Imperial Innovations Group plc (AIM: IVO, “Innovations” or “the Group”) has obtained a loan for a period of 12 years from the European Investment Bank (EIB) to invest in the biotech and therapeutics sectors.
The loan facility amounts to £30m and will be made in two tranches of £15m. The Group plans to draw down the first tranche shortly.
The funding is additional to Innovations' existing cash resources, which at the last published accounts in January 2013, amounted to over £60m. It will enable the Group to increase the rate and scale of its investment in both new technologies and existing portfolio companies in this space.
Susan Searle, Chief Executive Officer, Imperial Innovations, said: “This loan gives us access to long term, committed capital on favourable terms. It is a clear endorsement from the EIB of the quality, maturity and breadth of our portfolio, reinforcing our reputation and leading position with potential portfolio companies in the UK biotech sector.”
Nigel Pitchford, Managing Director, Healthcare Ventures at Innovations added:“Biotech and therapeutics are key areas of focus and expertise for us. We are pleased to be able to increase our investment in the exciting new opportunities that we are seeing as well as in our existing portfolio companies.”
Jonathan Taylor, European Investment Bank Vice President said: "Imperial Innovations has set a benchmark for transforming cutting-edge research into commercially successful innovation. The £30m loan provided by the European Investment Bank for biotech and healthcare investment demonstrates our commitment to supporting leading innovation and research in globally competitive fields. We are pleased to support Imperial Innovations in helping new companies emerge and successfully exploit niche technologies".
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Enquiries:
http:///www.imperialinnovations.co.uk
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