25 October 2012 -- A French biotech company supported by funds raised through a scheme the BIA has proposed is introduced in the UK, has announced the raising of €14.2 million in its Initial Public Offering (IPO) on the Euronext.
Funds raised through the Fonds Commun de Placement dans I'Innovation (FCPI), on which the BIA has modelled its Citizens' Innovation Funds proposal launched last month, totalled almost 20 per cent of the pre-IPO investment in Nanobiotix. This once again demonstrates the ability of the general public to invest in high-growth innovative companies developing treatments for areas of unmet medical need.
The BIA released its report backing the introduction of CIFs after detailed analysis of the French scheme. The BIA believes CIFs can unlock the patriotic potential of the UK public and could raise up to £300 million of additional finance per year to the UK's innovative sectors.
The French experience, demonstrated most recently by Nanobiotix which is developing a therapeutic approach to local cancer treatment, provides a convincing case to support the introduction of CIFs. The FCPI provides funding, pooled from investments made by the general public, into innovative companies to support research and development.
Steve Bates, Chief Executive of the BIA, said:
"This latest news from across the channel clearly demonstrates the real potential for the general public to invest in and support companies developing the innovative products and technologies of tomorrow."
"Citizens' Innovation Funds, closely modelled on the successful French FCPI scheme, would provide a much needed source of additional finance to support UK growth and engage the public with innovation.
"Once again we have been provided with a compelling example of how this works and the BIA is engaging with government and policymakers to discuss its introduction here. In future we could perhaps then be seeing such IPO news coming from the UK."
For further information, please contact Antonis Papasolomontos, Head of Public Affairs and Policy, on firstname.lastname@example.org, 020 7630 2188.
Founded over 20 years ago at the infancy of biotechnology, the BioIndustry Association (BIA) is the trade association for innovative enterprises involved in UK bioscience. Members include emerging and more established bioscience companies; pharmaceutical companies; academic, research and philanthropic organisations; and service providers to the bioscience sector. The BIA represents the interests of its members to a broad section of stakeholders, from government and regulators to patient groups and the media. Our goal is to secure the UK's position as a global hub and as the best location for innovative research and commercialisation, enabling our world-leading research base to deliver healthcare solutions that can truly make a difference to people's lives. For further information, please go to www.bioindustry.org