IS Pharma was formed when Aim-quoted Maelor acquired Speciality European Pharma International for an initial £9.25m, with the possibility of its increasing to £14.25m over a five year period. SEP's main product is Haemopressin, which is used to treat uncontrolled bleeding from oesophageal varices. The company also supplies a range of hospital medicines aimed at niche markets which are of little interest to the major pharmaceutical companies. IS Pharma (Maelor) joined Aim on 21 November 1997 via a placing at 88p a share - equivalent to 616p post-consolidation. On 22 April 2008 seven shares were consolidated into one new share.