DLA Piper advises Aspen Neuroscience in its US$147.5 million Series B financing
DLA Piper advised Aspen Neuroscience, a private biotechnology company developing autologous cell therapies, in the closing of its US$147.5 million Series B funding, which would go towards the clinical trials of company’s first iPSC-derived autologous neuron replacement treatment for Parkinson’s disease.
Aspen is leading the development of personalized cell replacement using a patient’s own cells, which would not require the use of immunosuppressive therapy, and its Series B funding would also support its R&D pipeline, including autologous gene-corrected cells and the treatment of other neurological diseases.
“We are grateful for the support of the DLA legal team,” said Damien McDevitt, PhD, president and CEO of Aspen Neuroscience. “Randy is a highly experienced attorney who's used his deep expertise to close financings across a number of industries, large and small, and the team’s assistance during the Series B raise was important to our success.”
GV, LYFE Capital and Revelation Partners co-led this investment round and it included participation from new investors EDB Investments, Newton Investment Management, LifeForce Capital, Medical Excellence Capital Partners, Mirae Asset Capital and NS Investment Co., among others. The raise included significant investments from existing investors, including OrbiMed, ARCH Venture Partners, Frazier Life Sciences, Section32 and Alexandria Venture Investments. To date, Aspen has raised more than US$220 million since its founding.
“It has been a privilege working with the team at Aspen Neuroscience to secure this important funding as the Company continues its mission to serve patients suffering from Parkinson’s disease.” said Randy Socol, the DLA Piper partner who led the firm’s deal team. “This is an exceptional accomplishment by the Aspen management, board and investors and we are proud to have been able to partner with this tremendous group. We look forward to continue supporting Aspen.”
In addition to Socol and Peter Nelson (both based in San Diego), the DLA team included partner Nicholas Klein based in Washington, DC.
With more than 1,000 corporate lawyers globally, DLA Piper helps clients execute complex transactions seamlessly while supporting clients across all stages of development. The firm has been rated number one in global M&A volume for 12 consecutive years, according to Mergermarket.
DLA Piper advises on all aspects of the life sciences sector, combining subject matter experience with considerable knowledge of the scientific, medical, regulatory, commercial and enforcement environments facing biopharmaceutical, medical device, research and diagnostics clients. Recognizing that clients’ needs vary, the firm rapidly organizes and customizes client service teams, whether for a large pharmaceutical company, a mid-sized medical device client or a development-stage biotech company.