31/03/2005 Proximagen Neuroscience opens the market
31 March 2005
Proximagen Neuroscience plc opens the market
Proximagen Neuroscience plc, the drug discovery and development company that is focused on neurodegenerative disease, was founded in November 2003 by Professor Peter Jenner, in conjunction with King’s College London, to draw upon over 25 years of pre-eminent neurodegenerative research.
Proximagen’s business strategy is focused on the identification, development and subsequent commercialisation of novel therapeutics to improve the quality of life and address the medical needs for patients suffering from neurodegenerative disease such as Parkinson’s disease and Alzheimer’s disease.
£13.5m (£12.6m net of expenses) was raised for Proximagen via a Placing at 148p per share. On admission the market capitalisation of Proximagen at the Placing Price was £29.7m. The proceeds of the Placing will be used to finance the Company’s drug development programmes in Parkinson’s disease and Alzheimer’s disease. KBC Peel Hunt Ltd was the Company’s nominated adviser and broker.
Commenting on the flotation, Kenneth Mulvany, Proximagen’s Chief Executive Officer, said: “I am delighted with the response to Proximagen’s flotation. Commencing life as a public company is extremely exciting for us and we look forward to progressing our drug development programmes in Parkinson’s disease and Alzheimer’s disease and to generating value for our shareholders.”