International law firm Reed Smith has advised new client, AIM listed Proximagen Neuroscience PLC (Proximagen) on its £50m placing and subscription for new shares. The placing, which was fully underwritten by Evolution Securities Limited, is one of the largest biotech fundraisings in the UK for the last ten years.
Proximagen is a biopharmaceutical company focused on drug development for neurodegenerative disorders, including Parkinson's disease and Alzheimer's disease. The proceeds of the placing and subscription will provide Proximagen with capital to acquire and in-licence drug development programmes and to further develop these programmes to commercialisation.
The Reed Smith team included corporate partners Giles Beale and James Wilson.
James Wilson, partner in Reed Smith’s EME corporate group, commented:
“It’s always exciting to work for a new client but even more so when it’s on a significant transaction such as this. Reed Smith’s experience in this sector goes from strength to strength and this matter adds another string to our bow.”
ENDS
Note to Editors:
About Reed Smith
Reed Smith is one of the 15 largest law firms in the world, with nearly 1700 lawyers in offices across Europe, the Middle East, Asia and the United States.
We advise many of the world’s leading organisations on cross-border transactions, complex dispute resolution and regulatory matters.
For further information please visit www.reedsmith.com or contact: Jeyda Star, senior branding & communications executive, on +44 (0)20 3116 2571.
About Proximagen
Proximagen is a drug discovery and development company that is focused on the
development and commercialisation of novel therapeutics for diseases of the central nervous
system. Its current lead programmes aim to improve the quality of life for patients suffering
from neurodegenerative diseases such as Parkinson's disease and Alzheimer's disease.
Proximagen has developed a broad pipeline of partnered and unpartnered drug candidate programmes to address the significant unmet medical needs of patients with neurodegenerative disease. The Company recognises that exciting programmes and commercial prospects in its preferred therapeutic area of the central nervous system may become available at attractive valuations. The Company intends to pursue a strategy of acquiring such drug programmes and further developing them to commercialisation.
Proximagen, a spin-out from King’s College London, joined the AIM market of the London Stock Exchange in March 2005. For further information please visit the Company’s web site: www.proximagen.com.