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Covington Advises the Venture Capital Arm of GSK on an Investment in Breakthrough Drugs

November 26, 2007

LONDON, November 26, 2007 - Covington & Burling LLP has advised SR One, the venture capital arm of GSK, on a Series B investment in Syntaxin Ltd, a biopharmaceutical company developing novel biologic drugs that control cell secretion. The round, which was co-led by SR One and Life Science Partners (LSP) with additional funds from one of Syntaxin’s existing shareholders, Abingworth, raised £16 m. New investors Johnson & Johnson Development Corporation (JJDC) and Quest for Growth also participated in the financing.

Syntaxin’s novel biologic drugs will address unmet clinical needs in the treatment of pain, nervous, respiratory and metabolic disorders. The company’s technology generates novel proteins that target selected cells, resulting in potent and sustained control of aberrant secretion of hormones or signalling molecules that contribute to disease. The funds raised will be used to advance the development of Syntaxin’s biologics pipeline towards clinical proof of mechanism and reinforce its dominant technology position.

Deborah Harland, General Partner at SR One, said: “Syntaxin’s discovery platform provides a unique approach to the development of a new class of biopharmaceutical products with potential application across a broad range of indications. We are impressed by the progress made to date and look forward to working with Syntaxin’s experienced and talented management team and our fellow investors to build a business of significant value.”

The Covington team was headed by corporate partner Louise Nash, who has advised SR One on other transactions in the past, with assistance from associate Janet Kidd.

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