Medgenics - Successful IPO
London – Medgenics Inc raised EUR4.7 million in an IPO on London’s AIM. The company sold 31.6 million shares at 10 p, giving it a valuation of about EUR15 million. Medgenics’ biopump technology is an implantable, toothpick-sized “biological device” created from a patient’s genetically altered skin tissue for the production and delivery of therapeutic proteins to treat chronic diseases such as anemia, hepatitis C and hemophilia. The first of these products, Epodure, is designed to produce and deliver erythropietin. It is expected to enter Phase I/II trials in mid-2008.