Investment in Momentum Bioscience Limited

RNS Number : 7737L

Intuitive Investments Group plc

15 September 2021

 

Intuitive Investments Group plc

Investment in Momentum Bioscience Limited

Intuitive Investments Group plc (AIM: IIG) ("IIG" or the "Company"), a closed-end investment company focussed on the life sciences sector, is pleased to announce an investment of £125,000 to acquire 25,000 new A preferred shares  in Momentum Bioscience Limited ("Momentum") (the "Investment") as part of a £3.89 million fundraising round ("Fundraising"). The Investment provides IIG with a 2.4 per cent. interest in Momentum's share capital as enlarged by the Fundraising.

Momentum is developing a revolutionary rapid diagnostic test for patients suspected of sepsis, an infection of the blood stream resulting in symptoms including a drop in a blood pressure, increase in heart rate and fever.  Last year, the World Health Organisation ("WHO") reported that there were 49 million deaths from sepsis globally and 11 million avoidable deaths.  The current standard of care typically takes 1-5 days to detect viable bacteria or fungi (organisms) in blood, relying on downstream workflows to provide an identification of the organism thereafter. 

Momentum's SepsiSTAT® system enables reporting of the presence or absence and 'pan gram identification' of viable organisms in just two hours, helping direct the right antimicrobials.  The system also provides a pure concentrate of growing organisms for further analysis. 

Faster testing in suspected sepsis patients can reduce mortality, accelerate hospital discharge, lower hospital costs and reduce pressure on antimicrobial resistance.  SepsiSTAT® is a diagnostic test that runs from a sample of whole blood before any culturing steps are taken and is currently being studied in clinical practice with highly encouraging early results indicating competitive sensitivity versus the current standard of care. Over 120 million blood tests for sepsis are run annually representing a market potential of over £1.0 billion.

Further information can be found on Momentum's website: www.momentumbio.co.uk.

Momentum, per the company's unaudited management accounts for the eight months to 30 June 2021, had no revenues and a loss after tax of £1,391,769 and, as at 30 June 2021, had net liabilities of £59,112.

David Evans, Executive Chairman of the Company, personally invested in Momentum in 2008 and will invest £125,000 to acquire 25,000 new A preferred shares in Momentum in the Fundraising. David Evans' resulting position represents a 2.5 per cent. interest in Momentum's share capital as enlarged by the Fundraising. Accordingly, David Evans did not vote as a member of the Board approving the Investment. 

For further information, please contact:

Intuitive Investments Group plc	www.iigplc.com
David Evans, Executive Chairman Robert Naylor, CEO	Via Walbrook PR
Strand Hanson Limited - Nominated Adviser	[phone]
James Dance / James Bellman
Turner Pope Investments (TPI) Ltd - Broker	[phone]
Andrew Thacker / James Pope
Walbrook PR Limited - Media & Investor Relations	[phone] or [e-mail]
Sam Allen / Paul McManus	[phone] / [phone]

About Intuitive Investments Group plc

The Company is a recently established investing company, seeking to provide investors with exposure to a portfolio concentrating on fast growing and/or high potential Life Sciences businesses operating predominantly in the UK, continental Europe and the US, utilising the Board's experience and in particular that of the Chairman, David Evans, to seek to generate capital growth over the long term for shareholders. 

 

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