The Financial Week Ahead - Newswatch: Genetix launch on Stock Market.
Accountant directors behind Genetix, developers of robots for the
Next week the company will be the latest European biotech IPO with a launch on the London Stock Exchange, following a delay after chartered accountant chief executive Mark Reid contracted pneumonia.
Reid and fellow chartered accountant FD Gary Corsi, 43, expect a market capitalisation of between #95m to #115m, and expect to raise #27m to #30m.
Former KPMG man Reid founded the business in 1991 to design and manufacture equipment for the embryonic genomic research market in a friend’s bedroom before moving to an iron shed.
Now the duo head of one of Europe’s major suppliers to a sector poised to revolutionise 21st century life and healthcare. They have overseen profits before tax escalate from #846,000 in 1997 to #3.2m on a #7.3m turnover last year. A first working draft of the human genome was announced this June – the company is set to profit from the research needed to translate the data into products.
Reid and Corsi have 150 customers worldwide, including Harvard University and last month secured the purchase of rival Genpak for #6.5m. WestLPanmure have fully underwritten the float by the company, audited by Deloitte & Touche.
Corsi is a former director of chemicals group Inspec and financial controller of BP Fine Chemicals.
www.genetix.co.uk.
