Last checked at 26 May 2020 10:05
FOR RELEASE ON | 26 May 2020 |
Portfolio company Inivata announces strategic collaboration and $25m investment from NeoGenomics
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that portfolio company Inivata Ltd, ("Inivata" or "the Company"), a leader in liquid biopsy, has announced the formation of a strategic collaboration with NeoGenomics, Inc (NASDAQ: NEO) for the commercialisation of its InVisionFirst®-Lung liquid biopsy test in the United States.
As part of the collaboration, NeoGenomics will make a $25 million equity investment in Inivata to take a minority shareholding with an option to buy the company outright. The new funding received by Inivata will be used to enable the acceleration of its liquid biopsy products, including further development work on RaDaR, its newly launched highly sensitive personalised assay for the detection of residual disease and recurrence.
Following completion of the initial equity investment, IP Group will hold a direct undiluted beneficial stake of 25.7% in Inivata. The directors expect that this transaction will result in a direct unrealised fair value gain to the Group of approximately £7.0 million and that the Group's holding will be valued at approximately £31.0 million.
NeoGenomics and Inivata will also seek opportunities for collaboration with biopharmaceutical companies around Inivata's liquid biopsy platform drawing on both companies' technology and expertise.
For more information, please contact:
IP Group plc | www.ipgroupplc.com |
Alan Aubrey, Chief Executive OfficerGreg Smith, Chief Financial OfficerLiz Vaughan-Adams, Communications | +44 (0) 20 7444 0050+44 (0) 20 7444 0062/+44 (0) 7979 853802 |
Charlotte Street Partners | |
Andrew Wilson | +44 (0) 7810 636995 |
David Gaffney | +44 (0) 7854 609998 |
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.
Group holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.
For more information, please visit our website at www.ipgroupplc.com.
ENDS