Mercia Technologies PLC £2.0m investment into Oxford Genetics (4676O)
August 21 2017 - 2:00AM
UK Regulatory
TIDMMERC
RNS Number : 4676O
Mercia Technologies PLC
21 August 2017
RNS 21 August 2017
Mercia Technologies PLC
("Mercia", the "Company" or the "Group")
Mercia invests GBP2.0million into Oxford Genetics as part of
GBP7.5million syndication
Mercia Technologies PLC (AIM: MERC), the national investment
group focused on the funding and scaling of innovative technology
businesses with high growth potential from the UK regions, is
pleased to announce that it has completed a GBP2.0million follow-on
direct investment into Oxford Genetics Limited ("Oxford Genetics"),
a synthetic biology company with significant expertise in helping
to design, develop and produce virus and protein based biologics to
support leading therapeutic companies.
This investment is part of a GBP7.5million funding round which
also sees a new investor, Invesco Asset Management Limited, as
agent for and on behalf of its discretionary managed clients
("Invesco"), joining the syndication as a partner. Invesco is one
of the largest investment managers in the UK and its involvement in
this funding round demonstrates the significant potential seen in
Oxford Genetics by both the teams at Mercia and Invesco. Mercia has
worked with Oxford Genetics since 2012, initially investing via its
third-party managed funds before becoming an Emerging Star direct
investment in December 2015. This latest funding round increases
Mercia's total direct investment to GBP4.7million. Mercia's direct
equity stake following this funding round is 40.5%.
Proceeds from the investment round will be used to further
expand Oxford Genetics' operations in the US with the opening of a
new office in Boston, as well as extending its UK research and
development facility.
In the last 12 months Oxford Genetics has signed a number of
out-licensing deals, including two separate collaborative
co-development partnerships. In the same period it has also filed
five patent applications, all in the fields of improving the
discovery, development or delivery of biological therapeutics. It
has also been awarded GBP1.9million in non-dilutive government
grants to support its R&D.
Ryan Cawood, CEO of Oxford Genetics, said: "The next few years
for Oxford Genetics will be exciting. The industry for complex
biologics has taken such huge steps forward to delivering real
patient benefit and we are pleased to be providing our technology
to many of the companies tackling some of medicine's most important
unmet needs."
Mark Payton, Chief Executive Officer at Mercia and board
director of Oxford Genetics, said: "This sector is growing rapidly,
driven by pharma and biotech companies' relentless drive for new
therapeutics. The commercial validity of the business has been
recently supported by a string of technology licence agreements.
This syndicated investment alongside Invesco reflects our
confidence in Oxford Genetics' strong position and its ability to
deliver shareholder value in the medium term."
For further information, please contact:
Mercia Technologies PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.merciatech.co.uk +44 (0)330 223 1430
Cenkos Securities plc
Ivonne Cantu / Mark Connelly (NOMAD) +44 (0)20 7397 8900
Buchanan
Bobby Morse, Victoria Hayns, Stephanie Watson
www.buchanan.uk.com +44 (0)20 7466 5000
About Mercia Technologies PLC
Mercia is a national investment group focused on the funding and
scaling of innovative technology businesses with high growth
potential from the UK regions. Mercia benefits from 18 university
partnerships and offices across the Midlands, the North of England
and Scotland providing it with access to high quality, regional
deal flow. Mercia Technologies PLC is quoted on AIM with the epic
"MERC".
Mercia's 'Complete Capital Solution' initially nurtures
businesses via its third party funds (now with circa
GBP336.5million under management following recent mandate wins) and
then over time Mercia can provide further funding to its 'Emerging
Stars' by deploying direct investment follow-on capital from its
own balance sheet. Since its IPO in December 2014, Mercia has
invested over GBP41.0million directly across its portfolio of
Emerging Stars.
This information is provided by RNS
The company news service from the London Stock Exchange
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