IP Group PLC Enterprise Therapeutics raises £29m

TIDMIPO

IP Group PLC

12 April 2018

 
 FOR RELEASE ON   12 April 2018

IP Group plc - Portfolio company Enterprise Therapeutics raises GBP29m funding

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that its portfolio company Enterprise Therapeutics Limited ("Enterprise" or "the Company"), has announced a GBP29 million fundraising.

Enterprise Therapeutics, which entered the IP Group portfolio following the combination with Touchstone Innovations, is developing muco-regulatory therapies to treat patients with respiratory diseases of high unmet medical need, where mucus obstruction reduces lung function, leading to difficulty in breathing and recurrent lung infections.

The financing, which was oversubscribed, was co-led by Versant Ventures and Novartis Venture Fund with funding from new investor Forbion and existing shareholders Epidarex Capital and IP Group.

IP Group has committed to invest a total of GBP4.7 million of the round, which is tranched and subject to the achievement of certain milestones. The Group has invested GBP2.5 million in the first tranche of the fundraising.

The investment will fund Enterprise Therapeutics' drug discovery pipeline of muco-regulatory therapies into clinical development, enabling new treatment options for cystic fibrosis, chronic obstructive pulmonary disease and severe asthma.

For more information, please contact:

 
 IP Group plc                          www.ipgroupplc.com 
 Alan Aubrey, Chief Executive 
  Officer                              +44 (0) 20 7444 0050 
  Greg Smith, Chief Financial 
  Officer                               +44 (0) 20 7444 0062/+44 
  Liz Vaughan-Adams, Communications     (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 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.

For more information, please visit our website at www.ipgroupplc.com.

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

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April 12, 2018 04:19 ET (08:19 GMT)

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