Business
IP Group plc - Annual Results
IP Group plc - Annual Results.
About this update from Ip Group Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n FOR RELEASE ON\n \n \n \n \n 8 March 2023\n \n \n \n \n \n \n (\"IP Group\" or \"the Group\" or \"the Company\")\n IP Group plc Annual Results Release\n \n \n Group well financed and focused on delivering returns for stakeholders; resilient portfolio, well-funded & aligned to three world-changing themes\n \n \n IP 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 annual financial results for the year ended 31 December 2022.\n \n \n 2022 highlights\n \n \n Significant progress in key themes & companies\n \n \n ·\n \n Regenerative future (Cleantech):\n \n Strong return in the period delivered by uplifts at First Light Fusion, which achieved world-first fusion result with 'projectile fusion', externally validated by the UK Atomic Energy Authority; and Oxbotica which completed a $140m Series C financing round at significant uplift\n \n \n ·\n \n Healthier future (Life Sciences):\n \n Istesso commenced Phase 2b trial for its lead drug MBS2320 in rheumatoid arthritis; MBS2320 granted Fast Track designation by the US FDA for the treatment of patients with idiopathic pulmonary fibrosis (\"IPF\") & also designated it an orphan drug for the treatment of IPF\n \n \n ·\n \n Tech-enriched future (Deeptech)\n \n \n :\n \n Featurespace, Garrison, SaltPay, Ultraleap all posted double-digit revenue growth; sale of Re:Infer to global leader UiPath, delivering IRR of 29%\n \n \n Delivering evolved strategy\n \n \n ·\n Deeper thematic focus which included the launch of dedicated cleantech platform Kiko Ventures\n \n \n ·\n Third-party capital funds under management increased to £697m vs £575m in 2021, in line with long-term strategy\n \n \n ·\n Increased impact, together with Parkwalk, IP Group is one of the largest investors in university and other research-based companies in the world; the most prolific investor in deeptech companies in the UK and the second most prolific in Europe\n \n \n Well financed & resilient portfolio\n \n \n ·\n Strong balance sheet and liquidity to support new and follow-on investment in the portfolio with gross cash and deposits at 31 December 2022 of £241.5m (2021: £321.9m);\n total potential liquidity (including quoted shares and undrawn debt) of over £50...