RCS - IP Group PLC - Oxford Nanopore announces £48.4m of new funding

IPAnnouncement

26/05/2020 07:00

For best results when printing this announcement, please click on link below:
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20200526:nRSZ8390Na

RNS Number : 8390N  IP Group PLC  26 May 2020

 FOR RELEASE ON  26 May 2020

 

 

IP Group plc - Portfolio company Oxford Nanopore Technologies announces
£48.4m of additional funding

 

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of
intellectual property-based businesses, notes that its portfolio company
Oxford Nanopore Technologies Limited ("Oxford Nanopore"), has announced that
it has raised an additional £48.4 million of new capital to support ongoing
innovation and rapid growth. Oxford Nanopore is the company behind the only
real-time DNA/RNA sequencer that can sequence any read length and is fully
scalable from smaller portable formats to larger devices for population-scale
sequencing.

 

The funding came from both new and existing shareholders in EMEA, US and Asia
and adds to the £29.3 million of capital raised that was announced on 2
January.

 

Following completion of the funding round, IP Group holds an undiluted
beneficial stake of 15.9%. The directors expect that the Group's holding will
be valued at £257.7 million, a reduction of £6.1 million, although will
review the carrying value of Oxford Nanopore, as usual, as part of the Group's
Half-Yearly Results to 30 June 2020 in light of this funding round and all
other relevant information.

 

Oxford Nanopore's sequencing devices are being used in scientific research
worldwide, and increasingly in regulated environments such as healthcare and
food safety. The technology is being used extensively for epidemiology and
research purposes in the current COVID-19 pandemic. The company also announced
last week that it has a new category of COVID-19 test, LamPORE, in advanced
development.

 

For more information, please contact:

 

 IP Group plc                                              www.ipgroupplc.com (http://www.ipgroupplc.com)
 Greg Smith, Chief Financial Officer                       +44 (0) 20 7444 0050

Liz Vaughan-Adams, Communications
+44 (0) 20 7444 0062/+44 (0) 7979 853802
 Charlotte Street Partners
 David Gaffney                                             +44 (0) 7854 609998
 Andrew Wilson                                             +44 (0) 7810 636995

 

Notes for editors

 

About IP Group

 

IP Group is a leading intellectual property commercialisation company which
focuses on evolving great ideas, mainly from its partner universities, into
world-changing businesses. The Group has pioneered a unique approach to
developing these ideas and the resulting businesses by providing access to
business building expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and
business support. IP Group has a strong track record of success and its
portfolio comprises holdings in early-stage to mature businesses across life
sciences and technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.

 

For more information, please visit our website at www.ipgroupplc.com
(http://www.ipgroupplc.com/) .

 

ENDS

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.   END  NRAEADSSAEEEEAA