9th Oct 2013 07:48
LONDON (Alliance News) - IP Group PLC Wednesday said it has booked a net GBP33.3 million unrealised fair-value gain after one of its portfolio companies attracted GBP40 million in new funding from institutional investors.
Oxford Nanopore Technologies Limited is a spin-out company from Oxford University that develops nanopore-based electronic systems for analysis of single molecules including DNA, RNA and proteins. It raised the new funds from a private placement of ordinary shares with a mixture of old and new investors from the US, UK and mainland Europe.
One of the new investors was Odey Asset Management, a London investment firm managing around USD9.7 billion for institutional investors, private banks and individual investors.
Intellectual property investor IP Group said its beneficial shareholding in Oxford Nanopore is 19.6%, which wasn't diluted by the fundraising and which has a value of GBP104.3 million.
IP Group committed GBP4.5 million to the fundraising, while IP Venture Fund committed GBP300,000.
IP Venture Fund is a GBP30 million venture capital fund, formed by IP Group in partnership with the European Investment Fund in May this year.
The GBP40 million will be used by Oxford Nanopore to develop commercial and manufacturing infrastructure, continue its research and development in nanopore sensing, and for various corporate objectives including the building and defence of its broad intellectual property portfolio.
IP Group shares were Wednesday quoted at 137.08 pence, up 0.28 pence, or 0.2%.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Ip Group