Company has a market value of just over €220m
Serial entrepreneur Cathal Friel has raised £6.14 million selling his entire 3.1 per cent stake in London-based clinical trials company Hvivo, where he is chairman.
The shares were held by Raglan Road Capital Ltd, a company he co-owns with his wife, Pamela Iyer, and another one of his vehicles, Horizon Medical Technologies Ltd.The shares had advanced up to 11 per cent on the market in the wake of the capital markets day last Wednesday, in which Hvivo said that its revenues rose 31 per cent in the first half to £35.6 million and reaffirmed its guidance the turnover would reach £62 million for the full year.
Hvivo spun out its Poolbeg Pharma unit, which is focused on developing treatments for infectious diseases, in 2021 through an IPO in London of the division that raised £25 million. Poolbeg’s market capitalisation stands at £63 million.
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