13th Oct 2020 09:58
(Alliance News) - IP Group PLC on Tuesday said its portfolio company Oxford Nanopore Technologies Ltd has raised GBP84.4 million in new cash and is making progress with LamPORE SARS-CoV-2 virus test.
The FTSE 250-listed intellectual property firm noted that Oxford Nanopore received cash injections from both new and existing investors.
"The funds will be used to support the rapid acceleration of Oxford Nanopore's commercial and manufacturing operations as well as ongoing innovation in the field of nanopore technology," IP said.
It means the investee has now raised GBP162.1 million in 2020, after it tapped investors for GBP29.3 million and GBP48.4 million in January and May, respectively.
IP's stake in Oxford Nanopore following the fundraise is 15%, valued at GBP257.7 million.
IP added: "Last week, Oxford Nanopore announced that its LamPORE test is now CE marked for in vitro diagnostic use for the detection of the SARS-CoV-2 virus that causes Covid-19, using its GridION device."
A CE mark means a manufacturer's product has met European Union healthy and safety requirements.
"Its LamPORE test is now in the process of initial rollouts in the UK, Germany, Switzerland and the United Arab Emirates," IP added.
"The company previously announced that it had partnered with the UK's Department of Health & Social Care with an initial order of 450,000 LamPORE SARS-CoV-2 tests and the potential to increase to millions of tests per month as indicated by the recent publication of a contract award notice of GBP112.6 million on the TED (Tenders Electronic Daily) website. Further regulatory approvals are being pursued in other countries, including emergency use authorisation in the United States, and with its partner G42 in the United Arab Emirates."
IP shares were 1.8% higher at 81.40 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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