First Day of Dealings

RNS Number : 4866Q

IXICO plc

15 October 2013

 



15 October 2013

IXICO plc

("IXICO" or "the Company")

First Day of Dealings

IXICO (AIM: IXI) announces that it is due to join the AIM market of the London Stock Exchange today via a reverse takeover of Phytopharm plc.  This follows the passing on 14 October 2013 of the resolutions relating to Phytopharm's acquisition of IXICO Limited.

First day dealings on AIM of Ordinary Shares in IXICO will commence today at 8 a.m.

Transaction highlights:

·     The aggregate consideration for the acquisition is to be satisfied by the initial issue of 8,014,403 new ordinary shares on admission and the proposed issue of 465,350 new ordinary shares as a result of the outstanding share options under the IXICO unapproved share option share scheme

·     Following admission, the board will comprise  Andrew Richards as Non-executive Chairman, Derek Hill as Chief Executive Officer,  Charles Spicer as Vice President of Corporate Development and Timothy Sharpington, John Bradshaw and Maina Bhaman as non-executive directors

·     The Enlarged Issued Share Capital on Admission will be 14,952,437 Ordinary Shares of 50 pence each

Andrew Richards, IXICO's Chairman, said: "The successful completion of this transaction allows us to build on our success to date and generate shareholder value by continuing to develop our clinical trials business while playing a leading role in the emerging dementia diagnostics market. Furthermore, we now have the capital required to explore further avenues to widen our product and service offerings through product licensing, collaborations and corporate activity."

About IXICO

IXICO brings innovative technologies to those researching, diagnosing and treating serious diseases, especially dementia. Its technologies enable timely decision-making aimed at improving patient outcomes. IXICO was founded with a mission to translate image acquisition, management and analysis technology and know-how, which the founders had developed together, into commercial products. These target the expanding area of imaging to inform decision-making during drug development, especially for treatments for Alzheimer's Disease and other brain disorders. This has resulted in commercially successful products being launched in the clinical trials and experimental medicine markets and such products are now being readied for launch into the wider clinical diagnostic market to support the diagnosis of dementia

Enquiries

IXICO plc

[phone]

Derek Hill, CEO

Charles Spicer, VP Corporate Development

Peel Hunt LLP (Nominated Adviser and broker)

[phone]

James Steel

Vijay Barathan

Harry Florry                                                

FTI Consulting Limited (U.K. Investor Relations)

[phone]

Ben Atwell                                               

Simon Conway

John Dineen

 

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