Manchester-based biotech company Renovo, which is developing drugs to speed healing and reduce scarring, floated on the London Stock Exchange yesterday, closing at 103.5p, up 16.5p, on its float price of 87p.
The company, founded by Mark Ferguson, raised £50m from the new issue, which will go to fund further testing of its anti-scarring treatment Juvista and accelerated healing treatment Zesteem.
The drugs were developed following Prof Ferguson's study of wounds on alligator embryos. Renovo expects to sign a marketing partnership deal within 12 months.