SpectrumX Holdings Ltd, which is tapping the healthcare and commercial potential of hypochlorous acid, has fired the starting pistol on a London listing.
It is understood the group has submitted its prospectus to the London Stock Exchange ahead of a float in late spring, targeting a valuation of around £50mln.
Sources suggest that a £10mln pre-IPO round is largely complete, with the group looking to bring in circa £5mln at the time of the company’s stock market debut.
SpectrumX will use the proceeds to commercially develop the potential of its patentable version of hypochlorous acid (HOCl), which has shown early signs of efficacy in COVID-19 and its mutations as well as other viruses.
Tapping the potential of HOCl
HOCl is a weak acid produced by our bodies that destroys unwanted bacteria and viruses.
Up until now, it has proved incredibly difficult to create a reliable HOCl product – particularly one that can withstand everyday contaminants such as blood, saliva and dirt.
SpectrumX’s formulation mimics how the body makes the chemical substance, which ultimately provides its resilience and pathogen fighting power.
The patentable element is the unique additional chemistry that creates what is essentially a shield around the compound.
The commercial ramifications of this breakthrough are huge. There are the obvious benefits of being able to develop a long-life, stable product that isn’t rendered quickly ineffective by common elements in the environment or body.
Patent protection
It should be pointed out that a patent gifts years of exclusivity to its owner or the licensee of the intellectual property (IP).
Progress to date has been rapid and significant. In August last year, the company revealed that SPC-069, a therapeutic version of HOCl, which it is planning to investigate, had proved 100% effective against COVID-19 and the mutations prevalent at that time.
Researchers at University Hospital Innsbruck, who carried out the in-vitro study, will be pivotal to the development of an inhaled version HOCl that will tackle the virus and other respiratory tract ailments such as viral infections including COVID-19, influenza and pneumonia.
The firm’s Spectricept formulation of the solution is being sold as an alternative to alcohol-based hand sanitisers and will provide an early route to revenue generation.
Last year, SpectrumX launched www.SpectriSKIN.com, a The Hut Group run direct-to-consumer website. It is understood a HOCl based cosmetics line is imminent.