TIDMIPO

IP Group PLC

26 May 2020

 
 FOR RELEASE ON   26 May 2020

Portfolio company Inivata announces strategic collaboration and $25m investment from NeoGenomics

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that portfolio company Inivata Ltd, ("Inivata" or "the Company"), a leader in liquid biopsy, has announced the formation of a strategic collaboration with NeoGenomics, Inc (NASDAQ: NEO) for the commercialisation of its InVisionFirst(R)-Lung liquid biopsy test in the United States.

As part of the collaboration, NeoGenomics will make a $25 million equity investment in Inivata to take a minority shareholding with an option to buy the company outright. The new funding received by Inivata will be used to enable the acceleration of its liquid biopsy products, including further development work on RaD aR, its newly launched highly sensitive personalised assay for the detection of residual disease and recurrence.

Following completion of the initial equity investment, IP Group will hold a direct undiluted beneficial stake of 25.7% in Inivata. The directors expect that this transaction will result in a direct unrealised fair value gain to the Group of approximately GBP7.0 million and that the Group's holding will be valued at approximately GBP31.0 million.

NeoGenomics and Inivata will also seek opportunities for collaboration with biopharmaceutical companies around Inivata's liquid biopsy platform drawing on both companies' technology and expertise.

For more information, please contact:

 
 IP Group plc                            www.ipgroupplc.com 
                                         +44 (0) 20 7444 0050 
 Alan Aubrey, Chief Executive Officer 
  Greg Smith, Chief Financial Officer     +44 (0) 20 7444 0062/+44 (0) 
  Liz Vaughan-Adams, Communications       7979 853802 
 Charlotte Street Partners 
 Andrew Wilson                           +44 (0) 7810 636995 
 David Gaffney                           +44 (0) 7854 609998

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.

Group holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.

For more information, please visit our website at www.ipgroupplc.com .

ENDS

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May 26, 2020 05:05 ET (09:05 GMT)

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