Business
Mercia completes three syndicated funding rounds
Mercia completes three syndicated funding rounds.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n\n\n\n\n\nRNS\n\n\n14 March 2024\n\n\n\n\n \nMercia Asset Management PLC\n \n(\"Mercia\", the \"Company\" or the \"Group\")\n \nMercia completes syndicated funding rounds into three existing direct investments\n \nMercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£1.5billion of assets under management, is pleased to confirm it has recently completed syndicated funding rounds into three of its existing direct investments.\n \nThe investments comprised:\n· £1.2million as part of an £7.1million syndicated funding round into MIP Discovery Limited (\"MIP\"). MIP is an innovative developer of non-biological affinity reagents designed to accelerate the development and production of cell and gene therapies. The funding round will be used to drive further commercialisation of this technology. Mercia's fully diluted direct stake now becomes 11.5%.\n \n· £2.5million as part of an £8.4million syndicated funding round into Locate Bio Limited, a leading orthobiologics company. The oversubscribed funding round will help progress the company's ongoing clinical study of LDGraft, which is being developed for use in patients who require surgery for chronic lower back pain. Mercia's fully diluted direct stake now becomes 20.1%.\n \n· £2.0million as part of an £6.9million syndicated funding round into Warwick Acoustics Limited, a leading designer of high-end audio systems. The funding round will support the further scaling of its production capacity following the securing of its first OEM commercial contract, as well as ongoing R&D to build on its well established competitive position. Mercia's fully diluted direct stake now becomes 36.5%.\n \nDr Mark Payton, CEO of Mercia Asset Management PLC, said: \"We continue to be encouraged by the overall development of our direct investment portfolio. A number of the companies in our portfolio are maturing as they scale the commercial applications of their underlying IP. Furthermore, the syndicated nature of these funding rounds, where nearly 80% of the investment funding is coming from outside of Mercia's balance sheet, reflects the confidence of the wider venture community in these companies.\n \n\"Our significant liquidity means that we are able ...