Intuitive Investments Group plc Investment in Micrima Limited (3253S)
March 16 2021 - 2:00AM
UK Regulatory
TIDMIIG
RNS Number : 3253S
Intuitive Investments Group plc
16 March 2021
16 March 2021
Intuitive Investments Group plc
Investment in Micrima Limited
Intuitive Investments Group plc (AIM: IIG) ("IIG" or the
"Company"), a closed-end investment company focussed on the life
sciences sector, announces an investment of GBP200,000 by way of
convertible loan note into Micrima Limited ("Micrima") (the
"Investment"). The convertible loan note has a term of three years,
with 8% interest which is non-cumulative and rolls up to be part of
the final conversion amount. There are detailed conversion
mechanics which differ for a trade sale or future fundraise, which
include, in both cases, amongst other things, conversion of the
principal amount at a 20 per cent. discount to the price per share
of such sale or fundraise and a valuation cap on conversion
limiting potential dilution. The investment into Micrima is part of
a GBP1.9 million round which is being matched by the 'Future Fund',
the UK government initiative delivered by the British Business
Bank, thereby providing Micrima with GBP3.8 million of funding in
aggregate.
Micrima is a commercial stage company which has developed a new
imaging method, the MARIA(R) system, based on radiofrequency
technology to improve early diagnosis of breast cancer. Micrima has
reached a significant development milestone with initial sales of
its novel breast imaging technology. Micrima is now set to set to
embark on a full commercial launch with distribution already
established in Germany, Austria and Switzerland through an
agreement with Hologic, Inc. More information on Micrima can be
found at https://micrima.com/ . Micrima, per the company's
unaudited management accounts, achieved a loss after tax for the
year ended 31 December 2020 of GBP2.3 million and, as at 31
December 2020, had net assets of GBP773,954.
David Evans is investing GBP100,000 as part of this investment
round on the same terms as the Investment. Accordingly, David Evans
did not vote as a member of the Board of IIG approving the
transaction.
The Investment in is the Company's eighth investment following
its IPO in mid-December 2020.
For further information, please contact:
Intuitive Investments Group plc www.iigplc.com
David Evans, Executive Chairman Via Walbrook PR
Robert Naylor, CEO
Strand Hanson Limited - Nominated
Adviser +44 (0) 20 7409 3494
James Harris / James Dance / James
Bellman
Turner Pope Investments (TPI) Ltd
- Broker +44 (0) 20 3657 0050
Andrew Thacker / Zoe Alexander
Walbrook PR Limited - Media & Investor +44 (0)20 7933 8780 or intuitive@walbrookpr.com
Relations
+44 (0)7748 651 727 / +44 (0) 7980
Sam Allen / Paul McManus 541 893
About Intuitive Investments Group plc
The Company is a newly established investing company, seeking to
provide investors with exposure to a portfolio concentrating on
fast growing and/or high potential Life Sciences businesses
operating predominantly in the UK, continental Europe and the US,
utilising the Board's experience and in particular that of the
Chairman, David Evans, to seek to generate capital growth over the
long term for shareholders.
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END
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