Chepstow-based drug discovery and development company Apitope has revealed plans to raise funds through an initial public offering (IPO) on the Euronext stock exchange in Brussels.

Insider Media reports that the proceeds from the IPO will be used to advance the clinical development the company’s ATX-MS-1467 product for the treatment of MS and ATX-GD-59 for the treatment of Graves’ disease. It will also enable further trials of the drugs

The funds will also support early stage programmes for additional innovative product candidates.

Dr Keith Martin, chief executive of Apitope, said “Apitope is developing innovative, potential first-in-class product candidates to treat a range of autoimmune diseases with significant unmet medical needs. We believe the company is at a very exciting stage of development. The planned Initial Public Offering will enable us to advance the programmes in our pipeline. Our lead product candidate, which is in development for treating MS, is the first potential therapeutic that combines high efficacy with an excellent, and differentiating safety profile, and presents a significant opportunity for MS patients, carers and their families.”

Bank Degroof Petercam and Kempen & Co will act as joint global coordinators and joint bookrunners.