C4X reveals Â£31m market cap
University of Manchester spin-out C4X Discovery is set to be worth £31m when it floats on AIM.
The company, which is a developer of new technologies to improve the drug discovery process for novel small molecule therapies, is backed by science investor Aquarius Equity Partners and revealed it was to float last month.
It has now confirmed it will be worth £31m and is to raise £11m on admission.
C4X's drug design software suite enables users to see the shapes of small molecules in a "new level of detail and sophistication".
This improved understanding of the three dimensional structures of drugs, and how they bind with target proteins, enables medicinal chemists to pursue rational design of new drugs.
It spun-out of the university in 2008 and secured its first investment from Aquarius in 2009, with follow-on funding secured a year later.
The business is set to join AIM on Thursday (23 October 2014). Zeus Capital is advising.