Practice Note 6.2 Prospectus Disclosure for Life Science Companies
Issue date: 24 March 2009
Effective date: 24 March 2009
1.1 This Practice Note sets out the prospectus disclosure requirements for life science companies seeking a listing on the Exchange.
2. Disclosure Guidelines
2.1 The applicant should disclose in its prospectus:
(1) Details of its operations in laboratory research and development, to the extent material to investors, including details of patents granted and in relation to its products the successful completion of, or the successful progression of, significant testing of the effectiveness of its products. If there are no relevant details, a negative statement should be provided;
(2) Details of the relevant expertise and experience of its key management and technical staff;
(3) The salient terms of any service agreements between the applicant and its key management and technical staff;
(4) The safeguards and arrangements that the applicant has in place, in the event of the departure of any of its key management or technical staff;
(5) The risk and impact, financially or otherwise, from such departure of key management or technical staff on the group's business and operations;
(6) Information on whether the applicant has engaged in collaborative research and development agreements with other organisations, to the extent material to investors;
(7) A comprehensive description of each product, the development of which may have a material effect on the future prospects of the applicant;
(8) The directors' opinion which must state, without requiring a profit forecast, that in their reasonable opinion, the working capital available to the applicant, as at the date of lodgement of the prospectus, is sufficient for the present requirements and for at least 12 months after listing; and
(9) Where relevant and appropriate, an expert technical assessment and industry report.
Amended on 29 September 2011.