Arecor Therapeutics PLC (LON:AREC) hailed the admission of its shares to trading on London's AIM following an oversubscribed £20mln placing.
The biopharmaceutical company, which is targeting improving patient care by bringing innovative medicines to market through the enhancement of existing therapeutic products, issued shares at a price of 226p per share.
At this price the company will have a market capitalisation of roughly £62.5mln.
Sarah Howell, chief executive, said: "Today represents an important milestone for Arecor and we are very pleased to be listing on AIM.
"This IPO will allow us to continue to grow the business through the development of our own proprietary diabetes and specialty hospital products whilst creating further value through our technology licensing partnerships.
"We were delighted by the support and interest we received during this transaction which is testament to the potential of our innovative proprietary formulation technology platform, Arestat."