Business
£2.0m investment into Oxford Genetics
£2.0m investment into Oxford Genetics.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 4676O Mercia Technologies PLC 21 August 2017 \n\n \n\n\n\n\nRNS\n\n\n21 August 2017\n\n\n\n\n \nMercia Technologies PLC\n(\"Mercia\", the \"Company\" or the \"Group\")\n \nMercia invests £2.0million into Oxford Genetics as part of £7.5million syndication\nMercia Technologies PLC (AIM: MERC), the national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions, is pleased to announce that it has completed a £2.0million follow-on direct investment into Oxford Genetics Limited (\"Oxford Genetics\"), a synthetic biology company with significant expertise in helping to design, develop and produce virus and protein based biologics to support leading therapeutic companies.\nThis investment is part of a £7.5million funding round which also sees a new investor, Invesco Asset Management Limited, as agent for and on behalf of its discretionary managed clients (\"Invesco\"), joining the syndication as a partner. Invesco is one of the largest investment managers in the UK and its involvement in this funding round demonstrates the significant potential seen in Oxford Genetics by both the teams at Mercia and Invesco. Mercia has worked with Oxford Genetics since 2012, initially investing via its third-party managed funds before becoming an Emerging Star direct investment in December 2015. This latest funding round increases Mercia's total direct investment to £4.7million. Mercia's direct equity stake following this funding round is 40.5%. \nProceeds from the investment round will be used to further expand Oxford Genetics' operations in the US with the opening of a new office in Boston, as well as extending its UK research and development facility.\nIn the last 12 months Oxford Genetics has signed a number of out-licensing deals, including two separate collaborative co-development partnerships. In the same period it has also filed five patent applications, all in the fields of improving the discovery, development or delivery of biological therapeutics. It has also been awarded £1.9million in non-dilutive government grants to support its R&D. \nRyan Cawood, CEO of Oxford Genetics, said: \"The next few years for Oxford Genetics will be exciting. The industry for complex biologics has taken suc...