Cellexus Biosystems has received confirmation from Ofex that it will be admitted to the Ofex stock exchange and will begin trading on 3 May 2006
"The company is very pleased to have satisfied the conditions for Ofex to accept our application to join this exchange" said Kevin Auton, chief executive.
In an unusual step for an early stage company, Cellexus Biosystems will be admitted onto an exchange just six months after being incorporated as a public limited company (PLC).
"A listing on an exchange such as Ofex means that investors have the comfort of knowing that the Company will be governed by the rules of the exchange and that there is regulation of our accounting and transparency in our reporting - aspects that private companies are not compelled to reveal to their stakeholders".
"Ofex is a fast growing exchange and the on-going costs for compliance are modest compared with listing on the London Stock Exchange's Alternative Investment Market (AIM) or the London Stock Exchange's Main Market".
"A second advantage is that Cellexus Biosystems can now also raise funds from those private investors who manage their own Self Invested Personal Pension Scheme (Sipps) as a result of the changes in the regulations, which came into effect from 6 April 2006 in addition to accepting investment from high net worth individuals (business angels)".
"This gives the company access to sources of capital that are not available to other early stage companies, who must compete for investment from a small number of specialist investment companies that operate in the biotechnology space."
