Koronis Pharmaceuticals to list in London (AIM) to fund new HIV drug

March 15, 2011 - PRLog -- In order to fund development in their new HIV drug, US drug company Koronis Pharmaceuticals will list in London in 2011 or early 2012.

CEO Donald Elmer said that he was talking with financial institutions in London regarding listing on London's Alternative Investment Market (AIM). Elmer explained that the cost of maintaining a listing on NASDAQ was prohibitive for smaller companies looking to raise £10-15 million.

Koronis are pioneering a new HIV drug designed to speed up mutation of the AIDS virus to the stage where it breaks down under a process called "viral decay acceleration". Taking the development of the experimental product, known as KP-1461, to the next stage of clinical tests will require around £15 million.

Until now, KP-1461 has been tested in brief clinical tests on around 80 patients with no ill-effect. Koronis needs to conduct longer-term trials to see if the amount of virus in patients' blood can truly be reduced.

It is proposed that funds are raised either by initial public offering (IPO) on the Alternative Investment Market (AIM) or by reversing into a listed entity with a cash balance.

Author: Lynn Shaw, Analyst

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