SourceBio International (AIM: SBI FOLLOW) a leading international provider of integrated state-of-the-art laboratory services and products, has been admitted to AIM with trading in its shares expected to commence at 8am today. 

The Company has also raised £35.0 million through the oversubscribed placing of 21,604,938 new ordinary shares in the Company at 162p per share, with Institutional and other investors, primarily to fund the scale-up of the company's COVID-19 testing business and repay outstanding shareholder and bank loans. 

Based on the Placing Price, the market capitalisation of the Company will be £120.2million on Admission with 74, 183, 038 shares in issue. 

Jay LeCoque, Executive  Chairman, said: “We are delighted by the strong support we’ve received from institutional investors. Our IPO on AIM allows us to significantly increase our COVID-19 testing capacity, accelerate earnings growth in our core business and execute on potential M&A opportunities. It’s an exciting time for our business and we  look forward to executing on our ambitious growth plans and delivering value to our shareholders.” 

Company Overview 

SourceBio is a leading international provider of integrated state-of-the-art laboratory services and products with clients in the healthcare, clinical, life science research and biopharma industries, with a focus on improving patient diagnosis, management and patient care. The Group employs approximately 235 employees across six sites globally, in the UK, Ireland and the USA with headquarters in Nottingham, UK. It benefits from an experienced executive management team with a strong background in the life sciences, healthcare and technology sectors.  

Brief Background 

Originally listed on the UK Main Market, Source BioScience plc was acquired and delisted in September 2016 through a take private transaction led by Harwood and Continental. Harwood  and  Continental undertook  and completed  a  turn-around plan which included the appointment of Jay LeCoque as Non-Executive Chairman in 2016 and subsequently Executive Chairman in 2017. 

Over 2017 and 2018 the Group appointed a new management team who simplified the operations of the Group and exited a number of unprofitable and non-core operations, including those in Berlin, Livingston, Oxford and Atlanta. 

Today the Group’s revenues are derived from four core businesses areas: 

From a footprint standpoint, the Company has its HQ based in Nottingham UK with serval facilities across the UK, Ireland and US.

Listed Life 

The Company’s IPO will be used as a catalyst for growth cross the business in general and to fund expansion of the COVIID-19 testing business throught the proceeds from the oversubscribed placing raising £35m. 

Management also have significant ‘skin in the game’ with senior directors holding more than 50% of the Company, which should reassure new investors. 

*The Harwood Funds and NASCIT are associated with Christopher Mills, a Non-Executive Director 

** The Continental Funds are associated with Marco Fumagalli, a Non-Executive Director, as Marco (i) is Founding Partner of Continental; and (ii) owns 60% of the issued share capital of Protea. Marco also owns 154,320 Ordinary Shares personally. 

*Watch* CEO Jay LeCoque discusses the Company and his plans for the future: 

3 Reasons to Follow SourceBio  

1. SourceBio is a rapidly expanding, Covid testing, medical diagnostics & laboratory services firm and intends to invest £6m of the £35m funds raised to significantly increase capacity of its Antigen PCR tests 
2. Other business areas also have attractive growth opportunities with FY19 Sales expected to double over the next 5 years with>25% EBITDA margins 
3. Today's IPO price of 162p per share therefore offers an attractive investment opportunity for a healthcare diagnostics business with exposure to the rapidly expanding market for COVID-19 testing.