BioProgress AIMing high
BioProgress, from March in Cambridgeshire, UK, is to seek admission of its shares to the Alternative Investment Market (AIM) of the London Stock Exchange.
BioProgress, from March in Cambridgeshire, UK, is to seek admission of its shares to the Alternative Investment Market (AIM) of the London Stock Exchange.
The company develops and designs non-gelatine and animal-free encapsulation processes for pharmaceutical drugs in liquids, tablets and powders, which address the needs of oral dosage forms, and provides novel delivery and release mechanisms not possible with traditional processes.
Dealings are expected to commence on AIM in May 2003. The company, through a related US entity, currently has an OTC Bulletin Board listing on Nasdaq (BPRG) in the US and will delist from that exchange upon listing on AIM.
Graham Hind, chief executive of BioProgress said: 'Our technology operates in the global pharmaceutical market and the industry is keen to replace animal derived materials including gelatine.
'BioProgress is well positioned to provide a cost-effective alternative that offers a new range of creative opportunities to pharmaceutical companies, with a number of global companies currently evaluating each of the four versions of our dosage form technology.
'We are aiming to be one of the leaders in the provision of innovative delivery mechanisms for the pharmaceutical oral dosage markets and the admission to trading on AIM will give BioProgress a more solid and visible platform.'
In an associated appointment, Peter Glynn-Jones has agreed to become non-executive chairman of the AIM listed company.
Glynn-Jones retired 15 months ago after thirty years with SmithKline Beecham where he was md of Strategic Development Worldwide. Commenting on the pending appointment of Glynn-Jones as non-executive chairman Graham Hind said: 'Peter will bring with him over thirty years of knowledge and experience from public company life and the pharmaceutical sector from his time spent in a number of global senior management positions with SmithKline Beecham. He is a recognised Industry figure through his former chairmanship of the World Federation of Proprietary Medicines Manufacturers and as honorary vp of the Proprietary Medicines Association of Great Britain. We are keen to forge strong relationships with major industry players and Peter will play a key role in our forward strategy.'