5th Aug 2014 09:33
LONDON (Alliance News) - IP Group PLC Tuesday said that it has committed up to GBP4.1 million of a GBP6.0 million fundraising round by one of its portfolio companies.
According to IP Group, Diurnal Ltd, a spin-out company from the University of Sheffield developing products for the treatment of hormone deficiency, is raising the funds in order to complete the Phase 3 programme for Chronocort, its treatment with the potential to treat certain diseases caused by a deficiency in cortisol, an essential hormone in regulating metabolism and the response to stress.
The maximum GBP4.1 million investment by IP Group would give it a 51.7% stake in Diurnal.
IP Group is a UK intellectual property commercialisation company, developing technology innovations primarily from its research intensive partner universities
IP Group shares were Tuesday quoted down 1.8% at 184.63 pence, one of the biggest declines in the FTSE 250.
By Samuel Agini; [email protected]; @samuelagini
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