Cyprotex to float on AIM to fund new HTS facility

UK company Cyprotex, an operator in the predictive data market for drug discovery using advanced industrial scale testing, has declared its intention to trade its shares on the Alternative Investment Market (AIM).

Founded in April 1999, Cyprotex has developed facilities and software databases designed to reduce the time to market of blockbuster drugs. The company aims to identify promising drug candidates earlier in the r&d process through its proprietary software and screening services, enabling it to reduce failure rates and increase productivity for its customers. It is also able to minimise costs through the earlier elimination of unpromising compounds and projects.

Cyprotex plans to implement a global sales and marketing strategy, expanding into the US in the first quarter of 2002. Funds raised on admission to AIM will be used to commission an HTS facility and support equipment designed to deliver the high throughput compound handling capacity, as well as to develop further Cyprotex's fully integrated predictive software.

Managing director John Nicholson said: 'We have been encouraged by the high levels of interest shown by some of the largest names in the pharmaceutical industry in our industrialised HTS and predictive screening services. We are keen to be the recognised world leader in HTS and predictive drug screening and the placing on AIM will help us realise this goal.'

Cyprotex also announced the appointment of Jeremy Scudamore as non-executive chairman with immediate effect. He remains ceo of Avecia. Commenting on Scudamore's appointment, Nicholson said: 'He brings with him a wealth of knowledge and hands-on experience within the specialities and fine chemicals sector and is well networked in the global pharmaceutical market from his time with Zeneca Specialities and more recently as ceo of Avecia.'