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Case Studies /Cryo-Save

Bringing Europe’s leading adult stem cell storage bank to London’s AIM market

Cryo-Save based in the Netherlands is a profitable emerging healthcare services group whose business focuses on the collection, processing and storage of adult human stem cells collected from the umbilical cord at birth. The Group trades in 37 countries, principally in Europe. It operates four specialist laboratories where in has stored in excess of 70,000 stem cell samples making it Europe’s leading adult stem cell storage bank with a market share of approximately 50% of the total cord blood stem cell samples annually in Europe.

In April 2007 College Hill was appointed by Cryo-Save to work alongside its adviser Kaupthing Singer and Friedlander Capital Markets to advise on a placing and admission to AIM in order to secure the funding necessary to continue the Company’s rapid growth, both organically and by acquisitions, in selected markets around the world.

Objectives

Develop presence and grow the business organically in existing markets

Acquire existing partners to consolidate businesses, grow profits and increase control

Drive geographic growth into new markets both in Europe and emerging markets (e.g. India)

Make strategic acquisitions of non-Group businesses in the fragmented stem cell industry

Launch product extensions to existing customers (Cryo-Cord+) and develop new products for new markets (Cryo-Lip, Cryo-Preservation).

Our Approach

College Hill worked closely with the Group’s other advisers and was fully involved through all stage of the IPO process including:

Development and stress testing of the investment case

Creation of supporting collateral FAQ, Fact Sheet, Notes to Editors

Creation of Investor presentation and management rehearsals

Commenting on Admission document

Media strategy surrounding Admission and First Day of Dealings

Drafting all supporting press releases

Maximised media coverage on impact day – including FT, Reuters and Dow Jones

Analyst presentation on first day of trading

Results

In a difficult market, which had seen many other Companies delay or abandon their IPO plans, Cryo-Save successfully raised £26.54 million, before expenses, via a placing of shares at 210p per share with institutional investors. This gave the Group a market cap of £101.17m on commencement of trading on Tuesday 6 November 2007. The offer was twice oversubscribed and shares opened at 228p a 9% premium to the offer price.

Since listing in November 2007, Cryo-Save has delivered on all of its financial and operational goals by:

Expanding its business organically increasing the number of samples under storage and consolidating its leadership position
Completing acquisitions of partners in Italy, Germany (x2), Hungary and South Africa
Accelerating the development of its business into India and other new markets
Launched its new product CryoCord that allows for the collection and storage of adult mesenchymal stem cells (‘MSCs’) from the lining of umbilical cord tissue

College Hill is still closely involved in the business and in addition to providing an on-going Financial Communications Programme, has also advised the Group on the investor section of its Corporate Web site and been responsible for the design, print and production of Cryo-Save’s Annual report.

Client Endorsement

Rob Koremans, CEO of Cryo-Save commented “We were delighted with the support that College Hill gave us during the IPO process and beyond. Throughout we have been able to rely on the team for high level strategic and tactical advice and sound delivery against our objectives.”

June 2008

To discuss our capability in this area please contact:
Adrian Duffield, Partner, TMT & Life Sciences or Dr Jon Davies, Senior Consultant
+44 (0)20 7457 2020
adrian.duffield[at]collegehill.com or jon.davies[at]collegehill.com

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