Proximagen Neuroscience has landed $80.5 million in funding in what's being billed as one of the largest rounds of U.K. biotech funding in the last 10 years. The neurodegenerative disease company has conditionally placed 35,714,286 new ordinary shares of 1p each at a price of 140 pence per share. According to Reuters, four "cornerstone investors," including asset manager Lansdowne Partners, will split the shares.
Proximagen says that it will use the money to acquire and in-license drug development programs--some of which it is already negotiating--over the next two to three years. It will focus on deals for central nervous system diseases such as Alzheimer's and Parkinson's, and will be looking to purchase individual programs as well as whole companies.
"There is an opportunity to consolidate a select group of high quality assets into one strong biopharma company capable of developing drug candidates to commercialisation. I am pleased that so many blue-chip investors have backed our proposed business strategy and recognise this opportunity," said CEO Kenneth Mulvany. This funding brings Proximagen's total cash balance to over £57 million.
- check out Proximagen's release
- read the report from Reuters