A French biotech company supported by funds raised through a scheme the BIA has proposed is introduced in the UK, has announced the raising of €14.2 million in its Initial Public Offering (IPO) on the Euronext.
Funds raised through the Fonds Commun de Placement dans I’Innovation (FCPI), on which the BIA has modelled its Citizens’ Innovation Funds proposal launched last month, totalled almost 20 per cent of the pre-IPO investment in Nanobiotix. This once again demonstrates the ability of the general public to invest in high-growth innovative companies developing treatments for areas of unmet medical need.
The BIA released its report backing the introduction of CIFs after detailed analysis of the French scheme. The BIA believes CIFs can unlock the patriotic potential of the UK public and could raise up to £300 million of additional finance per year to the UK’s innovative sectors.
The French experience, demonstrated most recently by Nanobiotix which is developing a therapeutic approach to local cancer treatment, provides a convincing case to support the introduction of CIFs. The FCPI provides funding, pooled from investments made by the general public, into innovative companies to support research and development.
Steve Bates, Chief Executive of the BIA, said:
“This latest news from across the channel clearly demonstrates the real potential for the general public to invest in and support companies developing the innovative products and technologies of tomorrow.”
“Citizens’ Innovation Funds, closely modelled on the successful French FCPI scheme, would provide a much needed source of additional finance to support UK growth and engage the public with innovation.
“Once again we have been provided with a compelling example of how this works and the BIA is engaging with government and policymakers to discuss its introduction here. In future we could perhaps then be seeing such IPO news coming from the UK.”