TIDMIPO
IP Group PLC
19 June 2015
19 June 2015
IP Group plc - OSI plc closes funding of GBP320m partnership
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, is pleased to
note that Oxford Sciences Innovation plc ("OSI") has completed the
second close of its fundraising, raising an additional GBP110m and
bringing the total amount raised to GBP320m. Investors in the
second close included Google Ventures and Charles Dunstone.
As announced on 14 May 2015, IP Group committed GBP40m of
funding in the initial round along with other investors including
Invesco Asset Management Limited, Lansdowne Partners (UK) LLP,
Oxford University Endowment Fund, the Wellcome Trust and Woodford
Investment Management LLP. Following completion of the financing,
IP Group will have an undiluted beneficial equity stake of 11.8% in
OSI.
Alan Aubrey, Chief Executive of IP Group and Non-executive
Director of OSI, said: "IP Group is proud to be a cornerstone
investor in OSI and we are delighted by the quality and range of
investors who have participated in both financing rounds. The
support that the partnership has received is excellent news for
everyone involved and we are excited by OSI's future
prospects."
The full text of the announcement issued by OSI is set out
below.
For more information, please contact:
IP Group plc www.ipgroupplc.com
Alan Aubrey, Chief Executive
Officer
Greg Smith, Chief Financial
Officer
Vicki Bradley, Communications +44 (0) 20 7444 0050
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 UK intellectual property commercialisation
company, developing technology innovations primarily from its
research intensive partner universities. The Group offers more than
traditional venture capital, providing its companies with access to
business building expertise, networks, recruitment and business
support.
IP Group's portfolio comprises holdings in around 90 early-stage
to mature businesses across the Healthcare, Biotech, Cleantech and
Technology sectors. These businesses include Oxford Nanopore
Technologies, the DNA sequencing development company, Revolymer,
best known for its removable chewing gum, and Xeros, which has
received many accolades for its revolutionary clothes washing
techniques with a much reduced requirement for water.
For more information, please visit our website at
www.ipgroupplc.com.
OXFORD SCIENCES INNOVATION PLC
Demis Hassabis, Tom Hulme, and Dr. Krishna Yeshwant join
Advisory Board of Oxford Sciences Innovation as it closes the
funding of its landmark GBP320m partnership
- Investment from Google Ventures and Charles Dunstone help to
complete the funding of the GBP320m partnership first announced on
14th May, 2015
- Demis Hassabis (DeepMind), Tom Hulme and Dr. Krishna Yeshwant
(Google Ventures General Partners) and Charles Dunstone join the
Advisory Board of OSI as it aims to develop the University's
world-leading scientific research and work with its academics to
commercialise their ideas into market-leading companies.
19 June 2015: A month after the University of Oxford and Isis
Innovation launched a new partnership with Oxford Sciences
Innovation plc (OSI), the funding has been fully secured. Aiming to
become a market leader in scientific innovation and
entrepreneurship, the joint venture has also welcomed Demis
Hassabis of DeepMind, and Tom Hulme and Dr. Krishna Yeshwant of
Google Ventures to its Advisory Board.
Other investors in the GBP320m OSI partnership include Invesco
Asset Management Limited, IP Group plc, Lansdowne Partners (UK)
LLP, Oxford University Endowment Fund, the Wellcome Trust, Woodford
Investment Management LLP and Charles Dunstone.
OSI has been contractually established as the University's
preferred partner for the provision of capital for spinout
companies based on research from the Mathematical, Physical, Life
Sciences and Medical Sciences divisions. This will include
establishing new IP-driven businesses together with Isis Innovation
and providing investment capital, as well as advice in order to
create commercial success.
David Norwood, Chairman of OSI, said:
"We are building a very special and unique partnership at OSI.
We are now in a position to combine Oxford University's proud
history, with cornerstone investors and Board-level advice from
some of the best minds in the tech industry to turn world-leading
science into market-leading companies."
Demis Hassabis, Founder of DeepMind, said:
"OSI combines world-class research with world-class business
minds. It is going to be very exciting to see the great companies
that will undoubtedly come out of this partnership."
Tom Hulme, General Partner of Google Ventures, said:
'Google Ventures' investment in OSI represents our faith in
Oxford University's ability to develop the next generation of
scientific breakthroughs, and OSI's drive to turn those
breakthroughs into successful commercial enterprises.'
For more information, please contact:
Oxford Sciences Innovation plc
Ben Novick, Milltown Partners LLP
bnovick@milltownpartners.com
+44 7712 675 635
NOTES TO EDITORS
1. The formation of OSI was announced on 14th May 2015.
2. In order to fund the next generation of spinout companies
from the University, OSI announced it would raise an initial
GBP300m. Due to its popularity with investors the partnership has
managed to exceed its initial target and raised a total of
GBP320m.
3. Investors in the GBP320m partnership include Google Ventures,
Charles Dunstone, Invesco Asset Management Limited, IP Group plc,
Lansdowne Partners (UK) LLP, Oxford University Endowment Fund, the
Wellcome Trust and Woodford Investment Management LLP.
4. OSI will be chaired by David Norwood, Founder of IP Group. He
will be joined on the board by Deputy Chairman Alex Snow (Lansdowne
Partners LLP). OSI will be supported by an Advisory Board made up
of experts with backgrounds in science, technology, finance,
industry and academia. The Advisory Board will include Demis
Hassabis (Founder of DeepMind, acquired by Google in 2014), Dr.
Krishna Yeshwant and Tom Hulme of Google Ventures as well as
Charles Dunstone and Peter Davies (Senior Partner at Lansdowne
Partners UK LLP)
5. Oxford University staff have won a total of 32 Nobel prizes
across Chemistry, Physics and Medicine.
6. The University also has a long track-record of developing
global science and technology businesses through Isis Innovation.
Isis has established over 100 spinout companies based on technology
developed by University of Oxford researchers since 2000, including
eight in the last year. Spinouts valued in excess of GBP200m
include Oxford Nanopore Technologies Limited and NaturalMotion.
Others include AIM and Nasdaq listed companies such as Velocys and
Oxford Immunotec.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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