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.
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)