Mercia Asset Management PLC New direct investment into Sense Biodetection
October 30 2020 - 2:30AM
RNS Non-Regulatory
TIDMMERC
Mercia Asset Management PLC
30 October 2020
Reach 30 October 2020
Mercia Asset Management PLC
("Mercia", the "Company" or the "Group")
New direct investment into Sense Biodetection Limited
Mercia Asset Management PLC (AIM: MERC), the proactive,
regionally focused specialist asset manager with c.GBP800million of
assets under management, is pleased to announce that it has
completed a GBP0.9million new direct investment into Sense
Biodetection Limited ("Sense"). Mercia first invested in Sense
through its third-party managed EIS funds in 2016.
With operations in both Oxford and Cambridge, Sense is focused
on the development of rapid, instrument-free, point-of-care
molecular diagnostics testing for a range of bacterial and viral
infections. In March 2020, Sense announced an accelerated programme
to launch a diagnostic test for COVID-19.
Mercia's direct investment is part of a syndicated funding round
with other investors including KDT Sense Holdings LLC, Cambridge
Innovation Capital (Jersey) Limited, Earlybird Health GmbH &
Co. Beteiligungs KG, and private investors including Abcam founder
Jonathan Milner. The total size of the funding round is up to
$50million.
Following its investment of GBP0.9million, Mercia holds a 1.2%
fully diluted direct equity stake in Sense, with its third-party
managed funds' holding being 9.1%.
Mark Payton, Chief Executive Officer of Mercia, commented:
"We have been tracking Sense through our third-party managed
funds and are delighted to now be making our first direct
investment as part of this material scale-up funding commitment,
alongside such a strong group of investors. Mercia has considerable
expertise in Life Sciences and this investment adds another
exciting business from the sector into our direct investment
portfolio. With the very recent receipt of GBP1.0million from the
sale of Clear Review Limited, this investment clearly demonstrates
our ability to 'evergreen' Mercia's balance sheet, by re-investing
realisation proceeds into both new and existing portfolio
companies."
-Ends-
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
Canaccord Genuity Limited (NOMAD and Joint +44 (0)20 7523
Broker) 8000
Simon Bridges, Emma Gabriel, Richard Andrews
N+1 Singer (Joint Broker)
+44 (0)20 7496
Harry Gooden, James Moat 3000
+44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Louisa Feltes, Shiv Talwar
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 balance
sheet, venture, private equity and debt 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, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia currently has c.GBP800million of assets under management
and, since its IPO in December 2014, has invested over GBP96million
into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC
"MERC".
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