US company floats on AIM

VC backed company Entelos, a US life sciences company, has floated on London’s AIM market.

At a placing price of 82.75 pence, the business achieved a market capitalisation of approximately €63m, and raised €16m.

Based in California, Entelos received financial backing from a host of US and European VC and corporations. In at the ground level were Charles River Ventures and Brentwood Venture Capital in a March 1998 funding round. Two years later they committed further funds to the drugs discovery outfit, along with new investors Abingworth, Boulder Ventures and St Paul Venture Capital. All returned for another funding round in July 200, along with US IT multinational Compaq, Bear Stearns Health, Swiss firm equity4life and German VC Earlybird. A number returned for a final funding round in February 2005, along with Pfizer, the US pharmaceutical company.

Founded in 1996, the company raised over US$50m from investors and currently has 80 employees. It has 12 issued patents and over 70 pending applications worldwide directed to its PhysioLab software platform, the PhysioLab models themselves, biological methods, and methodologies of applying its PhysioLab models to drug discovery and development.