12th Aug 2014 07:50
LONDON (Alliance News) - IP Group PLC Tuesday said it committed GBP5.0 million to a GBP35.0 million private share placement conducted by portfolio company Oxford Nanopore Technologies Ltd, which resulting in a GBP17.8 million unrealised fair-value gain for the FTSE 250 company.
In a statement, IP Group, which works with universities to commercialise their intellectual property, said that its 19.9% stake in the spin-out company from the University of Oxford will be valued at GBP17.8 million following the completion of the financing round.
"The fundraising, which was significantly oversubscribed, was supported by both existing and new investors in the UK, US and mainland Europe," IP Group said in a statement.
Funds will be used to further develop Oxford Nanopore's commercial and manufacturing infrastructure that has been serving early customers through MinION Access Programme, designed to give life-science researchers access to nanopore sequencing technology. In addition the funds will support Oxford Nanopore's research and development operation.
This placing brings the total funds raised by Oxford Nanopore since its foundation in 2005 to GBP180 million, IP Group said.
IP Group shares were Tuesday quoted up 0.3% at 188.30 pence, reversing losses earlier in the morning.
By Samuel Agini; [email protected]; @samuelagini
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