Preparing for an IPO

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"The thorough review and assessment of Profile Therapeutics' intellectual property by Withers & Rogers and the subsequent detailed report that they wrote for the flotation prospectus was an important part of our business's flotation on the London Stock Exchange. We were able to raise sufficient funds in the flotation exercise to develop our new technology and market it. Our new technology and the patent position that Withers & Rogers helped us to build up made the business sufficiently attractive that it was subsequently acquired by a US corporation."
John Denyer, then CTO
Profile Therapeutics

Howard Wright




+44 20 7940 3600

Office: London

Profile Therapeutics was a UK-based healthcare company that developed and manufactured nebulisers (medical devices that deliver aerosolised drugs to the respiratory system of patients).

It was also the British distributor of Respironics products and was eventually bought by the company.

The issue

Profile Therapeutics wanted to invest significantly in new technologies and the decision was made to list the company on the London Stock Exchange in order to secure the necessary funds. In preparation for the flotation we were asked to write a report on the company’s IP portfolio, which consisted patents, trade marks and designs.

The solution

We began by identifying each of the inventions for which patent applications had been filed and referenced them to specific existing or future products. We also assessed the validity of the patents, carrying out a detailed review of the prior art. In all this meant assessing 11 inventions, with around 100 associated patents worldwide.

The outcome

The successful flotation of Profile Therapeutics enabled the company to raise sufficient capital to bring a new nebuliser design to market and develop pharmaceutical compositions for the device.

The adaptive aerosol system became the first advanced nebulizer system to be approved by the US Food and Drug Administration for use in combination with a novel inhaled therapy for the treatment of pulmonary hypertension.

The success of the business was subsequently recognised by Respironics Inc who went on to acquire the company.