TIDMIPO
RNS Number : 9828X
IP Group PLC
12 May 2016
FOR RELEASE ON 12 May 2016
IP Group plc - AGM statement
IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the
Group"), the developer of intellectual property-based businesses,
issues the following statement ahead of its Annual General Meeting
which will take place at 1pm today at the Group's London office.
This statement provides an update on the Group's progress for the
period since 31 December 2015.
Portfolio update
As at 30 April 2016, the fair value of the Group's portfolio was
GBP539.3m compared to GBP552.2m at 31 December 2015. This reflects
portfolio disposals of GBP13.5m, investments of GBP8.4m and a net
fair value decrease of GBP7.7m during the period.
From 1 January 2016 to 30 April 2016, the Group generated
GBP13.5m of cash proceeds, the most significant of which was
GBP13.1m from the sale of the Group's holding in Tracsis plc.
Including dividends, total proceeds to date from Tracsis were
GBP14.3m, representing a multiple of approximately 38 times the
Group's total cost of GBP0.4m.
Over the same period, the Group provided incubation, seed and
further capital totalling GBP8.4m to 19 distinct portfolio
companies and opportunities. The fair value decrease in the period
of GBP7.7m was primarily as a result of a net reduction in the fair
value of the Group's holdings in AIM-listed portfolio
companies.
The Group's portfolio now comprises holdings in 59 post-seed
intellectual property-based companies, both quoted and private,
with a further 44 projects and companies classified as 'seed' and
'incubation' opportunities.
Significant developments in the Group's portfolio companies
since 31 December 2015 include:
-- hVIVO plc announced in April that initial review of results
from the PrEP-001 Phase IIa flu study suggested a favourable study
outcome, only eight months after the study received ethics
approval. PrEP-001 is a nasally administered, broad-spectrum agent
that leverages the innate immune system to prevent upper
respiratory tract viral infections (colds and flus) and is the lead
program of PrEP Biopharm Limited, a new UK biotech company for
respiratory infectious disease products, in which hVIVO acquired a
significant equity stake on 1 November 2015.
-- Mirriad Advertising Ltd announced it had closed $15m in
financing as of January 2016, led by IP Group, alongside Parkwalk
Funds, with a minority investment from Unilever Ventures, the
venture capital and private equity arm of Unilever. Mirriad is
investing the capital into further technology designed to increase
the scale of its native in-video advertising (NIVA) offer and build
sales and content partnerships with leading content owners and
distributors in major markets.
-- Ceres Power Holdings PLC announced in January it had signed a
new Joint Development Agreement with Honda R & D Co Ltd to
jointly develop Solid Oxide Fuel Cell stacks using Ceres Power's
unique metal supported Steel Cell technology for a range of
potential power equipment applications. The 2-year contract will
allow the parties to build upon the successful previous Joint
Development Agreement announced on 29 October 2014. Additionally,
Ceres announced that it had signed a new evaluation agreement and
MoU with a leading global Original Equipment Manufacturer, under
which a complete Steel Cell system will be deployed for a period of
rigorous testing. If the testing proves successful the two parties
intend to enter into a Joint Development of a multi kW system.
-- Avacta Group plc announced in April that a range of
multimeric Affimer constructs central to its immuno-oncology
programme had been successfully generated and manufactured with
excellent production yields in simple production systems. The
ability to produce a biotherapeutic efficiently during early
development and for clinical trials is an essential attribute that
can make the difference between success and failure.
US operations - IP Group, Inc.
In the US, the Group remains focused on continuing the positive
progress achieved to date.
During the period, the Group signed a collaboration agreement
with the University of Washington. Having also recently extended
the initial pilot phase agreements with the University of
Pennsylvania, Columbia University and Princeton University, this
brings the total number of IP Group university partners in the US
to four.
In addition, IP Group's US partner, FedIMPACT, has signed an
inter institutional agreement with UChicago Argonne LLC, the
managing and operating contractor for the Argonne National
Laboratory, a multidisciplinary science and engineering research
centre based in Illinois. FedIMPACT is already engaging with
Pacific Northwest National Laboratory and the National Renewable
Energy Laboratory, bringing the total number of FedIMPACT partners
to three.
IP Group's US operation now has a team of 10 FTEs, including one
based in Seattle, Washington, and a portfolio of nine companies and
projects.
Balance sheet update
At 30 April 2016, the Group had cash of GBP180m, a diversified
portfolio valued at GBP539m and net assets of GBP769m, representing
136p per share. Excluding intangible assets the Group's "hard" net
assets were GBP703m or 124p per share.
For more information, please contact:
IP Group plc www.ipgroupplc.com
+44 (0) 20 7444 0050
Alan Aubrey, Chief Executive Officer
Greg Smith, Chief Financial Officer +44 (0) 20 7444 0062/+44 (0)
Liz Vaughan-Adams, Communications 7979 853802
Charlotte Street Partners
Andrew Wilson +44 (0) 7810 636995
Tamsin Garrity +44 (0) 771 33 99 99 6
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation
company which focuses on evolving great ideas, mainly from its
partner universities, into world-changing businesses. The Group has
pioneered a unique approach to developing these ideas and the
resulting businesses by providing access to business building
expertise, capital (through its 100%-owned FCA-authorised
subsidiary IP Capital), networks, recruitment and business support.
IP Group has a strong track record of success and its portfolio
comprises holdings in approximately 100 early-stage to mature
businesses across four main sectors -- Biotech, Cleantech,
Healthcare and Technology. The Company is listed on the Main Market
of the London Stock Exchange under the code IPO.
For more information, please visit our website at
www.ipgroupplc.com.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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