University of Bristol spin out firm Revolymer – best known for its non-sticky chewing gum – has raised £25m by floating on AIM, the London Stock Exchange’s market for smaller growing companies.
The firm, now based in Scotland, has its roots in polymer technology developed by Professor Terence Cosgrove at Bristol. It has since pioneered innovative polymers to improve consumer products, including chewing gum that is easier to remove from streets and pavements
The firm has been supported from its outset by The SETsquared Partnership, the incubator unit for spin out firms with innovation centres attached to a number of universities including Bristol and Bath.
The company originally presented at SETsquared’s investment showcase in 2005, which helped it to secure initial funding of £750,000 in 2006 from investors including IPGroup and from the SETsquared Partnership.
Revolymer also presented at the 2007 showcase and the Partnership helped it secure travel grants to develop its business in the US. Further rounds of funding secured nearly £18m.
SETsquared Partnership director Graham Harrison said: “Revolymer is a great example of a UK company that’s used innovative technology to create a product with real market potential.
“Nearly 90% of companies supported by SETsquared are still in business three years later – way above the UK average – and Revolymer shows just how well some of them are doing.”
Revolymer placed 25,000,000 new shares with institutional investors at a price of 100p to raise gross proceeds of £25m. Its enlarged issued share capital commenced trading on the AIM market of the London Stock Exchange on Tuesday.
Based on the placing price, the market capitalisation of Revolymer is approximately £53m.
