Business
IP Group half-yearly results
IP Group half-yearly results.
About this update from Ip Group Plc
[{"type":"text","content":"\n\n \n\n\n\n\n\nFOR RELEASE ON\n\n\n2 August 2023\n\n\n\n\n(\"IP Group\" or \"the Group\" or \"the Company\") Half-yearly results\nContinued progress in key portfolio companies, strong balance sheet maintained, portfolio well-funded\n \nIP Group plc (LSE: IPO), which invests in breakthrough science and innovation companies with the potential to create a better future for all, today announces its financial results for the six months ended 30 June 2023.\n \nHalf-year 2023 highlights\n \nPortfolio well-funded, continued significant progress in key themes & companies\n· Portfolio companies well-funded; total funds raised by portfolio approximately £300m (HY22: c.£350m; FY22: £1.0bn) including Quantum Motion (£42m), AccelerComm (£22m), OXCCU (£18m), Garrison (£16m) and Mixergy (£9m)\n· Only 16% of our portfolio by value need to raise financing before the second half of 2024\n· Private portfolio company funding round valuations remained robust with 86% of the 14 portfolio funding rounds completed in the period taking place at or above previous funding round valuations\n· Healthier future (Life Sciences): Istesso's Phase 2b trial for its lead drug MBS2320 in rheumatoid arthritis continues to recruit to plan and remains on target to read out in H1 2024. Approval received to start additional Phase 2 trial in idiopathic pulmonary fibrosis (IPF) in H2 2023. Group completed a £15m investment and further £10m commitment to fully fund both trials. Pulmocide - recruitment into Phase 3 efficacy study underway\n· Tech-enriched future (Deeptech): Featurespace, Garrison and Ultraleap all posted double-digit revenue growth in H1, significant fundraisings completed for Quantum Motion, AccelerComm & Garrison\n· Regenerative future (Cleantech): Strong technical progress at Hysata, key milestones achieved, triggering release of second tranche of Series A funding, OXCCU completed £18m Series A financing led by Clean Energy Ventures\n \nStrong balance sheet maintained\n· Strong balance sheet and liquidity to support new and follow-on investment in the portfolio with gross c...