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ClinPhone announces successful completion of IPO
Offering raises £60.3 million at 148p per share

London, 20 June 2006 - ClinPhone plc (“ClinPhone” or the “Company”), a leading specialist supplier of technology solutions to the clinical trials industry, today announces the successful completion of its Initial Public Offering (the “Offering”) on the London Stock Exchange. The Offering raised a total of £56.3 million, net of expenses, from the sale of new and existing Shares to institutional investors at a price of 148p per share. At the Offering price, the Company will have a market capitalisation of £94.1 million on listing. Investec Bank (UK) Limited has acted as sole sponsor, financial adviser and underwriter to the Offering.

Details of the Offering

  • The Offering comprised a total of 40.7 million ordinary shares (the “Shares”), consisting of 13.75 million new Shares and the sale of 26.9 million existing Shares by certain selling shareholders.

  • The Company has raised proceeds of £18.1 million from the Offering which will primarily be used to reduce bank borrowings and pay for the costs relating to the flotation.

  • The number of Shares in issue at listing will be 63,553,569 million.

  • Directors and senior managers holding 6,418,854 Shares in aggregate representing 10.1 per cent of the issued share capital on admission are subject to lock-ups of 12 months following admission to listing. Certain other existing shareholders holding 13,743,100 Shares in aggregate representing 21.6 per cent of the issued share capital upon admission are subject to lock-ups of six months following admission to listing.

  • Admission to the Official List of the Financial Services Authority and commencement of dealings on the London Stock Exchange’s main market are expected to take place at 08:00 GMT on Friday, 23 June 2006 under the ticker symbol CNP.

    Commenting on today’s announcement, Steve Kent, Chief Executive Officer of ClinPhone, said:

    “We are delighted with the success of the IPO, particularly in light of the recent volatility in the markets. With around 80% of today’s drug trials still being carried out using inefficient, paper-based methods, there is a clear opportunity for technology to transform the clinical trial process. ClinPhone is driving the transfer to the use of technology solutions in this market and, with the proceeds and raised profile from the IPO, we believe that the Company is strongly positioned to expand its presence in this market.”

    Background to ClinPhone
    ClinPhone is a leading specialist provider of technology solutions to the clinical trials industry. The market in which ClinPhone operates is large and growing, driven by the expanding use of technology and the increasing complexity of clinical trials. The vast majority of the data collection, aggregation and reporting in this market continues to be done using expensive, paper based, labour intensive methods. It was estimated in 2004 that just 5 - 8 per cent. of all clinical trials used technology for data capture and that by 2009 this would reach approximately 40 per cent. (Source: Datamonitor).

    ClinPhone’s technology reduces the cost and duration of running clinical trials and improves the accuracy, integrity and consistency of data collected. The Directors believe that ClinPhone’s services are driving the transfer from paper to technology in this market and, given the clear advantages of the use of technology solutions over paper based methods, the Directors believe that the use of technology in clinical trials will continue to increase in the future.

    Since being founded in 1993, the Group has developed technology and business know-how around the use of the telephone and internet to efficiently randomise patients, manage trial medications and to collect, aggregate, analyse and report clinical trials data in real time. ClinPhone’s technology replaces traditional methods of managing data and improves the economics and the effectiveness of a clinical trial. ClinPhone has a strong brand in the clinical tri

    Publisher Contact Information:

    +44 (0)115 955 7333

    Company profile of ClinPhone
    Past press releases of ClinPhone.

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