Spanish biotech company Oryzon, which develops experimental drugs to treat cancer and neuro-degenerative diseases, aims to list on the Madrid stock exchange by the end of the year, its co-founder told Reuters on Friday. "We've given ourselves a little more time, until spring, in case there are any delays, but our main goal is to list before the end of the year," Carlos Buesa said.
Shareholders on Monday gave the green light to a Madrid listing of 100 percent of Oryzon's share capital - an intermediate step in preparing the group for a listing on the Nasdaq in the United States in the medium term, Buesa said. He was not more specific on the timing of a US flotation. The two founders of the company - Buesa and Tamara Maes - own 32.8 percent of the company and have entered into a lock-up agreement, under which they cannot sell their stake for one year after the Madrid listing.
Risk capital fund Najeti Capital will keep its 30.7 percent stake for at least six months after the flotation. "We're not listing as a way to make money for the current investors or the founding group, but in order to grow in the medium or long term," said Buesa. The company, based in Barcelona and in Cambridge, Massachusetts, reported revenue of 13.1 million euros ($15 million) and net profit of 6.6 million euros in 2014.