Belgium’s Movetis has begun trading this morning, a day after an initial public offering which was the first significant fundraising of its type for the European life sciences sector since early 2008.

The company is now listed on the Euronext in Brussels after completing an IPO that has raised the target of 85 million euros. Additionally, over one million over-allotment shares, will be allocated, and if that option is exercised in full, the total capital increase will amount to just shy of 98 million euros.

Dirk Reyn, Movetis chief executive, said that the funds will be used to support the commercialisation of Resolor (prucalopride) in Europe, which was recently approved for the treatment of chronic constipation in women in whom laxatives fail to provide adequate relief. He added that this market “has seen limited or no innovation over the last ten years”.

Mr Reyn went on to say that the funds will help the company develop and seek registration of Resolor for additional indications “that could double its European patient population” and to invest in our pipeline of novel gastrointestinal drug candidates for ascites and paediatric and adult reflux”.

The Brussels-based group expects to launch Resolor in Germany in the first half of 2010 followed by the UK, the Netherlands, France, Belgium and Luxembourg. It is also looking at “one or more partnership deals” to ensure the treatment reaches “the large European population of female patients that visit their doctors for chronic constipation and are dissatisfied with their current laxative treatment”.