Cyprotex hopes for £10m float

CYPROTEX hopes to raise up to £10m by floating on AIM shortly. The drugs minnow has developed facilities and software databases designed to reduce the amount of time and money spent researching and developing new drugs.

Cash raised will help fund expansion into the US. Cyprotex, based in Manchester, was set up in 1999 by chief executive Dr David Leahy, a former head of physical sciences at Zeneca Pharmaceuticals.

With its expertise in drug discovery, it hopes to help major drug companies to commercialise a greater number of breakthrough drugs. Altium Capital is the nominated adviser and Gilbert Eliott the broker to the issue.