Non-sticky gum to be floated on stock exchange
A COMPANY which was formed following the invention of a non-stick chewing gum at Bristol University is looking to raise £25 million on the stock market.
Shares in the company, which is called Revolymer, went on sale this month and the firm will be listed on Aim – the junior version of the Stock Market – by the end of July.
The revolutionary compound which is at the centre of the firm's success was invented by Professor Terry Cosgrove at the university more than a decade ago.
His chewing gum has already gone on sale in America and the money raised by the flotation will be used to launch the brand in Europe.
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The chewing gum can be easily removed from clothes using soap and water, and wads dumped on the streets can also be easily washed away. The firm is also developing a number of other products including cosmetics such as lipsticks.
The flotation values the firm at more than £50 million and a total of 25 million shares will be made available at a cost of £1 each.
Revolymer was founded by Dr Roger Pettman and Professor Cosgrove who worked at Bristol University together.
Dr Pettman is the chief executive of the firm and its chief scientific advisee is Professor Cosgrove. The inventor is also a professor of chemistry at Bristol.
The firm's Rev7 gum was launched in the US two years ago and a roll-out of a similar product is expected to take place in the EU later this year.
The company said it has no plans to "directly compete" with the big players in the confectionery industry but wants to "demonstrate consumer interest for future partnership with these companies".
Dr Pettman said: "I am delighted with the success of our equity fund raising and with such strong demand for the group's shares. I will be pleased to welcome our new shareholders to Revolymer following admission and thank them for their support."
He added: "Admission to Aim will be an important step in our group's development, enhancing our profile and standing and providing the capital to support our strategic objectives.
"We believe we have the technology, commercial strategy and team to deliver substantial value to investors via the successful licensing of our portfolio of unique products to key players on the fast-moving consumer goods industries."
Dr Pettman said: "This technology will contribute towards solving a very costly and environmentally- challenging problem. We are seeing enormous enthusiasm from everyone we speak to in the US about the potential of our product."
Around 9,000 tonnes of chewing gum is disposed of in Britain each year. Revolymer has been working on the product for four years, at a cost of £10 million.