Business
Inivata receives $25m investment from NeoGenomics
Inivata receives $25m investment from NeoGenomics.
About this update from Ip Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 8355N\n IP Group PLC\n 26 May 2020\n \n \n \n \n \n \n \n FOR RELEASE ON\n \n \n \n \n 26 May 2020\n \n \n \n \n \n \n \n \n Portfolio company Inivata announces strategic collaboration and $25m investment from NeoGenomics\n \n \n \n \n \n IP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\"), the developer of intellectual property-based businesses, is pleased to note that portfolio company Inivata Ltd, (\"Inivata\" or \"the Company\"), a leader in liquid biopsy, has \n announced the formation of a strategic collaboration with NeoGenomics, Inc (NASDAQ: NEO) for the commercialisation of its InVisionFirst®-Lung liquid biopsy test in the United States.\n \n \n \n \n \n As part of the collaboration, NeoGenomics will make a $25 million equity investment in Inivata to take a minority shareholding\n \n with an option to buy the company outright.\n \n The new funding received by Inivata will be used to enable the acceleration of its liquid biopsy products, including further development work on RaD\n aR, its newly launched highly sensitive personalised assay for the detection of residual disease and recurrence.\n \n \n \n \n \n Following completion of the initial equity investment, IP Group will hold a direct undiluted beneficial stake of 25.7% in Inivata. The directors expect that this transaction will result\n in a direct unrealised fair value gain to the Group of approximately £7.0 million and that the Group's holding will be valued at approximately £31.0 million.\n \n \n \n \n \n NeoGenomics and Inivata will also seek opportunities for collaboration with biopharmaceutical companies around Inivata's liquid biopsy platform drawing on both companies' technology and expertise.\n \n \n \n \n \n For more information, please contact:\n \n \n \n \n \n \n \n \n IP Group plc\n \n \n \n \n \n www.ipgroupplc.com\n \n \n \n \n \n \n \n Alan Aubrey, Chief Executive Officer\nGreg Smith, Chief Financial Officer\nLiz Vaughan-Adams, Communications \n \n \n \n \n +44 (0) 20 7444 0050\n+44 (0) 20 7444 0062/+44 (0) 7979 853802\n \n \n \n \n \n \n Charlotte Street Partners\n \n \n \n \n \n \n \n \n \n \n \n \n \n Andrew Wilson\n \n \n \n \n +44 (0) 7810 636995\n \n \n \n \n \n \n David Gaffney\n \n \n \n \n +44 (0) 7854 609998\n \n \n \n \n \n \n \n \n Notes for...