IP Group PLC Oxford Nanopore announces £70m fundraising (6002T)
July 21 2015 - 1:09AM
UK Regulatory
TIDMIPO
RNS Number : 6002T
IP Group PLC
21 July 2015
FOR RELEASE ON 21 July 2015
IP Group plc - Portfolio company Oxford Nanopore announces
GBP70m fundraising
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, is pleased to
note that its portfolio company, Oxford Nanopore Technologies
Limited ("Oxford Nanopore" or "the Company"), has raised GBP70.0
million in a new financing round via a private placement of
ordinary shares.
Oxford Nanopore, a spin-out company from the University of
Oxford specialising in nanopore-based electronic molecular analysis
systems, recently commented that its handheld MinION device is
commercially available and registration has opened for its
PromethION Early Access Programme (PEAP). PromethION is a
standalone device, which offers the nanopore sensing technology of
MinION but enables higher throughput and sample numbers.
Both new and existing investors in the UK, US and mainland
Europe subscribed to the fundraising to support the Company's
development and commercialisation of electronic molecular analysis
systems. Funds will be used to support improvements to Oxford
Nanopore's existing range of products and services and to further
develop and expand the Company's innovative pipeline. Manufacturing
and commercial activities will be expanded.
Following completion of the financing round, IP Group's
undiluted beneficial stake of 19.9% in Oxford Nanopore will be
valued at GBP192.9 million, representing an unrealised fair value
gain to the Group of GBP50.3 million. IP Group has committed a
further GBP13.9 million to Oxford Nanopore as part of this funding
round.
This transaction brings the total funds raised by Oxford
Nanopore since its formation in 2005 to
GBP251.0 million.
Alan Aubrey, Chief Executive of IP Group, said: "IP Group has
been proud to support Oxford Nanopore since the Company's formation
ten years ago. The Company has made excellent technical and
commercial progress and the significant developments announced at
its recent London Calling nanopore-sensing conference further
reinforce our confidence in the Company's technology. I would like
to congratulate the Oxford Nanopore team for all of their successes
so far and we look forward to working with them as they seek to
achieve their goal of making nanopore-sensing valuable, integral
and available to anyone with a question about a living thing."
For more information, please contact:
IP Group plc www.ipgroupplc.com
Alan Aubrey, Chief Executive
Officer
Greg Smith, Chief Financial
Officer
Vicki Bradley, Communications +44 (0) 20 7444 0050
FTI Consulting
James Melville-Ross/Simon
Conway/
Victoria Foster Mitchell +44 (0)20 3727 1000
Notes for editors
About IP Group
IP Group is a leading UK intellectual property commercialisation
company, developing technology innovations primarily from its
research intensive partner universities. The Group offers more than
traditional venture capital, providing its companies with access to
business building expertise, networks, recruitment and business
support.
IP Group's portfolio comprises holdings in around 90 early-stage
to mature businesses across the Healthcare, Biotech, Cleantech and
Technology sectors. These businesses include Oxford Nanopore
Technologies, the DNA sequencing development company, Revolymer,
best known for its removable chewing gum, and Xeros, which has
received many accolades for its revolutionary clothes washing
techniques with a much reduced requirement for water.
For more information, please visit our website at
www.ipgroupplc.com.
About Oxford Nanopore Technologies
Oxford Nanopore Technologies is developing and commercialising a
new generation of nanopore-based electronic systems for analysis of
single molecules, including DNA, RNA and proteins. The handheld
MinION(TM) device, the high-throughput/high sample number
PromethION(TM) and GridION(TM) systems are designed to provide
novel qualities in molecular sensing such as real-time data
streaming, improved simplicity, efficiency and scalability of
workflows and direct analysis of the molecule of interest. The
devices may be used in scientific research, personalised medicine,
crop science, security and defence and environmental applications
and a number of applications, methods and tools have been published
by MinION users. Products and services are priced for low
total-cost-of-ownership DNA sequencing (or other analyses). Oxford
Nanopore is developing or providing products and services to
simplify all parts of the nanopore-based molecular analysis
workflow. For sample preparation this includes VolTRAX, a rapid,
programmable, portable, disposable sample preparation device
designed to convert complex samples such as blood, saliva or
environmental samples directly onto a nanopore sensing device. For
analysis this includes Metrichor, a cloud based service for real
time molecular analyses, vertically integrated with nanopore
sensing devices. MinION is commercially available and registration
has opened for the PromethION Early Access programme (PEAP).
Supported by a broad patent portfolio, the Oxford Nanopore
pipeline includes multiple generations of nanopore-based sensing
technologies, including those based on both biological and
solid-state nanopores.
www.nanoporetech.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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