APCOM

Stock market turmoil hasn't stopped MolMed, the spin-off company of the San Raffaele Scientific Institute, leader in the medical biotechnology field, with particular focus on innovative therapies for cancer treatment. It is the first Italian biomedical company entering the stock market: the debut in Piazza Affari is due on March the 5th.

The aim of the quotation is to raise funds to increase potentials for research development, avoiding it being slowed down by the negative market trend. "Everybody is asking us why we decided to embark in the stock exchange; my answer is that this is the best moment for the expansion of our clinical studies and we need extra resources. It was not a tactic choice but a strategic one" said Managing Director of MolMed, Claudio Bordignon, also renowned pioneer in gene therapy.

"Biotechnological research cannot not tied down to macroecomics or to expansion or recession - added Marina Del Bue, director of MolMed - these contingent variables must not affect research and scientific development" said Del Bue, praising the partnership of Piazza Affari with the London Stock Exchange, an alliance which "offers us an international visibility", she explained.

I hope this will prove a successful operation said Gaetano Micicchè, managing director of Banca Imi (gruppo Intesa Sanpaolo), sponsor of the IPO. "It is an extraordinary and noble initiative which highlights the excellence of the work of Italian researchers".

Launched in 1996 in Milan, MolMed employs 82 people and last September was suffering a 10,1 million euros loss and is located in the San Raffaele Science Park of Milan, which includes the renowned research hospital and scientific institute, along with a dozen thriving biotechnology companies, and a private university.

The San Raffaele Scientific Institute counts over 350 scientists, with almost 600 publications in international journals in 2006; the hospital is the largest Italian private clinical centre, with over 1000 beds and more than 100 clinical studies running each year.