The Equity Capital Markets team from independent UK law firm Burges Salmon, working alongside US law firm Alston & Bird, has advised US-based medical technology group AOTI on its successful admission to trading on AIM.
Founded in 2006 and based in Oceanside, California, AOTI is a medical technology group with a mission to help all people with chronic conditions get back to living their lives to the fullest. AOTI is focused on the durable healing of wounds and prevention of amputations that are caused by various chronic wound conditions and is a market leader with over 80 per cent market share of the nascent topical oxygen wound therapy segment.
By capital raised on admission (£35 million (primary and secondary)), AOTI’s admission to AIM today is the largest AIM IPO by raise since December 2021 and with a market capitalisation on admission of £140 million this is the largest AIM IPO since February 2022.
Burges Salmon fielded a specialist team to advise AOTI on this transaction, led by partners Dominic Davis and AJ Venter and associate Dan Wood from the firm’s Equity Capital Markets team. They were supported by senior associate Guy Francis and senior apprentice solicitor Charlie Morgan from the Equity Capital Markets team. Partner Ian Carnochan supported on tax matters and director Nisha Kumar provided support on IP matters.
Dominic Davis comments: “Advising alongside US firm Alston & Bird and Peel Hunt, it has been fantastic to have had the opportunity to support AOTI on its journey to join AIM, advancing its mission of helping people with chronic conditions.”
Dr. Mike Griffiths, Chief Executive Officer of AOTI, Inc. adds: “We would like to thank the Burges Salmon team for their excellent advice and support and for standing side-by-side with us throughout this transformative transaction. This successful float means that we can expedite our commercial expansion and will be crucial in enabling us to further aid those with chronic conditions in living their lives to the fullest."
Burges Salmon has a strong corporate practice in the UK advising clients across a broad range of sectors, including healthcare and healthtech. Much of the firm’s work has an international element, helping overseas clients expand into the UK and supporting UK-based businesses grow internationally.