FW advises FuturaGene plc on placing

December 9, 2009

Fox Williams LLP acted for FuturaGene plc, which is quoted on the AIM market of the London Stock Exchange, on a private placing which raised £3 million. 

6,000,000 new ordinary shares were placed with institutional and private investors raising gross proceeds of £3 million. 3,000,000 warrants and 3,000,000 conditional warrants to subscribe for new ordinary shares at 50p per share were also granted to the placees. The warrants will potentially raise an additional £3 million for FuturaGene.

FuturaGene is a leader in plant genetic research and development for the global forestry, biofuel, and agricultural markets. FuturaGene aims to be the leading crop technology company for biomass, second generation biofuel and biopower, through different technologies which help crops grow faster, enhancing yield and processability, and which enable plants to grow in harsh, dry, salty environments or protect yield when plants are stressed by these factors.

FuturaGene’s most advanced technologies are for yield improvement in sustainable industrial forestry. It has strong partnerships with leading international forestry and agriculture companies and has established broad applications of its technology in key crops including eucalyptus, poplar, alfalfa and corn.

Dr. Stanley Hirsch, Chief Executive FuturaGene commented:
"Today’s fund raising shows the confidence investors have in our strategy and the opportunities we have to grow the business rapidly, particularly given our leading capabilities to develop plant genes to increase yield, rate of plant growth and alleviate damage to crops caused by environmental stresses such as drought".

Paul Osborne, Head of Corporate at Fox Williams LLP, led the transaction and was assisted by Senior Associate Howard Taylor. Paul Osborne commented:
"We are delighted to have helped Futuragene with this strategically important fund raising. It is very exciting for our firm to be actively working with a business which aims to be the leading source of plant genetic solutions for the global forestry, biofuel and agriculture industries".

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