Chromogenex’s principal product Nlite, originally developed to treat scarring caused by acne, has undergone scientific tests that show it can help prevent the reoccurrence of the skin disease itself.

Dr Tony Chu, a leading authority on acne based at Hammersmith Hospital, carried out a medical trial after patients seeking cosmetic treatment found that it had also therapeutic benefits. The trial of 41 individuals confirmed this and, since there are no side effects to the laser treatment, regulatory authorities in the US and EU have approved the device for medical use.

Now executive chairman Peter McGuinness, who also runs Skin Health Spa, an OFEX-traded chain of spas and beauty clinics, wants to market the device to the medical profession using some of the float proceeds.

At present, Chromogenex’s best-selling product is Chromolite, which can remove unwanted hair as well as skin pigmentation using pulsed lasers. McGuinness attributes its success to being a cost-effective tool, costing clinics just £18,000. ‘This is the best technology at the current price,’ he comments. 240 systems have been sold since its launch last year and distributors for the US and Japan have recently been appointed.

The company also has other products in development, notably Qlite, which can remove tattoos, sunspots and other skin pigmentation. McGuinness has high hopes for this product, if the current trend for tattoos finishes.

The shares start trading on Monday with an initial price at 11p, valuing the company at £6.6 million. Invesco, First State and Sitka are amongst institutions who have backed the flotation.