Rapid Biosensor makes move to IPO
Cambridge medical technology pioneer Rapid Biosensor Systems Ltd is making preparations for a UK IPO.
Its new technology for detecting infectious diseases at the point-of-care has now been proven in global field trials and the business has appointed John Reynolds OBE as executive chairman to take it to the next stage of growth.
The company has developed a unique breathalyser technology for the screening of active tuberculosis that can be used in any type of location to give low-cost, immediate results.
Dennis Camilleri CEO and co-founder of Rapid Biosensor said: “We are delighted to have the opportunity to work with John who is already creating significant traction with global investment groups.
“Our company has successfully tested its product in India and Ethiopia, and the results indicate it will make a real contribution to healthcare improvements worldwide.
“The technology will also provide the basis for other medical devices and the company is preparing for an IPO in the near future.”
Camilleri said the company was negotiating valuations and amounts and not disclosing its IPO targets at the moment.
John Reynolds has chaired the Church of England’s Ethical Investment Advisory Group, is a director of a number of companies – including Northern Powergrid Holding Company and the Central Finance Board of the Methodist Church – and was awarded an OBE in 2012 in recognition for his services to Save the Children.
He has extensive experience of advising and financing companies from early stage to Fortune 500 in the UK, Europe, Asia and the US, and has led the sale of pre-revenue companies for major financial investors as well as FTSE100 corporates.