The Public Companies and Capital Markets team at Gowling WLG has advised Cenkos Securities ("Cenkos") on a conditional fundraising by AIM-traded SkinBioTherapeutics.
The fundraising was conducted through an accelerated bookbuild process undertaken by Cenkos and conditionally raised proceeds of £2.5 million. SkinBioTherapeutics is also looking to raise an additional £1 million through a separate conditional retail offer. This is the second successful fundraise for SkinBioTherapeutics which Gowling WLG has acted for Cenkos on, in aggregate, raising up to £8 million.
SkinBioTherapeutics is a life sciences company focused on skin health. The primary purpose of the fundraising is to fund the continued roll-out of Axis-PS into Europe and the rest of the world, accelerate development and commercialisation of acne treatment, build out in-house formulation and scientific capabilities, as well as general working capital. The fundraise will also provide the company a strengthened balance sheet for negotiations with potential acquisition targets.
Principal associate in Gowling WLG's capital markets team, Alex Davidson, led on the fundraising, supported by corporate partner Hugh Maule and trainee Anna Samokhina.
Commenting on the fundraise, Alex Davidson said:
"We are pleased to be representing Cenkos once more on SkinBioTherapeutics' conditional fundraising, drawing on our expertise in the AIM market, as well as the health and care and life sciences sectors."