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On 10 January 2022, London-based biotechnology company, Genflow Biosciences plc its intention to seek admission of its ordinary shares to the standard listing segment of the London Stock Exchange. The company is not currently eligible for a premium listing under Chapter 6 of the Listing Rules. Should the listing go ahead as expected on 17 January 2022, Genflow will be the first biotechnology company solely focused on longevity to float in Europe.

An oversubscribed of shares has raised £3.7m and valued the company at approximately £23.4m, conditional upon admission becoming effective. Backers of the company include the investment firm Longevitytech.fund and private equity firm Theseus Capital, who have purchased shares of the company worth 3.27% and 6.36% respectively.  Both firms have an established history of investment in the life sciences sectors.

Although New York remains the favoured listing market for biotech companies, with over 75 biotech IPOs on the Nasdaq in 2020, and more than 100 in 2021, London is slowly gaining traction with biotech companies keen to benefit from increased investor interest in the industry following the Covid-19 pandemic. 2021 saw seven biotech companies list on the London Stock Exchange, up from one in 2020. Genflow’s decision to steer clear of the Nasdaq exchange is deliberate. The company believes by being the first pure longevity biotech to float in London, it will be best placed to reach institutional investors in the UK and Europe to further raise its profile. Genflow stated in an announcement:

‘To date, research into longevity, and longevity-related investment, has primarily been centred in the USA, where industry leaders such as Jeff Bezos and Peter Thiel have invested heavily. The UK also has an attractive life sciences sector for investors, and the longevity market appears poised for further significant growth.’

 As evidenced by the number of biotechnology IPOs in the US, there is no shortage of investors keen to benefit from this emerging industry. Indeed, according to official figures published by the London Stock Exchange and viewable in Market Tracker, tech and consumer internet companies accounted for 54% of IPO proceeds raised in London in the first half of 2021.

Genflow, which focuses on four of the nine hallmarks of ageing, targets the Sirtuin 6 gene because of its involvement in the ageing process and diseases associated with advanced age. The company, which relies heavily on the research of their scientific advisory board, also believes their research will contribute to the treatment of Werner Syndrome, a hereditary condition associated with premature ageing.

The race to find a treatment, and investor interest in biotech companies seeking to do so stems in part from the fact that as life expectancy increases, so does the incidence of age-related disease. As such, interest in treatments that could boost both health and lifespan will drive growth in the industry.