Portfolio company Tissue Regenix raises ?20m
|
FOR RELEASE ON |
22 January 2015 |
IP Group - Portfolio company Tissue Regenix announces £20m funding round
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"), the regenerative medical devices company, has today raised approximately
£20 million (before expenses) at 19 pence per share through a placing of new ordinary shares with both new and existing institutional shareholders.
Tissue Regenix has patented "dCELL" technology which uses animal and human tissue to create a tissue scaffold which can be used to repair diseased or worn out body parts. The Company's first product: "DermaPure", which is used for the treatment of chronic wounds, was launched in 2014. The proceeds of the placing will be primarily used for the development and launch of new products, including applications for meniscus repair, ligament repair and heart valve replacement, and to expand the direct salesforce for DermaPure in the US.
The placing is conditional upon, inter alia, the passing of the certain resolutions at a general meeting of the Company. Subject to shareholder approval being given as aforementioned, it is expected that admission to AIM will become effective in respect of, and that dealings on AIM will commence in, the placing shares on or around 10 February 2015.
IP Group has agreed to subscribe for 13,157,895 placing shares, representing approximately
£2.5 million. Following the completion of the placing, IP Group will hold 103,042,836 ordinary shares in the Company, representing 13.6% of the enlarged issued share capital.
Commenting on the placing, Alan Aubrey, Chief Executive of IP Group, said: "This fundraising will allow Tissue Regenix to build on the success it has achieved so far, to explore new products and applications, and to strengthen its presence in the US. We are delighted to support the business through this next stage of development."
Antony Odell, Chief Executive of Tissue Regenix, said: "Our latest fundraising represents a milestone for the company. Having launched our first product, the time has now come to build up our US direct sales network to ensure we build coverage of hospitals in this key market. Initial responses by potential customers to DermaPure have been extremely positive and we are very excited by the potential this product offers. In addition, we have new products and applications in development that gives us the potential to address new markets - including knee injury - which have massive potential. This fundraising will allow us to achieve these goals."
For more information, please contact:
|
IP Group plc |
|
|
Alan Aubrey, Chief Executive Officer |
+44 (0) 20 7444 0050 |
|
FTI Consulting |
|
|
James Melville-Ross/Simon Conway/Victoria Foster Mitchell |
+44 (0)20 3727 1000 |
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.
For more information, please visit our website at www.ipgroupplc.com.
About Tissue Regenix
Tissue Regenix is a leading medical devices company in the field of regenerative medicine. Tissue Regenix was formed in 2006 when it was spun-out from the University of Leeds. Tissue Regenix commercialises academic research conducted by its partners globally including National Health Service Blood and Transplant ("NHSBT") in the UK and the Pontifical University of Parana in Curitiba, Brazil. Tissue Regenix's patented decellularisation ("dCELL®") technology removes DNA and other cellular material from animal and human tissue leaving an acellular tissue scaffold, which is not rejected by the patient's body and which can then be used to repair diseased or worn out body parts. The potential applications of this process are diverse and address many critical clinical needs such as chronic wounds, heart valve replacement and knee repair.
ENDS
This information is provided by RNS
Latest directors dealings
- 1 hour ago Trekor Metals Limited
- 1 hour ago ECR Minerals
- 1 hour ago Zotefoams
- 15 hours ago Luceco
- 15 hours ago Helios Towers