On October 14, 2008, Proximagen announced that it had achieved the first milestone under the terms of a worldwide licensing agreement with Upsher-Smith Laboratories Inc. ahead of schedule, triggering a $6 million (£3.5 million) equity investment in Proximagen by Upsher-Smith.
Proximagen is a drug discovery and development company focused on neurodegenerative diseases. Upsher-Smith is a Minnesota-based company which develops, manufactures and markets pharmaceuticals in a number of therapeutic areas.
Fasken Martineau advised Proximagen on this equity investment with a team comprised of Gary Howes (life sciences), and June Paddock and Peter Rhodes (corporate).