IP Group PLC Diurnal notes £30m fundraising; listing on AIM (6835J)
December 21 2015 - 02:07AM
UK Regulatory
TIDMIPO TIDMTTM
RNS Number : 6835J
IP Group PLC
21 December 2015
FOR RELEASE ON 21 December 2015
IP Group plc - Portfolio company Diurnal announces GBP30m
fundraising and proposed admission to AIM
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, is pleased to
note that portfolio company Diurnal Group plc ("Diurnal" or "the
Company"), a specialty pharmaceutical company targeting patient
needs in chronic endocrine (hormonal) diseases, has published its
Admission Document following a successful GBP30 million fundraising
and has applied for the Admission of its entire issued and to be
issued share capital to AIM, a market operated by London Stock
Exchange plc.
Diurnal, a spin-out company from the University of Sheffield,
has conditionally raised approximately GBP30 million (GBP28.4
million net of expenses) by way of a placing of new ordinary shares
of 5 pence each in the Company (the "Shares") at 144 pence per
Share (the "Placing Price") to institutional and other investors
(the "Placing") and through IP Group making a convertible loan
available to it.
Pursuant to the Placing, Diurnal will issue 17,603,759 Shares,
raising gross proceeds for the Company of approximately GBP25.3
million. A total of 52,210,759 Shares will be in issue immediately
following Admission, giving a market capitalisation of
approximately GBP75.2 million at the Placing Price.
Following completion of the Placing and Admission, IP Group will
be beneficially interested in 23,488,264 ordinary shares in
Diurnal, representing 45.0% of Diurnal's enlarged issued share
capital, valued at GBP33.8 million at the Placing Price. The
transaction will result in an unrealised fair value gain to the
Group of GBP14.6 million at the Placing Price. IP Group has
committed GBP8.1 million to the Placing and, in addition, is
providing approximately GBP4.7 million to the Company by way of a
five year, interest-free, unsecured convertible loan, convertible
at the Placing Price.
Admission is expected to occur on Thursday, 24 December 2015,
under the ticker symbol 'DNL'. The nominated adviser and broker to
the Company is Numis Securities Limited.
Dr Martin Whitaker, CEO of Diurnal, commented: "We are delighted
to have been able to complete our IPO successfully. The new funds
will allow us to accelerate the development of our two leading
product candidates which are in, or expected to commence shortly,
late-stage clinical development targeting diseases of cortisol
deficiency; Chronocort(R) , to be used for Congenital Adrenal
Hyperplasia ("CAH") in adults, and Infacort(R) , to be used for
Adrenal Insufficiency ("AI"), including CAH in children. Our lead
product candidate, Infacort(R) , is anticipated to receive its
first regulatory approval in Europe in the third quarter of
2017.
"Our vision is to become the world's leading endocrinology
specialty pharma company targeting under-served patient needs in
chronic hormonal diseases. We have identified a number of such
needs which we estimate represent a combined market opportunity of
more than $11 billion. As potential prescribing endocrinologists
for our products are predominantly concentrated in specialist
centres throughout Europe and the US, we believe there is
significant opportunity, at the right time, to build a
cost-effective, focused sales and marketing operation. This should
enable us to maximise the value from our product candidates, once
approved, and create a base for further growth through
in-licensing.
"We are excited to be entering this new chapter in Diurnal's
evolution. This IPO is a major milestone for the Company which
would not have been possible without the hard work of our
employees. We also wish to thank our existing investors for their
continuing support and welcome our new shareholders."
For more information, please contact:
IP Group plc www.ipgroupplc.com
Alan Aubrey, Chief Executive
Officer +44 (0) 20 7444 0050
Greg Smith, Chief Financial
Officer +44 (0) 20 7444 0062/+44
Liz Vaughan-Adams, Communications (0) 7979 853802
FTI Consulting
James Melville-Ross/Simon
Conway/
Victoria Foster Mitchell +44 (0)20 3727 1000
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 over 90 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
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