Gowling WLG advises Cenkos Securities plc on SkinBioTherapeutics plc's proposed placing and open offer to raise up to £4.5 million
Equity capital markets and life sciences experts at Gowling WLG are advising Cenkos Securities plc ("Cenkos"), the nominated adviser and broker, on SkinBioTherapeutics plc's proposed placing of new shares on the AIM market of the London Stock Exchange.
SkinBioTherapeutics plc is a life sciences company focused on skin health and has conditionally raised £4 million by way of a placing to new and existing institutional investors. The Company is also proposing to raise up to an additional £0.5 million by way of an open offer made to qualifying shareholders. The new ordinary shares are expected to be admitted to trading on AIM on 2 November 2020.
The net proceeds of the placing will used by SkinBioTherapeutics plc to explore the use of the SkinBiotix® technology, in areas such as, oral and hair indications. Work has already been initiated in these areas but it requires a greater commitment of resource to make material progress.
The funds will also be used to expand the Company's research and development capability through the establishment of its own lab facilities and extending the resource capability at the University of Manchester, where it has a long standing research agreement, and to explore both the launch of an own-label cosmetic product and partnering opportunities for cosmeceutical product lines.
Gowling WLG corporate partner Hugh Maule is leading a team advising Cenkos on the deal, supported by principal associate Alex Davidson, intellectual property and life sciences partner Dr Luke Kempton and trainee Alistair Connor.
Hugh said: "We are pleased to be representing Cenkos on SkinBioTherapeutics plc's proposing placing of new shares, drawing on our expertise in the AIM market and health and care and life sciences sectors.
In what continues to be an extremely challenging market, we are proud to have maintained our strong position as one of the most active legal firms advising clients on the AIM market."
Gowling WLG is recognised for its leading position in the AIM market and in the healthcare and life sciences sectors. The firm brings together experts in corporate, finance, tax, regulatory and dispute resolution to provide a full legal service to its clients.