Swedish entrepreneur Rolf Nordström is poised to float AIM’s first Scandinavian counter, Swedish biotech concern Tri-Pep, which wants C3 million (£2 million) through Irish broker NCB to advance an anti-HIV therapy.
London-based Nordström, who already chairs fully-listed property developer International Real Estate and speculative mining play Minmet, is chairman and 23.4 per cent owner of Stockholm-listed Tri-Pep. He bought in cheaply after the company’s Phase II trials of anti-HIV drug candidate GPG failed.
Now Tri-Pep’s chief executive Professor Anders Vahlne has identified the active component of GPG, called alphaHGA. He says he believes this will enable a drug from this compound to pass necessary trials.
The shares have tripled in Sweden to the equivalent of 77p since this discovery last October. Recently alphaHGA has passed a test indicating the drug can be taken orally.
Tri-Pep seeks a London listing, ‘primarily to attract international investment institutions’, says Nordström. That should help it negotiate licensing deals with large drug companies Tri-Pep plans to start clinical trials on alphaHGA in Thailand. These could begin before January, supervised by scientific adviser and AIDS expert Professor Bill Powderly.