IP Group plc - Portfolio company and University of Oxford spin-out Genomics raises £10.3m
26 Nov 2014
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property based businesses, is pleased to note that portfolio company Genomics Ltd ("Genomics" or "the Company"), a spin-out from the University of Oxford that has developed an analytical platform for genomic sequence data analysis, has completed a £10.3 million fundraising.
The funding came from new investors, including funds managed by Invesco Perpetual, Lansdowne Partners, Woodford Investment Management and the Wylie Family Trust, as well as existing shareholders including IP Group, one of its managed funds, and the University of Oxford.
Genomics, whose founders include Professors Peter Donnelly and Gil McVean, has developed a unique analytical platform for genomic sequence data analysis and interpretation and has already been awarded two grants funded by the Department of Health and managed by Genomics England to develop its technology. The Company is also working with pharmaceutical companies to bring the benefits of genomic analysis to the drug development process.
Genomics is chaired by David Norwood, a serial entrepreneur who was one of the original founders of Oxford Nanopore Technologies Limited, another spin-out company from the University of Oxford that specialises in nanopore-based electronic molecular analysis systems in which IP Group holds a stake, and is currently a non-executive director of Retroscreen Virology Group plc, another IP Group portfolio company.
Following completion of the financing round, IP Group's undiluted beneficial stake of 16.7% in Genomics is valued at £4.3 million and IP Venture Fund II's 7.1% stake is valued at £1.8m. As a result of the Group's 33% limited partnership interest in IP Venture Fund II, its effective beneficial interest in Genomics is approximately 19%. The fundraising has resulted in an unrealised fair value gain to IP Group of £2.3 million and a fair value gain of £1.0m to IP Venture Fund II. IP Group and IP Venture Fund II committed £1.7 million and £0.7 million respectively to the fundraising.
Mark Warne, Healthcare Portfolio Director at IP Group, said: "IP Group is delighted to be able to support Genomics, our second spin-out from the University of Oxford in the DNA sequencing field after Oxford Nanopore, and the first to emerge from the Wellcome Trust Centre for Human Genetics. We look forward to working alongside the world-class scientific founders, who include Professors Peter Donnelly FRS and Gil McVean, in this exciting new venture that has the opportunity to dominate the rapidly growing genomic analytics space."
John Colenutt, Chief Executive Officer of Genomics Ltd, said: "We are tremendously excited about the potential for genomic analysis to transform healthcare and about the ability of the Company to play a major part in that revolution. We are delighted that this vision is shared by investors and look forward to building Genomics to be a major force in the industry".
For more information, please contact:
IP Group plc www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer +44 (0) 20 7444 0050
Liz Vaughan-Adams, Communications +44 (0) 20 7444 0062 / +44 (0) 7979 853 802
James Melville-Ross/Simon Conway/Victoria Foster Mitchell +44 (0)20 3727 1000
John Colenutt, CEO +44 (0)7771 865886
Professor Peter Donnelly +44 (0)1865 287725
Notes for editors
About IP Group
IP Group is a leading UK intellectual property commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.
IP Group's portfolio comprises holdings in around 90 early-stage to mature businesses across the Healthcare, Biotech, Cleantech and Technology sectors. These businesses include Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum, and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.
IP Venture Fund II LP is a venture capital fund managed by Top Technology Ventures Limited, the Group's 100%-owned fund management subsidiary, which is authorised by the Financial Conduct Authority. The Group has a 33% economic interest in IP Venture Fund II and its results are consolidated into those of the Group.
For more information, please visit our website at www.ipgroupplc.com.
Genomics Ltd is a spin-out company from the University of Oxford, focussed on bringing the genomics revolution to healthcare. Whole genome sequencing is becoming increasingly common, as costs fall sharply, and this development has the potential to transform many aspects of healthcare if the associated data challenges of scale and complexity can be overcome. Building on the world-leading expertise and broad experience of the founders, who include Professors Peter Donnelly and Gil McVean, the Company has a unique analytical platform for genomic sequence data analysis and interpretation. Genomic analysis will bring huge value to patients, clinicians, healthcare managers and pharmaceutical and biotech companies.
The Company, based in Oxford, has already been awarded two grants funded by the Department of Health and managed by Genomics England, to develop its technology. It is also working with pharmaceutical companies to bring the benefits of genomic analysis to the drug development process.
Professor Donnelly is Director of The Wellcome Trust Centre for Human Genetics (WTCHG) in Oxford and the other founders are also based at the Centre. The WTCHG is a world-leading research centre within the University, focussed on understanding the genetic basis of human diseases and using this information to improve healthcare. The WTCHG houses around 450 scientists and has an annual research grant income of over £20m. In addition to a focus on particular diseases, it is one of the pre-eminent international centres for statistical genetics and structural biology.
About Invesco Perpetual
Invesco Perpetual is part of Invesco Ltd, a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.
Further information about Invesco Perpetual can be found at www.invescoperpetual.co.uk.
About Woodford Investment Management
Woodford Investment Management is a fast-growing asset management company built on a founding philosophy of transparency and simplicity. Launched in May 2014, the company has more than £7.5bn assets under management and advice. Further information can be found at www.woodfordfunds.com.