TIDMNANO
RNS Number : 3901G
Nanoco Group PLC
25 November 2020
FOR IMMEDIATE RELEASE 25 November 2020
Nanoco Group PLC
( " Nanoco", the " Group ", or the " Company")
Grant Funding Award for Life Sciences Project
Nanoco Group plc (LSE: NANO), a world leader in the development
and manufacture of cadmium-free quantum dots and other
nanomaterials emanating from its technology platform, today
announces that it has secured grant funding from Innovate UK, the
UK's innovation agency, for a life sciences project to develop a
heavy metal-free quantum dot testing kit for the accurate and rapid
visual detection of SARSCoV-2 ("Covid-19").
The project builds on Nanoco's existing capabilities in
utilising quantum dots conjugated with anti-bodies as a diagnostic
tool in the detection of cancer (VIVODOTS(R) nanoparticles). The
project will specifically focus on anti-bodies for Covid-19 but, if
successful, the technology is expected to be applicable to other
pathogens and potential future variants of Covid-19.
The project will last 18 months with stage gates contingent on
the success of the R&D work. As part of the project, Nanoco
will explore opportunities to work with downstream partners for a
potential delivery system for the test. The testing kit envisaged
would potentially be self-administered with results produced in
situ. The project will cost just under GBP1.0m to which the
Innovate grant contributes 80% with the balance funded by Nanoco.
After deducting incremental costs, the project is expected to have
a neutral impact on the Group's net cash flows in the short term.
Any medium term value implications will be wholly contingent on the
successful delivery of the targeted project outcomes.
Brian Tenner, Nanoco's CEO, commented:
"The Innovate grant is a welcome recognition of the potential
for Nanoco's CFQD(R) Quantum Dots, configured as VIVODOTS(R)
nanoparticles , to be used in bio-applications. The support from
Innovate UK is critical to the continuation of our work in this
area. While there is much to be done on the R&D phases of the
project, it does create a potential third opportunity for future
revenue, on top of the Group's activities in Sensing and Display,
whilst maintaining Nanoco's cash runway."
- Ends -
The person responsible for arranging for the release of this
announcement on behalf of Nanoco is Liam Gray, Company
Secretary.
The information contained within this announcement is considered
by the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public
domain.
FORWARD LOOKING STATEMENTS
This announcement (including information incorporated by
reference in this announcement) and other information published by
Nanoco may contain statements about Nanoco that are or may be
deemed to be forward looking statements. Such statements are
prospective in nature. All statements other than historical
statements of facts may be forward looking statements. Without
limitation, statements containing the words "targets", "plans",
"believes", "expects", "aims", "intends", "will", "may",
"anticipates", "estimates", "projects" or "considers" or other
similar words may be forward looking statements.
Forward looking statements inherently contain risks and
uncertainties as they relate to events or circumstances in the
future. Important factors such as business or economic cycles, the
terms and conditions of Nanoco's financing arrangements, tax rates,
or increased competition may cause Nanoco's actual financial
results, performance or achievements to differ materially from any
forward looking statements. Due to such uncertainties and risks,
readers are cautioned not to place undue reliance on such forward
looking statements, which speak only as of the date hereof. Nanoco
disclaims any obligation to update any forward looking or other
statements contained herein, except as required by applicable
law.
For further information, please contact:
Nanoco Group PLC :
Brian Tenner, CEO
+44 (0) 161 603 7900
Liam Gray, Company Secretary
+44 (0) 161 603 7900
Caroline Watson, Investor Relations Manager +44 (0) 161 603
7900
cwatson@nanocotechnologies.com
Peel Hunt:
Edward Knight +44 (0) 20 7418 8900
Nick Prowting
MHP Communications : +44 (0) 203 128 8570
Reg Hoare
Giles Robinson
Pete Lambie
nanoco@mhpc.com
Notes for editors:
About Nanoco Group plc
Nanoco (LSE: NANO) harnesses the power of nano-materials.
Nano-materials are materials with dimensions typically in the range
1 - 100 nm. Nano-materials have a range of useful properties,
including optical and electronic. Quantum dots are a subclass of
nano-material that have size-dependent optical and electronic
properties. The Group produces quantum dots. Within the sphere of
quantum dots, the Group exploits different characteristics of the
quantum dots to target different performance criteria that are
attractive to specific markets or end-user applications such as the
Display and Electronics markets. One of the interesting properties
of quantum dots is photoluminescence: the emission of longer
wavelength light upon excitation by light of a shorter wavelength.
The colour of light emitted depends on the particle size. Nanoco's
CFQD(R) quantum dots are free of cadmium and other toxic heavy
metals and can be tuned to emit light at different wavelengths
across the visible and infrared spectrum, rendering them useful for
a wide range of applications including displays, lighting and
biological imaging.
Nanoco was founded in 2001 and is headquartered in Manchester,
UK. Nanoco continues to build out a world-class, patent-protected
IP portfolio generated both by its own innovation engine.
Nanoco is listed on the Main Market of the London Stock Exchange
and trades under the ticker symbol NANO. For further information
please visit: www.nanocotechnologies.com .
About Innovate UK, the UK's innovation agency
Innovate UK drives productivity and economic growth by
supporting businesses to develop and realise the potential of new
ideas. We connect businesses to the partners, customers and
investors that can help them turn ideas into commercially
successful products and services and business growth.
We fund business and research collaborations to accelerate
innovation and drive business investment into R&D. Our support
is available to businesses across all economic sectors, value
chains and UK regions. Innovate UK is part of UK Research and
Innovation. For more information visit www.innovateuk.ukri.org
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END
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