Oxford Nanopore funding round and contract win

IP Group plc - Portfolio company Oxford Nanopore Technologies announces £84.4m of additional funding

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, notes that its portfolio company Oxford Nanopore Technologies Ltd ("Oxford Nanopore" or "the Company") has announced that it has raised an additional £84.4 million of new capital from existing and new investors including International Holdings Company (IHC) and RPMI Railpen.

The funds will be used to support the rapid acceleration of Oxford Nanopore's commercial and manufacturing operations as well as ongoing innovation in the field of nanopore technology. The round takes the amount raised this year by Oxford Nanopore to £162.1 million, following fund raisings in January and May of £29.3 million and £48.4 million respectively.

Following the capital raise, IP Group has a 15.0% undiluted beneficial stake in Oxford Nanopore, valued at £257.7 million. The directors will review the carrying value of Oxford Nanopore, as usual, as part of the Group's Annual Results for 2020 in light of this funding round and all other relevant information.

Last week, Oxford Nanopore announced that its LamPORE test is now CE marked for in vitro diagnostic use for the detection of the SARS-CoV-2 virus that causes COVID-19, using its GridION device. Its LamPORE test is now in the process of initial rollouts in the UK, Germany, Switzerland and the United Arab Emirates.

The Company previously announced that it had partnered with the UK's Department of Health and Social Care with an initial order of 450,000 LamPORE SARS-CoV-2 tests and the potential to increase to millions of tests per month as indicated by the recent publication of a contract award notice of £112.6m on the TED (Tenders Electronic Daily) website. Further regulatory approvals are being pursued in other countries, including Emergency Use Authorisation in the United States, and with its partner G42 in the United Arab Emirates.

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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.

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ENDS