LR 6.11 Specialist companies: scientific research based companies

1Where a scientific research based company applies for the admission of its equity shares to a premium listing and cannot comply with the minimum three-year period required in LR 6.2.1R(1) because it has been operating for a shorter period:

1. (1)

   the scientific research based company must have published or filed historical financial information since the inception of its business; and

2. (2)

   the following apply to the scientific research based company only with regard to the period for which it has published or filed historical financial information under (1):

   1. (a)

      LR 6.2.1R(2), LR 6.2.1R(3) and LR 6.2.1R(4) (content of historical financial information); and

   2. (b)

      LR 6.2.4R and LR 6.2.6R (audit requirements for historical financial information).

1If the scientific research based company does not comply with either LR 6.2.1R(1) (minimum period for historical financial information) or LR 6.3.1R (revenue earning track record), it must:

1. (1)

   demonstrate its ability to attract funds from sophisticated investors prior to the marketing at the time of listing;

2. (2)

   intend to raise at least £10 million pursuant to a marketing at the time of listing;

3. (3)

   have a capitalisation, before the marketing at the time of listing, of at least £20 million (based on the issue price and excluding the value of any equity shares which have been issued in the six months before listing);

4. (4)

   have as its primary reason for listing the raising of finance to bring identified products to a stage where they can generate significant revenues; and

5. (5)

   demonstrate that it has a three year record in laboratory research and development including:

   1. (a)

      details of patents granted or details of progress of patent applications; and

   2. (b)

      the successful completion of, or the successful progression of, significant testing of the effectiveness of its products.