Accountants and business advisers James Cowper Kreston has advised AIM listed Abzena on the raising of GBP20 million through a placing of new shares.
James Cowper Kreston acted as reporting accountant on the fund raising, with the team led by Partner and Head of Corporate Finance Nick Rogers.
Abzena, which was admitted on to AIM last year, is a life sciences company providing services and technologies enabling the development and manufacture of biopharmaceutical products. Since its admission the business has grown significantly organically and via acquisition in both the UK and US.
Abzena intends to use the proceeds from the placing to acquire The Chemistry Research Solutions LLC (TCRS), a specialist contract chemistry and bio-conjugation company based near Philadelphia, USA, and to back further research and development work.
Julian Smith, CFO of Abzena, says: “We were very pleased with the way the James Cowper Kreston’s Corporate Finance team pragmatically managed this piece of work, complementing their audit team who were assisting with our half year results announced on the same day. Its tax team also provided advice on the process, the acquisition and ongoing actions. This is a great example of a medium sized firm of accountants providing an integrated service supporting a client under extreme time pressure.”
Nick Rogers, Partner and Head of Corporate Finance at James Cowper Kreston, adds: “We are delighted to have advised Abzena on its recent placing and wish them every success with the acquisition of TCRS and its growing US presence. As confidence in the UK economy continues to improve, AIM maintains its strong reputation for helping small and growing businesses raise the capital they require for expansion.”
Charles Morrison, Global Co-Chair of Finance & Projects at DLA Piper, adds: "With the hire of a lawyer of Andy's calibre, we are demonstrating our on-going commitment to strengthening our Finance group in key markets. His extensive international experience makes him a very valuable asset to the team in London."