21 Jul 2017 13:00
FOR RELEASE ON | 21 July 2017 |
IP Group plc - Portfolio company Tissue Regenix announces £40m fundraising and acquisition of CellRight Technologies
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that portfolio company Tissue Regenix Group plc ("Tissue Regenix" or "the Company"), has announced it has raised £40 million through a Placing and Subscription of new ordinary shares as well as the acquisition of CellRight Technologies.
Tissue Regenix, a regenerative medical devices company based on science from the University of Leeds, intends to use the proceeds to finance the initial consideration for the acquisition, to accelerate growth and to provide working capital to support the on-going commercialisation of its existing programmes.
IP Group has agreed to a total subscription of £5.0 million as part of the Placing and, following completion, will hold a total of 153,042,836 shares in Tissue Regenix, or 13.2% of the Company's enlarged share capital. The Placing is conditional upon shareholder approval at the Company's General Meeting, scheduled for 8 August 2017.
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 |
Martha Walsh | +44 (0) 7876 245962 |
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 approximately 100 early-stage to mature businesses across four main sectors -- Biotech, Cleantech, Healthcare and Technology. The Company is listed on the Main Market of the London Stock Exchange under the code IPO.
For more information, please visit our website at www.ipgroupplc.com.
ENDS
Ip Group (IPO)