LONDON (Alliance News) - Investment company Mercia Technologies PLC on Thursday said it has agreed to make a new direct investment of up to GBP2.0 million in Oxford Genetics Ltd.
Mercia will phase the investment. It will invest GBP1.0 million initially, taking its direct stake in Oxford Genetics to 36%. Total holdings across the Mercia Group will be 69%, when including equity held by Mercia's third-party funds under management.
The other GBP1.0 million to be invested within the next eight months, depending on Oxford Genetics meeting performance milestones.
Oxford Genetics is working on protein expression optimisation and cell line development as part of its DNA design programme.
"We look forward to supporting Oxford Genetics as it enters its next growth phase and taps into the wealth of potential commercial partnerships currently in the pipeline, which will drive revenue growth," said Mercia Chief Executive Mark Payton.
Shares in Mercia were untraded on Thursday, having last traded at 41.36 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Mercia Asset (MERC)