12:00 AM
 | 
Jul 29, 2002
 |  BioCentury  |  Finance

New Market experiment looks troubled

The turbulent European markets and a complete cessation of IPOs has led the SWX New Market for growth companies to announce that it is going to cease all marketing and communication activities. The move brings into question the future of the other European growth markets, which are in the same boat.

"The downturn in equity markets and the decline in underwriting activity are the two main reasons for this change," Robert Wyss, head of the SWX New Market, told BioCentury.

As a result, Swiss biotech companies looking to list on the Swiss exchange will have to IPO on the main market, although Wyss said this should not have a major impact.

"The exchange has issued an order for the repositioning of all SWX share trading segments," he said. "As part of this we will try to keep the regulatory framework and entry hurdles relatively unchanged. We will also try to allocate companies into...

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