LONDON (Alliance News) - FastForward Innovations Ltd on Tuesday said investee Juvenescence Ltd has completed the first part of its funding round.
Juvenescence, a biotech firm, has raised USD46 million at USD24.70 per share. It plans to raise between USD100 million to USD125 million in total.
The price of the Series B funding values Juvenescence at USD400 million, a 58% premium to the price at which FastForward invested in the company's Series A funding last June.
FastForward Chief Executive Lorne Abony said: "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 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," he added.
"We look forward to updating shareholders in due course with further positive news from the Juvenescence portfolio of assets."
FastForward shares closed 6.9% higher Tuesday at 12.70 pence each.