OptiBiotix set to list ProBiotix subsidiary on AQSE

OptiBiotix Health announced its intention to list its subsidiary ProBiotix Health on the AQSE Growth Market of the Aquis Stock Exchange on Thursday.

The AIM-traded firm also proposed a £2.5m fundraise by ProBiotix Health through a placing and subscription, as part of the exercise.

It said it would undertake a distribution in specie of ProBiotix Health shares to OptiBiotix shareholders on its register at the record date.

“OptiBiotix has followed a strategy of developing multiple technology platforms in the microbiome space which can be developed as separate legal entities with the potential for exit by trade sale or initial public offering,” said chief executive officer Stephen O'Hara.

“OptiBiotix shareholders benefit by having a position in multiple companies, and with it the prospect of multiple returns, as a mix of dividends and asset value enhancement using non-dilutive funding.

“ProBiotix has now reached a stage of scientific and commercial maturity with strong intellectual property, growing sales, and a profitable business.”

O'Hara said ProBiotix was now looking to accelerate commercial progress by securing funding to extend territories, grow direct to consumer product sales, and expand into key markets like dairy and pharma.

“The planned admission to AQSE and fundraise creates the opportunity for ProBiotix to focus its activities on driving the development and commercialisation of ‘LP-LDL’ into key markets, like dairy and pharma, and create the potential for substantial future value enhancement.”

At 1621 GMT, shares in OptiBiotix Health were up 9.38% at 35p.