IP Group welcomes placing by Fusion IP
IP Group, which develops intellectual property (IP) based businesses, has said its part-owned subsidiary, Fusion IP, a university IP commercialisation company, has conditionally raised 20m pounds through the placing of shares at 55p each.
IP Group, which develops intellectual property (IP) based businesses, has said its part-owned subsidiary, Fusion IP, a university IP commercialisation company, has conditionally raised 20m pounds through the placing of shares at 55p each.
IP Group has subscribed for 3.045m shares, representing an aggregate investment of £1.7m. Together with its exsiting stake in the company IP Group's holding is equal to 20.1% of the enlarged issued share capital.
Fusion IP has has also signed a memorandum of understanding (MoU) agreement with two additional universities - the University of Nottingham and Swansea University.
"Fusion IP's directors believe that by expanding the company's business model to new universities it will increase its access to additional IP and by raising additional funds it will ensure it has the financial strength to invest further in its key portfolio companies and to establish new companies out of its expanded pipeline," IP Group commented.
The new MoU agreements will allow for co-investment by IP Group, in line with the existing IP Group co-investment agreement.
IP Group's share price fell 2.05% to 143p by 15:30 Monday.
NR
