Enterprise Therapeutics raises £29m

RNS Number : 7002K

IP Group PLC

12 April 2018

 

FOR RELEASE ON

12 April 2018

IP Group plc - Portfolio company Enterprise Therapeutics raises £29m funding

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that its portfolio company Enterprise Therapeutics Limited ("Enterprise" or "the Company"), has announced a £29 million fundraising.

Enterprise Therapeutics, which entered the IP Group portfolio following the combination with Touchstone Innovations, is developing muco-regulatory therapies to treat patients with respiratory diseases of high unmet medical need, where mucus obstruction reduces lung function, leading to difficulty in breathing and recurrent lung infections.

The financing, which was oversubscribed, was co-led by Versant Ventures and Novartis Venture Fund with funding from new investor Forbion and existing shareholders Epidarex Capital and IP Group.

IP Group has committed to invest a total of £4.7 million of the round, which is tranched and subject to the achievement of certain milestones. The Group has invested £2.5 million in the first tranche of the fundraising.

The investment will fund Enterprise Therapeutics' drug discovery pipeline of muco-regulatory therapies into clinical development, enabling new treatment options for cystic fibrosis, chronic obstructive pulmonary disease and severe asthma.

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer Greg Smith, Chief Financial Officer Liz Vaughan-Adams, Communications	[phone] [phone]/[phone]
Charlotte Street Partners
Andrew Wilson	[phone]
Martha Walsh	[phone]

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 subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early-stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.

Group holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.

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

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