Cyclacel, the Scottish cancer therapy company, has abandoned plans for a dual float on the London Stock Exchange and the New York Stock Exchange. Cyclacel’s venture capital backers include BankInvest Group AS, Bio*One Capital, Dresdner Kleinwort Capital, HBM BioVentures AG, INVESCO Private Capital, LDC, Merifin Capital Group Merlin Biosciences, NIF Ventures, Noble Grossart Investments, Northern Venture Managers, Quester Capital Management, Scottish Equity Partners, UOB Venture Management and Vertex Management.
The company postponed its flotation plans due to unsatisfactory market conditions, but still plans to list the company when conditions are right. It completed a private placement in January 2004, which raised £21m, and intends to continue executing its business strategy as an unlisted company. It had hoped to raise around £26.6m from the float.