FastForward Innovations Limited Juvenescence Series B Funding (1754N)
16 January 2019 - 2:45AM
UK Regulatory
TIDMFFWD
RNS Number : 1754N
FastForward Innovations Limited
15 January 2019
15 January 2019
FastForward Innovations Ltd
("FastForward" or the "Company")
Juvenescence Limited completes first tranche of Series B
Funding
Secures investment of US$46 million
The Board of AIM-traded FastForward Innovations Limited, trading
under the symbol FFWD, ("FastForward", the "Company" or "FFWD"), is
pleased to announce that investee company Juvenescence Limited
("Juvenescence") has completed the first tranche of its planned
US$100-125 million funding round.
In aggregate Juvenescence has closed on subscriptions from new
and existing investors to raise US$46 million at a price of
US$24.70 per share. The price of the Series B funding round values
Juvenescence at a price of US$400 million and is at a 58 per cent.
premium to the price at which the Company invested in the
Juvenescence Series A funding round in June 2018 (see 19 June 2018
announcement). At the price per share of the Series B funding
round, the Company's holding of 128,205 shares of Juvenescence have
an implied value of approximately US$3.2 million, representing an
increase of approximately US$1.2 million from the Company's Series
A investment.
Commenting on the close of the Series B funding round Lorne
Abony, FastForward's Chief Executive Officer, noted:
"We are delighted with the progress Juvenescence is making with
the pipeline of drugs, therapies and technologies they are
developing. Having spent time with the company's management in the
past few weeks in San Francisco I share their optimism in relation
to near-term potential of the company. The successful initial
public offer of Age-X Therapeutics Inc. (NYSE:AGE), in which
Juvenescence has a 46% interest, is a great example of the
expertise Juvenescence brings to drug development companies. The
reaction of the investor community to the AgeX listing demonstrates
the potential for the longevity industry, in North America and, we
hope, in Europe. We look forward to updating shareholders in due
course with further positive news from the Juvenescence portfolio
of assets."
About Juvenescence
Juvenescence Limited is a biotech company focused on therapies
to increase healthy human longevity. It was founded in 2017 by Jim
Mellon, Dr. Greg Bailey, Dr. Declan Doogan, Anthony Chow, and
Alexander Pickett. The Juvenescence team are highly experienced
drug developers, and serial entrepreneurs with a track record of
success in life sciences and drug development. Juvenescence is
focused on developing therapeutics that alter ageing or age-related
diseases. Juvenescence believes that recent advances in science
have greatly improved our understanding of the biology of ageing
and creates the opportunity to develop therapeutics now that can
slow, halt or potentially reverse elements of ageing.
The Juvenescence founders and management team have an extensive
track record of successfully developing drugs for a range of
diseases. Further details regarding Juvenescence are available at
its website www.juvenescence.ltd
General
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information on the Company and its investments
please visit www.fstfwd.co or contact:
FastForward Innovations Limited
info@fstfwd.co
Ian Burns
Beaumont Cornish Limited (Nomad)
+44 (0) 207 628 3396
James Biddle/ Roland Cornish
Optiva Securities Limited (Broker)
+44 (0) 203 411 1881
Graham Dickson
For further information please visit www.fstfwd.co or
contact:
CAUTIONARY STATEMENT
The AIM Market of London Stock Exchange plc does not accept
responsibility for the adequacy or accuracy of this release. No
stock exchange, securities commission or other regulatory authority
has approved or disapproved the information contained herein. All
statements, other than statements of historical fact, in this news
release are forward-looking statements that involve various risks
and uncertainties, including, without limitation, statements
regarding potential values, the future plans and objectives of Fast
Forward Innovations Ltd. There can be no assurance that such
statements will prove to be accurate, achievable or recognisable in
the near term.
Actual results and future events could differ materially from
those anticipated in such statements. These and all subsequent
written and oral forward-looking statements are based on the
estimates and opinions of management on the dates they are made and
are expressly qualified in their entirety by this notice. Fast
Forward Innovations assumes no obligation to update forward-looking
statements should circumstances or management's estimates or
opinions change.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCGGURWGUPBGAA
(END) Dow Jones Newswires
January 15, 2019 10:45 ET (15:45 GMT)
Seed Innovations (LSE:SEED)
Historical Stock Chart
From Apr 2024 to May 2024
Seed Innovations (LSE:SEED)
Historical Stock Chart
From May 2023 to May 2024