IP Group PLC Oxford Nanopore completes £109.5m financing (5148Y)
02 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMIPO
RNS Number : 5148Y
IP Group PLC
02 January 2020
FOR RELEASE ON 02 January 2020
THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.
Portfolio company Oxford Nanopore Technologies announces
GBP109.5m of investment and secondary share sales
IP Group cash realisations in 2019 increased to more than GBP75m
across multiple portfolio holdings
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, notes that its
portfolio company Oxford Nanopore Technologies Limited ("Oxford
Nanopore") has announced that it has raised GBP29.3 million of new
capital and facilitated the secondary sale of GBP80.2 million of
shares, an aggregate investment of GBP109.5 million.
Following completion of the transaction, IP Group will hold an
undiluted beneficial stake of 16.4% in Oxford Nanopore, the company
behind the only real-time DNA/RNA sequencer that can sequence any
read length and is fully scalable from smaller portable formats to
larger devices for population-scale sequencing. The directors
expect that this transaction will result in a fair value gain to
the Group of approximately GBP12 million compared with Oxford
Nanopore's last financing round in March 2018 and that the Group's
holding will be valued at approximately GBP264 million. IP Group
will realise GBP22.0 million cash from a partial sale of its
holding in Oxford Nanopore as part of the secondary element of the
transaction.
In addition, IP Group announces that cash realisations during
2019 totalled more than GBP75 million compared to the GBP30 million
achieved in 2018. This excludes the GBP22 million partial
realisation of Oxford Nanopore noted above. As a result, the Group
anticipates that gross cash resources at 31 December 2019 will be
significantly in excess of the GBP161 million reported at 30 June
2019.
Alan Aubrey, Chief Executive of IP Group plc, said: "We're
delighted to see another successful fundraising for Oxford Nanopore
which rounds off an impressive year of commercial success and
technical validation of nanopore sequencing. IP Group has continued
to focus attention this year on generating realisations from our
maturing portfolio and we're pleased to report that cash exits in
2019 were more than double the amount recorded in 2018, leaving the
business well-funded and well positioned for 2020."
Oxford Nanopore noted that funds were raised from both new
investors and existing shareholders from the US, Europe and Asia
Pacific. The fundraising brings the total primary investment in
Oxford Nanopore to approximately GBP480 million. Further
information on the fundraising will be made available in due
course.
Last month, Oxford Nanopore confirmed that its technology had
been selected for the population-scale 'Genome Program' launched by
Abu Dhabi's Department of Health. The project aims to be the first
of its kind worldwide to provide citizens with their own
high-quality genome as a baseline and aims to incorporate genomic
data into healthcare management. Among other developments during
2019, Oxford Nanopore users reported new methods for rapid cancer
and infectious disease characterisation, HLA tissue typing and food
safety.
The full announcement from Oxford Nanopore follows.
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
Oxford Nanopore announces GBP109.5M ($144.5M) in investment and
share sales
2 January 2020: Oxford Nanopore has raised GBP29.3M ($38.6M) in
new capital and additionally facilitated the sale of GBP80.2M
($105.9M) in secondary shares, resulting in total gross proceeds of
GBP109.5M ($144.5M).
These funds have been raised internationally and include both
new investors and existing shareholders, from the US, Europe and
Asia/Pacific.
This brings the total primary investment in Oxford Nanopore to
GBP480M to date.
Further information on Oxford Nanopore's fundraising will be
made available in due course.
The Company made substantial progress in 2019; from scaling up
to population-scale sequencing with PromethION, to accurate, rapid
testing in cancer and infectious disease. Read 19 highlights of
2019. https://nanoporetech.com/about-us/news/19-highlights-2019
Assumes exchange rate of 1.32 at 31st December 2019.
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END
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