Our Public Companies and Capital Markets team has advised Cavendish Capital Markets Limited ("Cavendish") on a conditional fundraising by AIM-traded IXICO plc.
The fundraising was conducted through an accelerated bookbuild process undertaken by Cavendish and conditionally raised proceeds of £4 million. IXICO is also looking to raise an additional £0.25 million through a separate conditional retail offer.
The gross proceeds of the fundraising will be used by IXICO to focus on delivering a differentiated service offering into the Alzheimer's disease and Parkinson's disease markets, whilst positioning IXICO on a pathway to cash break-even/profitability over the medium term. It will use funding to develop additional biomarkers for use in the IXIQ.Ai platform that can unlock further the value provided to the clinical trials and post market assessment markets. It will also invest in reinforcing the Group's image as a provider of neuroimaging and a respected voice by key opinion leaders, especially across North America.
Principal Associate in Gowling WLG's Capital Markets team, Alex Davidson, led on the fundraising, supported by Corporate Partner Davey Brennan and Associate Freddie Whittle.
Commenting on the deal, Giles Balleny Director of Corporate Finance at Cavendish, said: "Alex and the team provided us with their usual strong support and measured advice throughout the deal."
Alex Davidson added: "We are very pleased to be representing Cavendish on IXICO's fundraising, drawing on our expertise in the AIM market, as well as the healthcare and life sciences sectors."
Gowling WLG's Capital Markets team is well-established with an extensive track record over many years advising issuers on a variety of markets, as well as their sponsors, financial advisers, nominated advisers and brokers, in relation to IPOs, secondary fundraises, takeovers and related public company transactions.