MIP Discovery positive progress update

RNS Number : 2111P

Mercia Asset Management PLC

08 February 2023

 

RNS Reach

8 February 2023

Mercia Asset Management PLC

("Mercia", the "Group" or the "Company")

MIP Discovery positive progress update

Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£1.4billion of assets under management, is pleased to share positive developments at MIP Discovery Limited ("MIP"), one of its direct investments.

MIP has recently announced that it has secured significant grant funding from the Bill & Melinda Gates Foundation. The funding will support a project focused on the use of MIP's detection reagents, to enable low-cost, high-volume diagnostic tests for low and middle-income countries, during endemic or pandemic outbreaks.

In parallel, MIP has announced the appointment of Brian Burke to its board as Chief Commercial Officer, bringing extensive experience from his tenure as Global Head of Strategy and Corporate Development at Horizon Discovery.

A Leicester University spinout, MIP was originally supported via Mercia's third-party managed funds. It is a nanotechnology business that has developed and patented a novel design and development process to make nano-scale molecularly imprinted polymers ("nanoMIPs"), that act as stable and highly cost-effective synthetic antibodies which require no animal testing and have a multitude of industrial applications. In addition to holding 20.1% via its managed funds, Mercia holds a fully diluted direct investment stake in MIP of 10.2%.

Dr Mark Payton, CEO of Mercia Asset Management PLC and non-executive Director on the MIP board commented : " We are excited by the continued progress being seen at MIP. Attracting funding from the Bill & Melinda Gates Foundation is testament to the significant potential of MIP's platform technology to solve critical diagnostic challenges and deliver solutions that meaningfully improve healthcare outcomes, in the parts of the world that most need help. Brian's appointment also strengthens its executive team and will bring valuable commercial expertise, as MIP takes specific products in development toward material market opportunities."

 -Ends-

For further information, please contact:

Mercia Asset Management PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer www.mercia.co.uk	[phone]
Canaccord Genuity Limited (NOMAD and Joint Broker)	[phone]
Simon Bridges, Emma Gabriel
Singer Capital Markets (Joint Broker)	[phone]
Harry Gooden, James Moat
FTI Consulting	[phone]
Tom Blackwell, Immy Ransom
[e-mail]

About Mercia Asset Management PLC

Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of venture, private equity, debt and proprietary capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.

The Group has a strong UK footprint through its regional offices, university partnerships and extensive personal networks, providing it with access to high-quality deal flow.

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".

 

END

 

 

NRAUPURPPUPWGAM