Investment in The Electrospinning Company Limited

RNS Number : 3274X

Intuitive Investments Group plc

04 May 2021

 

4 May 2021

Intuitive Investments Group plc

Investment in The Electrospinning Company 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 £500,000 to acquire 909 new ordinary shares in The Electrospinning Company Limited ("TECL"), representing a 4.4 per cent. interest in TECL's enlarged share capital, as part of a £4.5 million fundraising round.

TECL was established in 2010 as a spin-out by the UK Science and Technology Research Council (STFC). TECL has a technology platform built around the process of electrospinning, a technique for production of micro- and nano-fibre biomaterials from a variety of natural and synthetic polymers, and a suite of post-processing technologies to convert the biomaterials into medical device components. The core business is the sale of product development and manufacturing services to medical device companies. TECL is also using its know-how to develop proprietary materials for targeted out-licensing opportunities, aiming to capture more of the end-market value created by its innovations and expertise. Further information on TECL can be found on the company's website https://www.electrospinning.co.uk/ .

TECL, per the company's unaudited management accounts in the nine months to 31 March 2021, achieved revenues of £879,703, a loss after tax of £755,526 and, as at 31 March 2021, had net assets of £ 1,640,457.

David Evans, Chairman of IIG, personally invested £50,000 in TECL in September 2018 and holds 125 ordinary shares representing a 0.6 per cent. interest in TECL's enlarged share capital. Accordingly, David Evans did not vote as a member of the Board of IIG approving the transaction.

Stewart White, Chairman of IIG's Advisory Panel and a member of the Company's Investment Team, is the non-executive Chairman of TECL and has options over 165 ordinary shares in TECL.

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 / 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.

About The Electrospinning Company Ltd

The Electrospinning Company offers contract services to design, develop and manufacture nanofibre biomaterials for medical devices. Based on the electrospinning platform technology, they use their expertise and experience to support clients in a range of different therapeutic indications. They supply the first electrospun biomaterial to be incorporated into an FDA-approved medical device.

 

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