13th Nov 2014 08:52
LONDON (Alliance News) - IP Group PLC Thursday reported a rise in the fair value of its portfolio since the end of the first half, primarily driven by a gain as a result of Oxford Nanopore Technologies Ltd's GBP35 million fundraising in August, combined with positive movements in its quoted portfolio.
In a statement, IP Group said the fair value of its portfolio was GBP342.5 million on November 11, compared with GBP319.6 million at the end of June.
The group now has 88 intellectual property based companies in its portfolio, up from 86 at the end of June.
Between the beginning of July and November 11, the group provided incubation, seed and development capital totalling GBP22.4 million to 22 portfolio companies. Last year, during the period covered by the group's third-quarter statement, a total of GBP14.2 million was provided to 18 companies.
IP Group also generated cash proceeds of GBP4.6 million, compared with GBP600,000 reported at the same stage last year.
"I am pleased to report another successful period for the group, which has seen it establish a partnership with FedIMPACT to work with leading DOE Laboratories in the US, Medaphor float on AIM, and four of our quoted and unquoted companies raise total new capital of GBP95 million. IP Group has a solid balance sheet, a diverse and maturing portfolio, an international pipeline of opportunities and remains well placed for future growth," Chief Executive Alan Aubrey said in a statement.
IP Group shares were down 0.9% at 199.11 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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