technology and products that a company is developing. PA Consulting Group, through its SFA (Securities and Futures Authority - a City regulatory body) registration, has been at the centre of fund-raising for biotechnology companies since the inception of the Experts' Report. To date 17 UK-listed biotechnology companies have carried a PA Experts' Report in their prospectus - PA is a true leader in this field and is the only consulting firm which is registered with SFA for the conduct of investment business.
The publication of this report satisfies regulatory requirements, but it is the process leading up to its preparation that companies find invaluable. For six weeks, PA consultants review every aspect of a company's R&D operation and invariably the business that investors see is not the one that was initially proposed. In-depth analysis, an intimate knowledge of science and technology, and a comprehensive understanding of how the City operates are key skills that PA brings to the process of fund-raising for biotechnology companies.
The companies PA has supported in their London listings are: Chiroscience Group plc, Celltech plc, Cantab Pharmaceuticals plc, Shire Pharmaceutical Group plc, Xenova Group plc, Phytopharm plc, Biocompatibles International plc, New Medical Technologies plc, Gyrus Medical plc, Powderject Pharmaceuticals plc, Maelor plc, SR Pharma plc, Profile Therapeutics plc, KS Biomedix plc, TranXenoGen Inc, Keryx Biopharmaceuticals Inc, Antisoma plc.
