Business
Oxford Nanopore completes £109.5m financing
Oxford Nanopore completes £109.5m financing.
About this update from Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 5148Y IP Group PLC 02 January 2020 \n\n\n\n\n\nFOR RELEASE ON\n\n\n02 January 2020\n\n\n\n\n \nTHIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.\n \nPortfolio company Oxford Nanopore Technologies announces £109.5m of investment and secondary share sales\n \nIP Group cash realisations in 2019 increased to more than £75m across multiple portfolio holdings \n \nIP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\"), the developer of intellectual property-based businesses, notes that its portfolio company Oxford Nanopore Technologies Limited (\"Oxford Nanopore\") has announced that it has raised £29.3 million of new capital and facilitated the secondary sale of £80.2 million of shares, an aggregate investment of £109.5 million.\n \nFollowing completion of the transaction, IP Group will hold an undiluted beneficial stake of 16.4% in Oxford Nanopore, the company behind the only real-time DNA/RNA sequencer that can sequence any read length and is fully scalable from smaller portable formats to larger devices for population-scale sequencing. The directors expect that this transaction will result in a fair value gain to the Group of approximately £12 million compared with Oxford Nanopore's last financing round in March 2018 and that the Group's holding will be valued at approximately £264 million. IP Group will realise £22.0 million cash from a partial sale of its holding in Oxford Nanopore as part of the secondary element of the transaction.\n \nIn addition, IP Group announces that cash realisations during 2019 totalled more than £75 million compared to the £30 million achieved in 2018. This excludes the £22 million partial realisation of Oxford Nanopore noted above. As a result, the Group anticipates that gross cash resources at 31 December 2019 will be significantly in excess of the £161 million reported at 30 June 2019.\n \nAlan Aubrey, Chief Executive of IP Group plc, said: \"We're delighted to see another successful fundraising for Oxford Nanopore which rounds off an impressive year of commercial success and technical validation of nanopore sequencing. IP Group has continued to focus attention this year on generating realisations from our maturing portfolio and we're pleased to report that cash exits in...