7th Jun 2021 09:24
(Alliance News) - IP Group PLC on Monday said portfolio company Iksuda Therapeutics has completed a USD42 million financing round to fund cancer drug treatment trials.
Newcastle-based biotech firm Iksuda's fundraising was led by Mirae Asset Capital and its subsidiaries, with Celltrion Inc and Premier Partners.
IP Group said it agreed to sell USD5 million worth of Iksuda shares as part of the funding round to facilitate bringing in biopharmaceutical firm Celltrion as Iksuda's strategic partner and secure "long-term financial backing" for the group.
Following the fundraise, IP Group will hold a 19.4% stake in Iksuda valued at GBP8.3 million, representing a net unrealised fair value gain of around GBP5.3 million. IP Group is a developer of intellectual property-based businesses.
The funds raised by Iksuda will be used to take its IKS03 drug, aimed at treating B-cell cancers, into phase one clinical trials.
Shares in FTSE 250-listed IP Group were up 0.3% at 119.60p in London Monday morning.
By Will Paige; [email protected]
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