IXICO Limited announces proposed reverse takeover of Phytopharm Plc and admission to AIM
IXICO Ltd announces today that terms have been agreed for its conditional acquisition by Phytopharm Plc together with the change of Phytopharm’s name to IXICO plc and the admission of the combined business to the Alternative Investment Market ("AIM") of the London Stock Exchange.
IXICO Limited ("IXICO" or the "Company") announces today that terms have been agreed for its conditional acquisition by Phytopharm Plc ("Phytopharm") together with the change of Phytopharm’s name to IXICO plc and the admission of the combined business to the Alternative Investment Market ("AIM") of the London Stock Exchange (together the "Transaction"). Phytopharm is currently an investment company quoted on AIM. Completion of the Transaction is conditional on the approval by Phytopharm shareholders at a general meeting on 14 October 2013.
Board and management of IXICO plc
Professor Derek Hill will continue to lead the group as chief executive, with Dr Andy Richards, currently chairman of IXICO being appointed as non-executive chairman of the Enlarged Group. The management team will continue to comprise John Hall, VP Business Development, Michelle Lax, VP Clinical Operations, Kate McLeish, VP Technology and Jane Whitrow, VP Business Operations, augmented with additional expertise, including Charles Spicer, who joined IXICO in July 2013 as VP, Corporate Development and will be appointed an executive director of the Enlarged Group. John Bradshaw, Tim Sharpington (the former CEO of Phytopharm) and Maina Bhaman will join the board as non-executive directors.
Commenting on the Transaction, Derek Hill, CEO, said:
This transaction is a major strategic step for IXICO allowing us to benefit from the improved visibility and other advantages of being a public company and use our significantly strengthened balance sheet to accelerate our growth and especially the development of wider dementia diagnostics tools.
John Hall, VP Business Development, added:
We are delighted to have the increased critical mass to allow us to widen our services to customers in the pharmaceutical and broader clinical research industries by continuing to build our infrastructure, new products and services.
Kate McLeish, VP Technology, commented:
This strengthening of our finances, taken together with recent successes in raising grant income, enables IXICO to accelerate R&D programmes developing new products both for our core clinical trial business and that can be translated into medical devices to support dementia diagnosis in the clinic.
IXICO was founded in 2004 with a mission to translate image acquisition, management and analysis technology and know-how, which the founders had developed together, into commercial products targeting the expanding area of imaging to inform decision-making during drug development. This has resulted in commercially successful products being launched in the clinical trials (Phase 0-III) and experimental medicine markets and being readied for launch into the wider clinical diagnostic market. Since incorporation, IXICO has been contracted by seven of the top 15 global pharmaceutical companies as well as leading biotechnology companies. More information is available on www.ixico.com
Phytopharm is an investment company quoted on the Alternative Investment Market of the London Stock Exchange. Formerly a drug development company focussed on CNS diseases, on 18 February 2013, it announced that its Phase II clinical trial of Cogane™ in Parkinson’s disease indicated that the drug had not demonstrated clinically meaningful efficacy. All R&D activities were suspended following the negative trial results. As a consequence, its board initiated a review of strategic options, including a review of various merger and acquisition opportunities. As part of that process, in August 2013 Phytopharm delisted from the Main Market, was admitted to trading on AIM and completed a share capital consolidation. More information is available on www.phytopharm.com
About the Transaction
In view of the relative size of IXICO in relation to Phytopharm, the Transaction is classified as a reverse takeover under the AIM Rules for Companies. Completion of the Transaction is therefore conditional, inter alia, on the approval by Phytopharm shareholders at a general meeting on 14 October 2013. It is expected that admission of the combined business of IXICO and Phytopharm (together the "Enlarged Group") will become effective and dealings in the Enlarged Group’s shares will commence on AIM on 15 October 2013. Following completion of the Transaction, it is expected that Phytopharm shareholders will own approximately 45% and that IXICO shareholders will own approximately 55% of the Enlarged Group’s issued share capital. Upon completion of the Transaction, Phytopharm will change its name to IXICO plc. An Admission Document with full details of the Transaction is available at www.phytopharm.com
Tel: +44 (0) 20 7691 2064
Derek Hill, CEO
John Hall, VP Business Development
FTI Consulting Limited
Tel: +44 207 831 3113
Simon Conway, John Dineen