30th Dec 2013 10:53
LONDON (Alliance News) - Imperial Innovations Group PLC Monday said that it has increased its investment in TopiVert, to GBP8.5 million in cash.
TopiVert is developing topical anti-inflammatories for the treatment of diseases of the gastrointestinal tract and eye, and operates from the Imperial College Incubator managed by Innovations.
The technology commercialisation and investment group previously invested GBP4 million in TopiVert in December 2011, but has now increased its total commitment to GBP8.5 million cash.
Imperial Innovations said that it expects that this will be drawn down alongside further investment by existing investor SV Life Sciences, and new co-investors NeoMed Management and Johnson & Johnson Development Corp. It said that the carrying value of its stake in TopiVert will then be GBP8.6 million.
Shares in Imperial Innovations were down 1% Monday morning at 368.60 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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