26 Jun 2009 07:00
26 June 2009
Imperial Innovations Group plc
Disposal of investment in InforSense
Imperial Innovations Group plc (AIM: IVO, "Imperial Innovations"), a leading technology commercialisation and investment company, has sold its 14.3% holding (and associated Loan Notes) in InforSense Limited for £0.9 million in cash on completion, with a further deferred performance related payment estimated to be £0.1m.
InforSense has been acquired by IDBS Limited, a leading provider of innovative data management solutions for international R&D, headquartered in the UK, for £5.0 million in cash. There is also a further deferred performance related payment estimated to be £0.8 million.
In its last financial year, InforSense made a loss and paid no dividend. Imperial Innovations' carrying value for InforSense was £1.0 million as at 31 January 2009. Russ Cummings, Chief Investment Officer of Imperial Innovations, will step down as a non-executive director of InforSense on completion.
Susan Searle, Chief Executive of Imperial Innovations, commented:
"This is a satisfying outcome for us as we have been working very closely with InforSense, supporting them financially and in the sale process. This acquisition enables the technology to become even more widely adopted and commercialised."
Enquiries:
Imperial Innovations
Susan Searle, Chief Executive Tel. +44 (0)20 7594 6589
Diana Crisp, PR Manager
College Hill Tel. +44 (0)20 7866 7863
Sue Charles/ Adrian Duffield
J.P. Morgan Cazenove (NOMAD to Imperial Innovations) Tel. +44 (0)20 7588 2828
Steve Baldwin
Note to Editors
Imperial Innovations is one of the UK's leading technology commercialisation and investment companies. Founded in 1986 and admitted to the AIM Market of the London Stock Exchange in 2006, Imperial Innovations' access to early stage technology and intellectual property is unparalleled.
Imperial Innovations' integrated commercialisation approach encompasses the identification of ideas, the protection of intellectual property, the development and licensing of technology and the formation, incubation and funding, through investment, of technology businesses.
Based at Imperial College, London, Imperial Innovations' portfolio of equity holdings in more than 80 companies spans its four core areas of Healthcare, Engineering, Energy & Environment and Software & IT.
Companies in the portfolio of Imperial Innovations include: Circassia (allergy therapeutics), Evo Electric (electric motor and generator solutions), Nexeon (lithium ion battery technology), Polytherics (drug development), Quantasol (solar concentrators) and Respivert (respiratory drug development).
Imperial Innovations has already realised significant value from its investments to date including from a recent trade sale in December 2008 when Thiakis Limited, a company in which Imperial Innovations had a 23.7% stake, was sold for up to £100 million to US-based Wyeth Pharmaceuticals.
www.imperialinnovations.co.uk