9th Jul 2015 07:43
LONDON (Alliance News) - IP Group PLC Thursday said it has secured a GBP30 million, eight-year debt facility from the European Investment Bank, giving the company funds to invest in companies spun out from universities in the UK.
IP Group, which works to commercialise technology and intellectual property developed at universities, said the facility represents an "evolution" in its capital structure, providing it with additional long-term capital.
"This facility is a clear indication of the EIB's support for the group's activities in working with leading UK universities to commercialise the outstanding intellectual property that emanates from their scientific research across all our sectors," Chief Executive Alan Aubrey said in a statement.
Jonathan Taylor, Vice President of the European Investment Bank, said he had been impressed by IP Group's track record.
"The European Investment Bank recognises the essential need to invest in innovation across Europe and we are pleased to work with IP Group to unlock the potential of spin-out companies from UK universities to turn the latest ideas into commercial success," Taylor said.
The European Investment Bank is the European Union's nonprofit long-term lending institution, which provide long-term financing at favourable interest rates. IP Group didn't state the interest rate it will pay under the new facility.
IP Group said it intends to draw down the first of two tranches of the debt facility soon.
IP shares were up 1.2% at 195.92 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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