London-listed ImmuPharma (AIM:IMM) says its shares will be admitted to trading on Euronext Growth Brussels under the ticker ‘ALIMM’ following an approval by Euronext of a request listing.
The dual listing will allow the specialist drug development company to join the largest European stock exchange for the life sciences industry.
Benoît van den Hove, Head of Listing at Euronext Brussels highlighted the franchise at 106 life science companies currently listed, representing a total market capitalisation of €28.5 billion from the end of October 2019.
In a morning statement, ImmuPharma detailed how the dual listing would aim to further increase the group’s ‘visibility of shares’ across continental Europe.
“We are confident that our listing on Euronext Brussels will allow us to meet and develop relations with a community of new investors in continental Europe,” said Chief Executive of ImmuPharma, Dimitri Dimitriou.
Headquartered in London, the company conducts research and development activities at its facility centres in France and Switzerland.
Shares in ImmuPharma were trading 10.36% higher at 19.70p on Friday morning.
ImmuPharma emphasised that the new listing would not affect the trading of its shares on AIM, nor would there be any intention for a raise of additional funds from either AIM or Euronext.
Dimitriou said the listing was “in line” with the group following its recent deal with Avion Pharmaceuticals, who are funding an international trial for their Lupuzor™ programme.
“The investment thesis for ImmuPharma and specifically Lupuzor™ has been repositioned and we look forward to providing further progress updates on the Phase III program with Avion, as well as entering into additional partnerships outside of the US,” he added.
Earlier in November 2019, the company announced an exclusive deal to allow Avion to commercialise the for the auto-immune drug exclusively for the US.
The group's international phase III trial in lupus patients in the US, Europe and elsewhere is targeted to commence in 2020 following an agreement between Avion, ImmuPharma and the US Food & Drug Administration.
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