European pharma Biofrontera made a steady start to its first day of dealings on AIM.
Already fully listed in Frankfurt, the company has developed Ameluz, a prescription drug that treats Actinic Keratosis, a superficial skin cancer.
The drug is used in combination with a red light source, or photodynamic therapy (PDT), and has achieved a 65% market share in Germany within a year of its launch in 2011.
Work is ongoing on US approval with a launch of the treatment expected in 2016.
Biofrontera raised €15.3mln net from its existing shareholders earlier this year to in preparation of US approval and fund the indication of Ameluz to treat Basal Cell Carcinoma.
Listing on AIM will allow it to build on its institutional and international investor base, it said.
At the IPO price of €3.15mln, the group was valued at just short of €70mln, with the shares trading at €3.25 in early deals.