GEN Exclusives

More »

GEN News Highlights

More »
Jun 5, 2009

Proximagen to Secure About $80M to Finance Purchase and Licensing of Drug Assets

Proximagen to Secure About $80M to Finance Purchase and Licensing of Drug Assets

Proximagen says a new stock sale will help fund acquisition programs

  • Proximagen Neuroscience has placed roughtly 35.7 million shares of ordinary stock at a price of £1.4 per share to garner £50 million, or $80.6 million. Proximagen says that it is already in negotiations on a number of drug development programs, either via license or acquisition, and the funds raised will help the company to complete an expansion over the next two to three years.ADNFCR-2184-ID-19205203-ADNFCR

    The company expects to net about £49 million in cash, or $79.1 million, through this sale. It will supplement the £8 million, or $12.9 million, it reportedly has in reserve. "We intend to use the proceeds of this fundraising to build on our competency in diseases of the central nervous system by acquiring, developing, and commercializing innovative drug candidate programs in clinical stages of development.

    "The fundraising and business strategy will transform Proximagen into one of the U.K.’s best capitalized biopharmaceutical companies," he noted, with the company saying that the placement may be the largest in U.K. biotech in the past decade.

    Past Equity Financing Deals

    Clovis Oncology Raises $145M in Start-Up Financing (May 21, 2009)
    NovImmune Secures Over $56M to Buy Back Two mAbs from Merck Serono (May 12, 2009)
    Sopherion Pockets $55M to Support Late-Stage Trial with Anticancer Agent (Feb. 19, 2009)
    Symphogen Pockets Over $42M (Feb. 4, 2009)
    Dyax to Pocket $50M Equity Financing in Anticipation of HAE Drug Approval (Oct. 30, 2008)

Related content


GEN Jobs powered by connects you directly to employers in pharma, biotech, and the life sciences. View 40 to 50 fresh job postings daily or search for employment opportunities including those in R&D, clinical research, QA/QC, biomanufacturing, and regulatory affairs.
More »

Be sure to take the GEN Poll

Patient Access to Genetic Information

Do you think patients have the absolute right to gain access to their own genetic information from medical or clinical laboratories?

More »