AMSTERDAM, the Netherlands, November 15 /PRNewswire/ -- Avantium, a leading technology company in the area of advanced high-throughput R&D, withdraws its Initial Public Offering ("IPO") planned for 16 November 2007 due to adverse markets. Avantium will continue implementing its communicated strategy and closely monitor the development of the capital markets.
Tom van Aken, CEO of Avantium, said: "We have been very encouraged by the positive reactions of institutional and retail investors to our company and strategy. However, Avantium and its shareholders have decided not to proceed with the planned IPO at this stage because of sharply declining market conditions."
Avantium, established as a spin-off from Royal Dutch Shell in 2000, has developed advanced high-throughput R&D technology. Its proprietary technology enables the company to conduct many automated experiments in parallel on a very small scale, providing fast and cost effective research at superior success rates. Avantium has demonstrated the validity and commercial viability of its unique, patented technology and expertise by providing R&D services and tools to its clients in the energy, chemicals and pharmaceutical industries. The company services more than 70 companies worldwide, including many market leaders such as BP, Royal Dutch Shell, Sasol, Pfizer, Boehringer Ingelheim and GlaxoSmithKline. Building on its track record and proven technology, Avantium plans to advance its exciting product development programs in the fields of next generation biofuels and improved forms of existing drugs.
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For more information about this press release please contact: Citigate First Financial, José Tijssen, Phone: +31(0)6-551-237-26, Email: Jose.Tijssen@citigateff.nl