Investment in Micrima Limited

RNS Number : 3253S

Intuitive Investments Group plc

16 March 2021

 

16 March 2021

Intuitive Investments Group plc

Investment in Micrima Limited

Intuitive Investments Group plc (AIM: IIG) ("IIG" or the "Company"), a closed-end investment company focussed on the life sciences sector, announces an investment of £200,000 by way of convertible loan note into Micrima Limited ("Micrima") (the "Investment").  The convertible loan note has a term of three years, with 8% interest which is non-cumulative and rolls up to be part of the final conversion amount. There are detailed conversion mechanics which differ for a trade sale or future fundraise, which include, in both cases, amongst other things, conversion of the principal amount at a 20 per cent. discount to the price per share of such sale or fundraise and a valuation cap on conversion limiting potential dilution. The investment into Micrima is part of a £1.9 million round which is being matched by the 'Future Fund', the UK government initiative delivered by the British Business Bank, thereby providing Micrima with £3.8 million of funding in aggregate.

Micrima is a commercial stage company which has developed a new imaging method, the MARIA® system, based on radiofrequency technology to improve early diagnosis of breast cancer. Micrima has reached a significant development milestone with initial sales of its novel breast imaging technology. Micrima is now set to set to embark on a full commercial launch with distribution already established in Germany, Austria and Switzerland through an agreement with Hologic, Inc. More information on Micrima can be found at https://micrima.com/ . Micrima, per the company's unaudited management accounts, achieved a loss after tax for the year ended 31 December 2020 of £2.3 million and, as at 31 December 2020, had net assets of £773,954.

David Evans is investing £100,000 as part of this investment round on the same terms as the Investment. Accordingly, David Evans did not vote as a member of the Board of IIG approving the transaction.    

The Investment in is the Company's eighth investment following its IPO in mid-December 2020.

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 Harris / James Dance / James Bellman
Turner Pope Investments (TPI) Ltd - Broker	[phone]
Andrew Thacker / Zoe Alexander
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 newly 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.

 

END

 

 

MSCEAPDSFEFFEFA