26th May 2020 09:19
(Alliance News) - IP Group PLC on Tuesday said a portfolio company has raised GBP48.4 million to fund innovation and rapid growth.
IP Group holds a 16% stake in Oxford Nanopore Technologies, which is an Oxford University spin-out focused on nanopore-based electronic molecular analysis systems.
Oxford Nanopore's sequencing devices are being used in scientific research worldwide, and in regulated environments such as healthcare and food safety, IP Group explained, adding that the technology is being used extensively for epidemiology and research purposes in the current Covid-19 pandemic.
The intellectual property commercialisation company said the amount raised by Oxford Nanopore adds to the GBP29.3 million it raised in January.
Following completion of the funding round, IP Group's holding will be valued at GBP257.7 million, reflecting a GBP6.1 million reduction.
Shares in IP Group were trading 0.8% higher at 61.70 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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