2nd Jun 2014 09:13
LONDON (Alliance News) - Imperial Innovations Group PLC Monday detailed plans to raise up to GBP150.0 million before expenses through a share placing with new and existing investors, as it looks to support its existing portfolio companies, source opportunities to invest in new technologies, and fund its general corporate requirements.
In a statement, Imperial Innovations, which aims to commercialise technology from UK academic research, said it wants to raise the funds at no less than 400 pence a share, adding that it has the support of shareholders representing 89.5% of its shares.
"The board believes that strengthening the group's balance sheet through the placing would greatly enhance its ability to attract high quality investment opportunities. It would also improve the group's ability to support portfolio companies from inception until their full development, as illustrated by the recent successful initial public offering of Circassia Pharmaceuticals," Chairman Martin Knight said in a statement.
"We have identified opportunities to increase the capital deployed in a number of our leading portfolio companies, which in aggregate, are seeking to raise over GBP100.0 million from investors over the next 12 months," Knight added.
Clinical-stage specialty biopharmaceutical company Circassia Pharmaceuticals PLC listed on the main market of the London Stock Exchange in a GBP200.0 million IPO in March.
Separately, Imperial Innovations said it has appointed Peter Chambré and Linda Wilding as non-executive directors.
Chambré was the CEO of Cambridge Antibody Technology Group PLC until its acquisition by AstraZeneca PLC in 2006, chairman of Apatech Ltd from 2008 until 2010 when it was acquired by Baxter International Inc, and non-executive director of BTG PLC. He is currently chairman of four companies operating in the healthcare sector, including Cancer Research Technology, the cancer-focused technology development and commercialisation arm of Cancer Research UK, and is also a non-executive director of Spectris PLC.
Wilding, who qualified as a chartered accountant with Ernst & Young, worked in the private equity division of Mercury Asset Management from 1989 to 2001, becoming managing director in the process. She is currently chairman of the HG Capital Private Equity Valuation Committee and a non-executive director of UDG Healthcare PLC.
Imperial Innovations shares were Monday quoted at 401.60 pence, up 1.9%.
By Samuel Agini; [email protected]; @samuelagini
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