26th May 2020 10:55
(Alliance News) - IP Group PLC on Tuesday said its portfolio company Inivata Ltd has partnered with NeoGenomics Inc for the commercialisation of its InVisionFirst-Lung liquid biopsy test in the US.
Inivata's InVision unlocks key genomic information from blood tests for cancer care.
The intellectual property commercialisation company said that as part of the collaboration, Nasdaq-listed NeoGenomics will make a USD25 million equity investment in Inivata to take a minority shareholding with an option to buy the company outright.
The new cash will be used by Inivata to fund the acceleration of its liquid biopsy products, including further development work on RaDaR which is its newly-launched personalised assay for the detection of residual disease and recurrence.
Following completion of the initial investment, IP Group will hold a stake of 25.7% in Inivata.
IP Group expects the investment to result in a fair value gain of around GBP7.0 million with its stake valued at around GBP31.0 million
Shares in IP Group were trading 1.5% higher at 62.10 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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