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... Renevo makes second attempt at floatation Biotechnology Ireland : News : Article LoginSign-up Home Search News Renevo makes second attempt at floatation Release date: 29 Mar 2006 The improving fortunes of the UK biotech industry were highlighted today, March 27, when Renovo launched its second attempt to list on the stock market.

Renovo, which develops drugs that prevent and reduce scarring on the skin and inside the body, aims to raise £40m (E58m) by offering shares to institutional investors.

A successful listing would value the Manchester-based company at between £129m (E190m) and £139m (E201m), with the proceeds used to fund the development of its Juvista and Zesteem drugs.

Renovo - founded by Professor Mark Ferguson and Dr Sharon O'Kane in 2000 - put plans for a flotation last May on ice due to tough market conditions.

But interest in UK biotech firms has increased over the past year - headlined by the agreement of Vectura and Arakis to let Swiss drug maker Novartis develop and commercialise its AD237 treatment for "smoker's lung".

That deal could be worth as much as $375m ( E290m) and was reported to be one of the biggest ever in the UK biotech sector.

Further interest was generated by the revelation that Slough-based biotech firm Piramed will receive $2...

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