Last checked at 6 Jan 2021 16:57
FOR RELEASE ON | 06 January 2021 |
THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.
IP Group plc - Portfolio company Hinge Health completes $300m funding round
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, notes that portfolio company Hinge Health, Inc, a digital clinic for back and joint pain for employers and health plans, has completed a $300m (£225m*) Series D investment round valuing the company at approximately $3bn (£2.2bn*).
Following completion of the investment round, IP Group has an undiluted beneficial holding of approximately 2.4% in Hinge Health that the directors anticipate will be valued at £42.1 million, representing a net unrealised fair value gain to the Group of approximately £30.7 million.
* GBP equivalent using 1.34 USD/GBP
For more information, please contact:
IP Group plc | www.ipgroupplc.com |
Greg Smith, Chief Financial OfficerLiz Vaughan-Adams, Communications | +44 (0) 20 7444 0050+44 (0) 20 7444 0062/+44 (0) 7979 853802 |
Charlotte Street Partners | |
David Gaffney | +44 (0) 7854 609998 |
Andrew Wilson | +44 (0) 7810 636995 |
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.
About Hinge Health
Hinge Health is pioneering the world's most patient-centred Digital Clinic for back & joint pain. The company's Digital Clinic is the #1 musculoskeletal (MSK) solution for employers and health plans. Hinge Health has 300+ health plan, employer, and public sector customers and empowers people to reduce chronic pain, opioid use and surgeries. Learn more at www.hingehealth.com
ENDS