TIDMIPO
IP Group PLC
26 November 2014
FOR RELEASE ON 26 November 2014
IP Group - Portfolio company and University of Oxford spin-out
Genomics raises GBP10.3m
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property based businesses, is pleased to
note that portfolio company Genomics Ltd ("Genomics" or "the
Company"), a spin-out from the University of Oxford that has
developed an analytical platform for genomic sequence data
analysis, has completed a GBP10.3 million fundraising.
The funding came from new investors, including funds managed by
Invesco Perpetual, Lansdowne Partners, Woodford Investment
Management and the Wylie Family Trust, as well as existing
shareholders including IP Group, one of its managed funds, and the
University of Oxford.
Genomics, whose founders include Professors Peter Donnelly and
Gil McVean, has developed a unique analytical platform for genomic
sequence data analysis and interpretation and has already been
awarded two grants funded by the Department of Health and managed
by Genomics England to develop its technology. The Company is also
working with pharmaceutical companies to bring the benefits of
genomic analysis to the drug development process.
Genomics is chaired by David Norwood, a serial entrepreneur who
was one of the original founders of Oxford Nanopore Technologies
Limited, another spin-out company from the University of Oxford
that specialises in nanopore-based electronic molecular analysis
systems in which IP Group holds a stake, and is currently a
non-executive director of Retroscreen Virology Group plc, another
IP Group portfolio company.
Following completion of the financing round, IP Group's
undiluted beneficial stake of 16.7% in Genomics is valued at GBP4.3
million and IP Venture Fund II's 7.1% stake is valued at GBP1.8m.
As a result of the Group's 33% limited partnership interest in IP
Venture Fund II, its effective beneficial interest in Genomics is
approximately 19%. The fundraising has resulted in an unrealised
fair value gain to IP Group of GBP2.3 million and a fair value gain
of GBP1.0m to IP Venture Fund II. IP Group and IP Venture Fund II
committed GBP1.7 million and GBP0.7 million respectively to the
fundraising.
Mark Warne, Healthcare Portfolio Director at IP Group, said: "IP
Group is delighted to be able to support Genomics, our second
spin-out from the University of Oxford in the DNA sequencing field
after Oxford Nanopore, and the first to emerge from the Wellcome
Trust Centre for Human Genetics. We look forward to working
alongside the world-class scientific founders, who include
Professors Peter Donnelly FRS and Gil McVean, in this exciting new
venture that has the opportunity to dominate the rapidly growing
genomic analytics space."
John Colenutt, Chief Executive Officer of Genomics Ltd, said:
"We are tremendously excited about the potential for genomic
analysis to transform healthcare and about the ability of the
Company to play a major part in that revolution. We are delighted
that this vision is shared by investors and look forward to
building Genomics to be a major force in the industry".
For more information, please contact:
IP Group plc www.ipgroupplc.com
Alan Aubrey, Chief Executive
Officer +44 (0) 20 7444 0050
Liz Vaughan-Adams, Communications +44 (0) 20 7444 0062
/ +44 (0) 7979 853 802
liz.vadams@ipgroupplc.com
FTI Consulting
James Melville-Ross/Simon
Conway/Victoria Foster Mitchell +44 (0)20 3727 1000
Genomics Ltd
John Colenutt, CEO +44 (0)7771 865886
john.colenutt@genomicsltd.com
Professor Peter Donnelly +44 (0)1865 287725
donnelly@well.ox.ac.uk
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.
IP Venture Fund II LP is a venture capital fund managed by Top
Technology Ventures Limited, the Group's 100%-owned fund management
subsidiary, which is authorised by the Financial Conduct Authority.
The Group has a 33% economic interest in IP Venture Fund II and its
results are consolidated into those of the Group.
For more information, please visit our website at
www.ipgroupplc.com.
About Genomics
Genomics Ltd is a spin-out company from the University of
Oxford, focussed on bringing the genomics revolution to healthcare.
Whole genome sequencing is becoming increasingly common, as costs
fall sharply, and this development has the potential to transform
many aspects of healthcare if the associated data challenges of
scale and complexity can be overcome. Building on the world-leading
expertise and broad experience of the founders, who include
Professors Peter Donnelly and Gil McVean, the Company has a unique
analytical platform for genomic sequence data analysis and
interpretation. Genomic analysis will bring huge value to patients,
clinicians, healthcare managers and pharmaceutical and biotech
companies.
The Company, based in Oxford, has already been awarded two
grants funded by the Department of Health and managed by Genomics
England, to develop its technology. It is also working with
pharmaceutical companies to bring the benefits of genomic analysis
to the drug development process.
Professor Donnelly is Director of The Wellcome Trust Centre for
Human Genetics (WTCHG) in Oxford and the other founders are also
based at the Centre. The WTCHG is a world-leading research centre
within the University, focussed on understanding the genetic basis
of human diseases and using this information to improve healthcare.
The WTCHG houses around 450 scientists and has an annual research
grant income of over GBP20m. In addition to a focus on particular
diseases, it is one of the pre-eminent international centres for
statistical genetics and structural biology.
About Invesco Perpetual
Invesco Perpetual is part of Invesco Ltd, a leading independent
global investment management firm, dedicated to helping investors
worldwide achieve their financial objectives. By delivering the
combined power of our distinctive investment management
capabilities, Invesco provides a wide range of investment
strategies and vehicles to our clients around the world. Operating
in more than 20 countries, the firm is listed on the New York Stock
Exchange under the symbol IVZ. Additional information is available
at www.invesco.com.
Further information about Invesco Perpetual can be found at
www.invescoperpetual.co.uk.
About Woodford Investment Management
Woodford Investment Management is a fast-growing asset
management company built on a founding philosophy of transparency
and simplicity. Launched in May 2014, the company has more than
GBP7.5bn assets under management and advice. Further information
can be found at www.woodfordfunds.com.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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