RCS - Mercia Asset Mgt PLC - MIP Discovery positive progress update

Mercia Asset ManagementAnnouncement

08/02/2023 07:00

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RNS Number : 2111P  Mercia Asset Management PLC  08 February 2023

 RNS Reach  8 February 2023

 

Mercia Asset Management PLC

 

("Mercia", the "Group" or the "Company")

 

MIP Discovery positive progress update

 

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused
specialist asset manager with c.£1.4billion of assets under management, is
pleased to share positive developments at MIP Discovery Limited ("MIP"), one
of its direct investments.

 

MIP has recently announced that it has secured significant grant funding from
the Bill & Melinda Gates Foundation. The funding will support a project
focused on the use of MIP's detection reagents, to enable low-cost,
high-volume diagnostic tests for low and middle-income countries, during
endemic or pandemic outbreaks.

 

In parallel, MIP has announced the appointment of Brian Burke to its board as
Chief Commercial Officer, bringing extensive experience from his tenure as
Global Head of Strategy and Corporate Development at Horizon Discovery.

 

A Leicester University spinout, MIP was originally supported via Mercia's
third-party managed funds. It is a nanotechnology business that has developed
and patented a novel design and development process to make nano-scale
molecularly imprinted polymers ("nanoMIPs"), that act as stable and highly
cost-effective synthetic antibodies which require no animal testing and have a
multitude of industrial applications. In addition to holding 20.1% via its
managed funds, Mercia holds a fully diluted direct investment stake in MIP of
10.2%.

 

Dr Mark Payton, CEO of Mercia Asset Management PLC and non-executive Director
on the MIP board commented: "We are excited by the continued progress being
seen at MIP. Attracting funding from the Bill & Melinda Gates Foundation
is testament to the significant potential of MIP's platform technology to
solve critical diagnostic challenges and deliver solutions that meaningfully
improve healthcare outcomes, in the parts of the world that most need help.
Brian's appointment also strengthens its executive team and will bring
valuable commercial expertise, as MIP takes specific products in development
toward material market opportunities."

 

 

 -Ends-

 

For further information, please contact:

 

 Mercia Asset Management PLC                          +44 (0)330 223 1430

 Mark Payton, Chief Executive Officer

 Martin Glanfield, Chief Financial Officer

 www.mercia.co.uk (http://www.mercia.co.uk/)

 Canaccord Genuity Limited (NOMAD and Joint Broker)   +44 (0)20 7523 8000
 Simon Bridges, Emma Gabriel

 Singer Capital Markets (Joint Broker)                +44 (0)20 7496 3000
 Harry Gooden, James Moat

 FTI Consulting                                       +44 (0)20 3727 1051
 Tom Blackwell, Immy Ransom
 mercia@fticonsulting.com

 

About Mercia Asset Management PLC

 

Mercia is a proactive, specialist asset manager focused on supporting regional
SMEs to achieve their growth aspirations. Mercia provides capital across its
four asset classes of venture, private equity, debt and proprietary capital:
the Group's 'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over time Mercia
can provide further funding to the most promising companies, by deploying
direct investment follow-on capital from its own balance sheet.

 

The Group has a strong UK footprint through its regional offices, university
partnerships and extensive personal networks, providing it with access to
high-quality deal flow.

 

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".

 

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