IP Group PLC Portfolio company Tissue Regenix raises £20m
January 22 2015 - 12:24PM
RNS Non-Regulatory
TIDMIPO
IP Group PLC
22 January 2015
FOR RELEASE ON 22 January 2015
IP Group - Portfolio company Tissue Regenix announces GBP20m
funding round
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property based businesses, is pleased to
note that portfolio company Tissue Regenix Group plc ("Tissue
Regenix" or "the Company"), the regenerative medical devices
company, has today raised approximately
GBP20 million (before expenses) at 19 pence per share through a
placing of new ordinary shares with both new and existing
institutional shareholders.
Tissue Regenix has patented "dCELL" technology which uses animal
and human tissue to create a tissue scaffold which can be used to
repair diseased or worn out body parts. The Company's first
product: "DermaPure", which is used for the treatment of chronic
wounds, was launched in 2014. The proceeds of the placing will be
primarily used for the development and launch of new products,
including applications for meniscus repair, ligament repair and
heart valve replacement, and to expand the direct salesforce for
DermaPure in the US.
The placing is conditional upon, inter alia, the passing of the
certain resolutions at a general meeting of the Company. Subject to
shareholder approval being given as aforementioned, it is expected
that admission to AIM will become effective in respect of, and that
dealings on AIM will commence in, the placing shares on or around
10 February 2015.
IP Group has agreed to subscribe for 13,157,895 placing shares,
representing approximately
GBP2.5 million. Following the completion of the placing, IP
Group will hold 103,042,836 ordinary shares in the Company,
representing 13.6% of the enlarged issued share capital.
Commenting on the placing, Alan Aubrey, Chief Executive of IP
Group, said: "This fundraising will allow Tissue Regenix to build
on the success it has achieved so far, to explore new products and
applications, and to strengthen its presence in the US. We are
delighted to support the business through this next stage of
development."
Antony Odell, Chief Executive of Tissue Regenix, said: "Our
latest fundraising represents a milestone for the company. Having
launched our first product, the time has now come to build up our
US direct sales network to ensure we build coverage of hospitals in
this key market. Initial responses by potential customers to
DermaPure have been extremely positive and we are very excited by
the potential this product offers. In addition, we have new
products and applications in development that gives us the
potential to address new markets - including knee injury - which
have massive potential. This fundraising will allow us to achieve
these goals."
For more information, please contact:
IP Group plc www.ipgroupplc.com
Alan Aubrey, Chief Executive
Officer +44 (0) 20 7444 0050
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.
About Tissue Regenix
Tissue Regenix is a leading medical devices company in the field
of regenerative medicine. Tissue Regenix was formed in 2006 when it
was spun-out from the University of Leeds. Tissue Regenix
commercialises academic research conducted by its partners globally
including National Health Service Blood and Transplant ("NHSBT") in
the UK and the Pontifical University of Parana in Curitiba, Brazil.
Tissue Regenix's patented decellularisation ("dCELL(R)") technology
removes DNA and other cellular material from animal and human
tissue leaving an acellular tissue scaffold, which is not rejected
by the patient's body and which can then be used to repair diseased
or worn out body parts. The potential applications of this process
are diverse and address many critical clinical needs such as
chronic wounds, heart valve replacement and knee repair.
http://www.tissueregenix.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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