Portfolio co Hinge Health completes $300m round

RNS Number : 8336K

IP Group PLC

06 January 2021

 

FOR RELEASE ON

06 January 2021

THIS ANNOUNCEMENT CONSTITUTES INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO.596/2014.

IP Group plc - Portfolio company Hinge Health completes $300m funding round

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, notes that portfolio company Hinge Health, Inc, a digital clinic for back and joint pain for employers and health plans , h as completed a $300m (£225m*) Series D investment round valuing the company at approximately $3bn (£2.2bn*).

Following completion of the investment round, IP Group has an undiluted beneficial holding of approximately 2.4% in Hinge Health that the directors anticipate will be valued at £42.1 million, representing a net unrealised fair value gain to the Group of approximately £30.7 million.

* GBP equivalent using 1.34 USD/GBP

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Greg Smith, Chief Financial Officer Liz Vaughan-Adams, Communications	[phone] [phone]/[phone]
Charlotte Street Partners
David Gaffney	[phone]
Andrew Wilson	[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 .

About Hinge Health

Hinge Health is pioneering the world's most patient-centred Digital Clinic for back & joint pain. The company's Digital Clinic is the #1 musculoskeletal (MSK) solution for employers and health plans. Hinge Health has 300+ health plan, employer, and public sector customers and empowers people to reduce chronic pain, opioid use and surgeries. Learn more at  www.hingehealth.com

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