Bioprogress trade on AIM

Published: 23-May-2003


March, UK -based BioProgress, the developer and designers of soluble encapsulation materials and manufacturing processes for the pharmaceutical and healthcare industries, has started trading on the Alternative Investment Market (AIM) of the London Stock Exchange. A share price of 16 pence, gives a market capitalisation of approximately £13m (S$21).

The placing will allow the Company to pay down existing debt of £0.4m and provide working capital associated with machine design, including the recruitment of design engineers.

Graham Hind, ceo of BioProgress said: 'We are delighted the Placing has been so successful and that the company will have a high quality institutional shareholder base. There is no doubt that this is a challenging market place, however BioProgress is a viable company with a healthy customer base and strong management.'

Peter Glynn-Jones becomes non-executive chairman with immediate effect.

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