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Ardana announces successful completion of IPO



March 4, 2005 -- Ardana, the emerging pharmaceutical company focused on the discovery, development and marketing of innovative products to improve human reproductive health, today announces that it has successfully completed its Initial Public Offering.


Details of the Offering
** The offering comprises a total of 16,400,000 shares, all of which are new ordinary shares being issued by Ardana at 128 pence per share, corresponding to gross proceeds for the Company of approximately £21 million (approximately £18 million net of expenses).
** The IPO attracted a good geographic spread of investor interest from a number of European countries.
** The Company’s ordinary shares are expected to be admitted to the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities on 9 March 2005 under the ticker symbol ARA.L.
** A total of 55,562,806 shares are expected to be in issue immediately following the IPO, corresponding to a market capitalisation of approximately £71 million following the IPO.
** In connection with the offering, Nomura International has been granted an option by the Company to subscribe for up to an additional 2,460,000 new ordinary shares at the offering price to cover over-allotments, if any, and to cover short positions arising from stabilisation transactions. This over-allotment option will be exercisable for a period of 30 days after admission of the ordinary shares to the Official List of the UK Listing Authority.
** Nomura International acted as Sponsor, Lead Manager and Bookrunner for the IPO.


Commenting on the announcement, Maureen Lindsay, Chief Executive Officer of Ardana, said: “We are very pleased to have successfully completed our IPO and by the response we have received from investors to the Ardana story. In the relatively short period of time since the business was founded in 2000, we have already built a broad portfolio of products, the first of which we launched through our own sales force in the UK last year. With the £21 million raised in the IPO, we will continue to invest in progressing our product development programmes, as well as commercialising our first products as they come to market in key European territories. We are all looking forward to our future as a listed company.”


Further Information
Ardana is an emerging pharmaceutical company focused on the discovery, development and marketing of innovative products to improve human reproductive health, in order to address areas of considerable unmet need in this $23.8 billion market.

Ardana’s strategy is to manage risk by continuing to maintain a broad and balanced pipeline of products and product candidates through relationships with leading research institutions and the acquisition of products and intellectual property rights. The Ardana group has already established a targeted sales force in the UK and the Company’s directors intend to establish their own specialist sales and marketing infrastructure in the group’s five largest European markets to support the future launch of additional products, as and when commercially appropriate. It is intended that such infrastructure will be in place to support that launch of Teverelix LA in Europe. In the interim, commercialisation will be by a combination of own infrastructure and strategic partnerships. Currently, Ardana’s key customers are endocrinologists and urologists and, as the portfolio expands, the customer profile will include other reproductive health specialists such as obstetricians and gynaecologists.

Ardana has already established a broad, balanced portfolio of products addressing a range of medical conditions within the human reproductive health market, including one marketed product that was launched in the UK in June 2004 through Ardana’s own sales force, one product that has already received certain marketing approvals in a number of European territories and three other product candidate


Publisher Contact Information:

Ardana Bioscience Ltd
+44 (0)131 226 8550
-

Company profile of Ardana Bioscience Ltd
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