Life sciences firm hVIVO has said it is cancelling its admission to listing on Dublin’s Euronext Growth exchange to focus on consolidating its presence on London’s AIM market.
The company, which tests infectious diseases, said this will remove the costs and complexities that come with managing two listings and it will not impact its current trading on the AIM index.
“As hVIVO’s primary operations, along with the majority of its employees and investor base, are in the UK, the Board has decided to consolidate trading of the Company’s stock to its primary listing on the AIM Market of the London Stock Exchange,” it said.
The cancellation, set to take effect on 2 September 2024, will remove hVIVO’s shares from the Euronext Growth index, which is headquartered in Amsterdam but operates markets in Paris, Brussels, Dublin, Lisbon, Milan and Oslo.
Shares in hVIVO fell around 2.7 per cent when markets opened on Monday. The stock is up 58.5 per cent over the past year and nearly 13 per cent year to date after posting record 2023 results.
In July, the company reported a record first half revenue of £35.6m, up 30.6 per cent year on year. It is targeting revenue of £100m by 2028.
It comes as hVIVO has just moved to a new clinical trial facility in Canary Wharf, as the district attempts to grow a life sciences hub amid rising demand for the sector.
The infectious disease market has “witnessed increased interest from both commercial and non-profit entities, as well as a notable uptick in M&A activity,” hVIVO chief Dr Yamin Mo Khan said earlier this year.