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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ip Group Plc | LSE:IPO | London | Ordinary Share | GB00B128J450 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.60 | 3.39% | 48.85 | 48.60 | 48.70 | 49.55 | 47.55 | 47.55 | 5,521,185 | 16:35:21 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | -140.1M | -174.4M | -0.1682 | -2.89 | 503.94M |
TIDMIPO TIDMTTM
RNS Number : 6835J
IP Group PLC
21 December 2015
FOR RELEASE ON 21 December 2015
IP Group plc - Portfolio company Diurnal announces GBP30m fundraising and proposed admission to AIM
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that portfolio company Diurnal Group plc ("Diurnal" or "the Company"), a specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, has published its Admission Document following a successful GBP30 million fundraising and has applied for the Admission of its entire issued and to be issued share capital to AIM, a market operated by London Stock Exchange plc.
Diurnal, a spin-out company from the University of Sheffield, has conditionally raised approximately GBP30 million (GBP28.4 million net of expenses) by way of a placing of new ordinary shares of 5 pence each in the Company (the "Shares") at 144 pence per Share (the "Placing Price") to institutional and other investors (the "Placing") and through IP Group making a convertible loan available to it.
Pursuant to the Placing, Diurnal will issue 17,603,759 Shares, raising gross proceeds for the Company of approximately GBP25.3 million. A total of 52,210,759 Shares will be in issue immediately following Admission, giving a market capitalisation of approximately GBP75.2 million at the Placing Price.
Following completion of the Placing and Admission, IP Group will be beneficially interested in 23,488,264 ordinary shares in Diurnal, representing 45.0% of Diurnal's enlarged issued share capital, valued at GBP33.8 million at the Placing Price. The transaction will result in an unrealised fair value gain to the Group of GBP14.6 million at the Placing Price. IP Group has committed GBP8.1 million to the Placing and, in addition, is providing approximately GBP4.7 million to the Company by way of a five year, interest-free, unsecured convertible loan, convertible at the Placing Price.
Admission is expected to occur on Thursday, 24 December 2015, under the ticker symbol 'DNL'. The nominated adviser and broker to the Company is Numis Securities Limited.
Dr Martin Whitaker, CEO of Diurnal, commented: "We are delighted to have been able to complete our IPO successfully. The new funds will allow us to accelerate the development of our two leading product candidates which are in, or expected to commence shortly, late-stage clinical development targeting diseases of cortisol deficiency; Chronocort(R) , to be used for Congenital Adrenal Hyperplasia ("CAH") in adults, and Infacort(R) , to be used for Adrenal Insufficiency ("AI"), including CAH in children. Our lead product candidate, Infacort(R) , is anticipated to receive its first regulatory approval in Europe in the third quarter of 2017.
"Our vision is to become the world's leading endocrinology specialty pharma company targeting under-served patient needs in chronic hormonal diseases. We have identified a number of such needs which we estimate represent a combined market opportunity of more than $11 billion. As potential prescribing endocrinologists for our products are predominantly concentrated in specialist centres throughout Europe and the US, we believe there is significant opportunity, at the right time, to build a cost-effective, focused sales and marketing operation. This should enable us to maximise the value from our product candidates, once approved, and create a base for further growth through in-licensing.
"We are excited to be entering this new chapter in Diurnal's evolution. This IPO is a major milestone for the Company which would not have been possible without the hard work of our employees. We also wish to thank our existing investors for their continuing support and welcome our new shareholders."
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 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 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 subsidiary IP Capital), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in over 90 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
December 21, 2015 02:07 ET (07:07 GMT)
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