Covington facilitates US biotech player's AIM float

Covington & Burling has scored the lead advisory role on the AIM listing of US biotechnology company Northwest Biotherapeutics.

Corporate partner Simon Amies led the team acting for Northwest alongside US securities partner Peter Laveran.

According to Laveran the listing was complicated as the company was already quoted on the US OTC Bulletin Board exchange, meaning it is subject to Securities and Exchange Commission reporting regulations.

"Due to this quotation the company is subject to fair disclosure regulations, which means we cannot release information in the UK that hasn't been released in the US, unless the information is released simultaneously," said Laveran.

Because of this restriction the firm cannot name the nominated adviser that worked on the flotation.

According to Amies, due to the unusual nature of the deal the firm has received calls from other US Bulletin Board-listed companies that are exploring similar transactions.

Other Covington lawyers that worked on the deal include EU life science and regulatory partner Grant Castle and patent special counsel Sinan Utku.

Washington DC-based life sciences associate Grail Sipes and employee benefits partner Mike Frances also provided input.