Revolymer, a SETsquared-supported company company that has developed innovative polymers to improve consumer products, including chewing gum that is easier to remove from streets and pavements, has raised £25m in a AIM float.
The company placed 25m new shares with institutional investors at a price of 100 pence to raise gross proceeds of £25m. Based on the placing price, the market capitalisation of Revolymer was approximately £53m.
Founded by Dr Roger Pettman and Professor Terence Cosgrove, Revolymer was initially based on technology developed by Professor Cosgrove at the University of Bristol.
The company has extensive expertise in polymer synthesis and formulation, backed by a comprehensive range of analytical and materials testing instrumentation. Its development portfolio includes innovations in cosmetics, detergents, adhesives and personal care.
The company’s first commercial product is a removable, degradable chewing gum which has excellent flavour and chew characteristics. Nicotine and caffeine gum will be available shortly.
Revolymer currently employs a staff of 31 people in a state of the art technical centre in Deeside.