Press Release
07 March 2007
McGrigors advises Neuropharm Group on AIM market listing
The leading UK law firm McGrigors has advised speciality pharmaceutical group Neuropharm Group plc on its AIM market listing. Neuropharm Group, which focuses on the development of products for the treatment of disorders of the central nervous system (CNS), joined the AIM market on 6 March 2007.
In a Placing arranged by Investec Investment Banking, Neuropharm Group raised £20 million through the issue of 15,748,032 ordinary shares at 127p per share. Based on the Placing price, the market capitalisation of Neuropharm on admission was £40.0 million.
For McGrigors the deal highlights the strength of its UK corporate practice group, and demonstrates its comprehensive knowledge of advising companies on AIM market matters. In early 2006, McGrigors advised on some $500million of new monies to be raised in Q1 on AIM IPO's spanning interests in Eastern Europe, China, Jersey, Canada and the US.
Neuropharm, which was founded in 2005, intends to use the proceeds of the Placing to complete its development programme for the use of fluoxetine for the treatment of Austistic Spectrum Disorders and, subject to obtaining regulatory approval, for the launch of the product. The proceeds will also be used for the development of Neuropharm's other projects, including programmes aimed at developing drugs for the treatment of Fragile X Syndrome and Obsessive Compulsive Disorder.
McGrigors partner Alan Diamond, who advised Neuropharm Group plc commented:
“We have worked with Neuropharm since its establishment in 2005 and are pleased to have advised them during this exciting time. This listing not only further enhances our AIM market credentials but it has also shown that McGrigors has the expertise to work across a broad range of sectors. We look forward to continuing to work with Neuropharm in the future.”
Robert Mansfield, Chief Executive Officer of Neuropharm Group, commented:
“It has been a great pleasure working closely with the McGrigors team. We are delighted by the support that Neuropharm has received from investors and from our advisers. The capital raised as a result of the listing enables us to progress the development of fluoxetine for the treatment of Autistic Spectrum Disorders in both the US and Europe.”
For further information please contact:
Louisa Hollins
Financial Dynamics
Telephone - +44 (0) 20 7269 7108
Email - Louisa.hollins@fd.com
Andy Peat
Financial Dynamics
Telephone - +44 (0) 20 7269 7185
Email - andy.peat@fd.com