OptiBiotix Health PLC (AIM:OPTI) has unveiled plans to list its ProBiotix Health arm on the Aquis Growth Market, raising £2.5mln in the process for the newly independent business.
The spin-off is being done to exploit the “multiple opportunities” identified by management.
The focus of the ProBiotix operation is human microbiome-modulating compounds that tackle cardiovascular disease and other lifestyle conditions using the LP-LDL good bacteria strain.
A study has shown that LP-LDL, which is generally recognised as safe by a panel of US experts, has the ability to reduce bad cholesterol by more than a third.
Since launching LP-LDL in May 2017, the company has signed over 38 commercial agreements.
“The company believes that ProBiotix has established a strong position with its products nominated for multiple awards, excellent results from clinical studies, five-star customer reviews and growing sales delivering early profit,” investors were told.
“The board believes the scale of the opportunities offered by its LP-LDL are beyond those currently being exploited and may be best realised by a separate listing and fundraise.”
OptiBiotix shareholders will receive a distribution in specie of ProBiotix shares once the Aquis float is completed at the end of this month.