A team of life sciences and corporate finance experts from international law firm Gowling WLG has advised Cenkos Securities (as broker) and Shore Capital (as nominated adviser) on RUA Life Sciences PLC's £6 million fundraise.
RUA Life Sciences plc, the AIM-listed medical devices firm and holding company of a group of medical device businesses focused on the exploitation of Elast-Eon™, a long-term implantable biostable polymer, has conditionally raised £6 million by way of a placing and subscription to new and existing investors. The company is also proposing to raise up to an additional c.£1 million by way of an open offer made to qualifying shareholders.
The net proceeds of the placing and subscription will be used by the company primarily to fund the acceleration of the Group's surgical heart valve through to human trials, to accelerate development of the Company's TAVI valve, to scale up the Group's graft manufacture to meet anticipated demand and to allow further investment in capital equipment to assist in the scale up of the Group's capacity..
Gowling WLG corporate partner Hugh Maule, principal associate Alex Davidson, life sciences partner Dr Luke Kempton and trainee solicitor Alistair Connor led a team advising Cenkos Securities and Shore Capital on the deal.
Hugh said: "We were pleased to utilise our expertise in the AIM market and life sciences sector in representing Cenkos Securities and Shore Capital on this fundraise. The successful fundraising will support RUA Life Sciences plc's exciting plans for the growth of its heart valve business. We wish the company all the best."
Gowling WLG's Life Sciences Group is made up of more than 150 professionals around the world. The firm is also recognised for its leading position in the AIM market – bringing together experts in tax, corporate, finance, regulatory and dispute resolution to provide a full legal service to its clients.