Investment in Juvenescence Limited, a Leading Longevity Therapeutics Company.
The Board of AIM-traded FastForward Innovations Limited (FFWD), is pleased to announce that the Company has today subscribed US$2 million for an approximate 0.8 per cent. equity interest in Juvenescence Limited, a BVI incorporated private company developing therapies to slow, halt and potentially reverse ageing. FFWD has subscribed as part of a US$50 million Series A fundraise that Juvenescence has now closed with a post-money valuation of US$250 million.
The Juvenescence founders and management team have an extensive track record of successfully developing drugs for a range of diseases. The team’s most recent success is demonstrated through Biohaven Pharmaceuticals, listed on the Nasdaq Stock Exchange, and valued at over US$1.6 billion (as at close of business on 15 June 2018), having successfully completed two pivotal Phase 3 trials in acute treatment of migraine in March 2018. The team is now focused on developing therapies for people to live longer, healthier lives. The Juvenescence founders include Mr Jim Mellon, the Non-Executive Chairman of FastForward, as well as Dr. Greg Bailey and Dr. Declan Doogan.
Since its incorporation in October 2016, Juvenescence has raised a total of US$63 million from a variety of international investors including family offices and leading institutions. The proceeds of the Juvenescence Series A funding will be used to advance key projects over the next 12 months with the Board of Juvenescence reviewing options for a potential listing in 2019.
Juvenescence’s portfolio currently includes:
- Insilico Medicine, a next-generation artificial intelligence company specialising in the application of deep learning to drug discovery and ageing research;
- Juvenescence AI, a joint venture with Insilico Medicine focused on the clinical development of AI generated compounds;
- NetraPharma, a joint venture using artificial intelligence to improve clinical trial design;
- LyGenesis, a company with technology to use a patient’s own lymph nodes as bioreactors to grow functioning ectopic organs; and
- AgeX Therapeutics, a company applying technology related to cell immortality and pluripotency to human ageing.
Commenting on the investment Lorne Abony, FastForward’s Chief Executive Officer, noted: “We are delighted to complete our investment in Juvenescence. Huge strides are being made in the fight against ageing and related diseases and enormous capital is being invested in this area. Commercialisation of drugs and technologies that slow, halt or reverse the ageing process could emerge as the biggest industry in the World over the next 10 years, dwarfing sales of global retailers and pharmaceutical companies, with the potential for super-normal returns for early-stage investors. We are delighted to make this investment, alongside other high-profile international investors, and to support Jim and his colleagues in their development of an incredibly exciting company on what we believe will be a fantastic journey for FastForward and our shareholders.”
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