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IP Group plc - First day of dealings and admission to AIM for portfolio company Retroscreen Virology

03 May 2012

IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the Group"), the developer of intellectual property based businesses, is pleased to note that portfolio company Retroscreen Virology Group plc ("Retroscreen") has today announced its admission to the AIM market of the London Stock Exchange and the commencement of dealings in its ordinary shares.

Retroscreen (AIM: RVG), the viral challenge and "virometrics" specialist, has raised gross proceeds of £15 million in a placing of 18,750,000 ordinary shares at 80 pence per share. On the basis of 40,976,920 ordinary shares being admitted to trading on AIM, and the placing price, the market capitalisation of Retroscreen at admission will be approximately £32.8 million.

IP Group is beneficially interested in 9,309,500 ordinary shares in Retroscreen, representing 22.7% of Retroscreen's enlarged issued share capital, valued at £7.4 million at the placing price of 80 pence per share. The admission of Retroscreen to AIM will result in an unrealised fair value gain to IP Group of £5.3 million at the placing price. In addition, IP Venture Fund, a venture capital fund managed by the Group, has a beneficial interest in 3,788,920 ordinary shares, representing 9.2% of Retroscreen's enlarged issued share capital. IP Group and IP Venture Fund have committed £1.5 million and £0.5 million respectively to the placing.

Retroscreen, a spin-out company from Queen Mary and Westfield College, University of London, plans to use the proceeds to invest in infrastructure, facilities and personnel, to allow it to pursue its development strategy and as general working capital to fund its 2012 and 2013 pipeline.

For more information, please contact:

IP Group plc

www.ipgroupplc.com

Alan Aubrey, Chief Executive Officer            

+44 (0) 20 7444 0050

Liz Vaughan-Adams, Communications   

+44 (0) 20 7444 0062 / +44 (0) 7979 853 802
liz.vadams@ipgroupplc.com

FTI Consulting

 

Ben Atwell, John Dineen

+44 (0) 20 7831 3113

Notes for editors

About IP Group

IP Group is a leading UK intellectual property ("IP") commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.

The Company's portfolio comprises holdings in over 60 companies including Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.

The portfolio includes early stage to mature businesses and has exposure to five main sectors - Energy & Renewables, Medical Equipment & Supplies, Pharma & Biotech, IT & Communications and Chemicals & Materials. To date, fourteen of the portfolio companies IP Group has backed have listed on the AIM market of the London Stock Exchange and one on PLUS Markets.

Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006. The Group now has long-term partnerships with twelve core universities including those under its commercialisation agreement with Fusion IP plc.

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