Published: 06 Jun 2017
Author: Robyn Adams
National law firm Shoosmiths has advised P D Neurotechnology (PDN) on its 1.34m (EUR) funding for the development of its ground breaking wearable medical technology.
PDN has received funding of 1,000,000 (EUR)from the founders and angel investors with a follow-on funding commitment of 340,000 (EUR)from the National Bank of Greece (NBG), 1.34m (EUR)in total. The funding will see the continued development of PDN's wearable medical technology for continuous monitoring and treating of movement disorders which is anticipated to assist in the treatment of chronic diseases like Parkinson's disease.
Shoosmiths' corporate partner Stuart Murray and solicitor Alexander Lamley advised PDN on the UK legal aspects of receiving the funding that involved a complicated structural arrangement to deal with exchange controls and NBG investment criteria.
Nikolaos Moschos, President of the board directors at PDN, commented: 'This funding will ensure the continued development of our innovative wearable medical technology that will significantly benefit sufferers of debilitating movement disorders and illnesses such as Parkinson's disease. The team at Shoosmiths has provided effective, commercial advice with an efficient and proactive service that has ensured the timely securing of this funding.'
Stuart Murray added: 'We are extremely pleased to have assisted PDN on this significant investment into the development of their innovative medical product and wish them all the best for the future.' Shoosmiths' corporate team advises public and private companies, management teams, investors and debt providers through the business life cycle. Shoosmiths work with businesses from start-up and first round finance through to mergers and acquisitions, MBO and MBI transactions, development funding and on exits, by way of sale, listing or private equity investment.
Nationally, the corporate team is ranked in first place by deal volume in Experian's 2016 MarketIQ UK & Ireland M&A league tables. The team was recognised for its mergers and acquisitions expertise at the 2015 M&A Awards, winning the Law Firm of the Year category.
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