The medical technology company, Lifeline Scientific, which is commercialising equipment for preserving and transporting kidneys for transplant, completed its flotation on the AIM Market in London, raising a total of £5.4 million.
At the placing price of 150p per share the company will have a market capitalisation of approximately £23.58 million upon admission.
The money will fund the commercial launch of Lifeline’s LifePort kidney transporter. The device generated over $9 million in revenues during its pilot introduction to the marketplace.
In comparison with static cold storage, the current standard method for kidney preservation, which employs a cooler or cardboard box filled with ice, LifePort preserved kidneys have a reduced risk of Delayed Graft Function (DGF), reduced duration of DGF and primary non-function, and improved graft survival at 6 months post-transplant.
LifePort products for heart, liver, lung and pancreas transport are also in late stage pre-clinical development.