Mercia Asset Management PLC Portfolio company MIP Diagnostics raises GBP5.1m
01 Julio 2020 - 1:00AM
RNS Non-Regulatory
TIDMMERC
Mercia Asset Management PLC
01 July 2020
RNS Reach 1 July 2020
Mercia Asset Management PLC
("Mercia" the "Company" or the "Group")
Mercia portfolio company MIP Diagnostics raises GBP5.1m to scale
'polymer antibody' production and joins Mercia's direct investment
portfolio
Mercia Asset Management PLC (AIM:MERC), the proactive,
regionally focused specialist asset manager, is pleased to announce
that its fund portfolio company MIP Diagnostics Limited ("MIP") has
completed a GBP5.1million funding round to scale production of its
polymer antibodies, a significant milestone for the company. As
part of the funding round Mercia has committed GBP0.5million from
its own balance sheet alongside the Business Growth Fund, Downing
Ventures, Calculus Capital and MIP management. Mercia's initial
fully diluted equity percentage will become 4.6%.
Founded in 2015 as a spin-out from the University of Leicester,
MIP has developed a proprietary process for the manufacture of
Molecularly Imprinted Polymers, which offer a synthetic, more
robust, alternative to antibodies, a circa $85bn market and
growing. The nanoMIP format can withstand harsh chemicals, extremes
of temperature and pH and, unlike real antibodies, is very stable
and has a long shelf life without refrigeration. It is suitable for
a range of applications including diagnostics, healthcare and
bioprocessing, and the company is evaluating an innovative
application for a COVID-19 diagnostic.
Mercia first invested in the company at its inception via its
third-party managed funds and this is the first investment in MIP
from Mercia's balance sheet.
Dr Mark Payton, CEO of Mercia Asset Management, said :
"Antibodies represent a huge global market, yet they are costly to
produce and have inherent limitations. MIP's 'non-biologic
antibodies' offer a robust alternative approach. Mercia was the
founding investor in the business via its third-party funds, and we
have actively supported its development since. We are pleased to be
part of a meaningful syndicate to scale the business, which has the
potential to disrupt this fast-growing global market."
Stephane Argivier, CEO, said: "This significant investment round
is a strong endorsement of our technology. Molecularly Imprinted
Polymers offer many advantages and enable new applications that
push the limit of what was previously possible. This investment
will enable us to rapidly expand our operations to capitalise on
these opportunities and bring exciting new products to the
market."
Ends
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
Canaccord Genuity Limited (NOMAD and Joint +44 (0)20 7523
Broker) 8000
Simon Bridges, Richard Andrews
N+1 Singer (Joint Broker)
+44 (0)20 7496
Harry Gooden, James Moat 3000
+44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Louisa Feltes, Antonia Powell
mercia@fticonsulting.com
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on
supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of balance
sheet, venture, private equity and debt capital: the Group's
'Complete Connected Capital'. The Group initially nurtures
businesses via its third-party funds under management, then over
time Mercia can provide further funding to the most promising
companies, by deploying direct investment follow-on capital from
its own balance sheet.
The Group has a strong UK regional footprint through its eight
offices, 19 university partnerships and extensive personal
networks, providing it with access to high-quality deal flow.
Mercia currently has c.GBP800million of assets under management
and, since its IPO in December 2014, has invested over GBP90million
across its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the epic
"MERC".
About MIP Diagnostics Ltd.
MIP Diagnostics Limited develops and manufactures nanoMIPs,
linear MIPs, bulk MIP and Rationally Designed Polymers using its
proprietary processes. Molecularly Imprinted Polymers are
'synthetic' affinity reagents and the nanoMIP format provides a
more robust alternative to antibodies, typically with similar or
greater affinity coupled with additional unique
characteristics.
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END
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