Medical diagnostics company Cozart has floated on the London Stock Exchange’s Alternative Investment Market, providing an exit route for its venture investors PiCapital, Yorkshire Fund Managers and Avlar BioVentures.
The company completed an offering of £6.75m at a price of 30 pence per share. The placing price values the company at around £27m.
PiCapital, Yorkshire Fund Managers and Avlar BioVentures jointly invested £3.1m in Cozart in May 2001. They have all opted to increase their holdings in the quoted entity by £750,000, reflecting the continued confidence in the founding management and the diagnostics they have developed. All parties have entered into lock-in arrangements with the company’s broker concerning their respective stakes.
Cozart had a turnover and operating profit of £4m and £92,000 respectively for the financial year ended 31 May 2004 and currently employs 58 staff.