28th Mar 2019 13:42
LONDON (Alliance News) - Mercia Technologies PLC said Thursday it has invested GBP400,000 in portfolio company Oxford Genetics Ltd as part of a GBP6.5 million syndicated investment round.
"We have backed Oxford Genetics since day one, working closely with Chief Executive Ryan Cawood who has built both an impressive team and a highly scalable business model. Full year revenue to April 2019 is set to achieve about 300% growth on last year and the additional investment announced today will continue to facilitate this growth, as Oxford Genetics moves from an important domestic business to a global player in this specialist field of biotech." said Mercia Chief Executive Mark Payton.
The investment company said the new funding now values Oxford Genetics at GBP30.5 million. Mercia's direct equity stake in Oxford Genetics has been reduced to 33.3% from 40.5% as a result of dilution from the new funding.
The GBP6.5 million new syndicated investment round comprised Canaccord Genuity Ltd, Invesco Asset Management Ltd and Mercia.
Mercia Technologies shares were down 2.7% on Thursday at 35.32 pence.
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