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Nanoco Group PLC (NANO)

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Wednesday 25 November, 2020

Nanoco Group PLC

Grant Funding Award for Life Sciences Project

RNS Number : 3901G
Nanoco Group PLC
25 November 2020
 

FOR IMMEDIATE RELEASE  25 November 2020

Nanoco Group PLC

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

 

Grant Funding Award for Life Sciences Project

 

Nanoco Group plc (LSE: NANO), a world leader in the development and manufacture of cadmium-free quantum dots and other nanomaterials emanating from its technology platform, today announces that it has secured grant funding from Innovate UK, the UK's innovation agency, for a life sciences project to develop a heavy metal-free quantum dot testing kit for the accurate and rapid visual detection of SARSCoV-2 ("Covid-19").

The project builds on Nanoco's existing capabilities in utilising quantum dots conjugated with anti-bodies as a diagnostic tool in the detection of cancer (VIVODOTS® nanoparticles). The project will specifically focus on anti-bodies for Covid-19 but, if successful, the technology is expected to be applicable to other pathogens and potential future variants of Covid-19.

The project will last 18 months with stage gates contingent on the success of the R&D work. As part of the project, Nanoco will explore opportunities to work with downstream partners for a potential delivery system for the test. The testing kit envisaged would potentially be self-administered with results produced in situ. The project will cost just under £1.0m to which the Innovate grant contributes 80% with the balance funded by Nanoco. After deducting incremental costs, the project is expected to have a neutral impact on the Group's net cash flows in the short term. Any medium term value implications will be wholly contingent on the successful delivery of the targeted project outcomes.

Brian Tenner, Nanoco's CEO, commented:

"The Innovate grant is a welcome recognition of the potential for Nanoco's CFQD® Quantum Dots, configured as VIVODOTS® nanoparticles , to be used in bio-applications. The support from Innovate UK is critical to the continuation of our work in this area. While there is much to be done on the R&D phases of the project, it does create a potential third opportunity for future revenue, on top of the Group's activities in Sensing and Display, whilst maintaining Nanoco's cash runway."

- Ends -

The person responsible for arranging for the release of this announcement on behalf of Nanoco is Liam Gray, Company Secretary.

The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.

FORWARD LOOKING STATEMENTS

This announcement (including information incorporated by reference in this announcement) and other information published by Nanoco may contain statements about Nanoco that are or may be deemed to be forward looking statements.  Such statements are prospective in nature.  All statements other than historical statements of facts may be forward looking statements.  Without limitation, statements containing the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or "considers" or other similar words may be forward looking statements.

Forward looking statements inherently contain risks and uncertainties as they relate to events or circumstances in the future.  Important factors such as business or economic cycles, the terms and conditions of Nanoco's financing arrangements, tax rates, or increased competition may cause Nanoco's actual financial results, performance or achievements to differ materially from any forward looking statements.  Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof.  Nanoco disclaims any obligation to update any forward looking or other statements contained herein, except as required by applicable law.

For further information, please contact:

Nanoco Group PLC :

Brian Tenner, CEO                                                                                                                 +44 (0) 161 603 7900

Liam Gray, Company Secretary                                                                                           +44 (0) 161 603 7900

Caroline Watson, Investor Relations Manager  +44 (0) 161 603 7900

[email protected]

 

Peel Hunt:

Edward Knight  +44 (0) 20 7418 8900

Nick Prowting

 

MHP Communications : +44 (0) 203 128 8570

Reg Hoare

Giles Robinson

Pete Lambie

[email protected]

 

Notes for editors:

About Nanoco Group plc

Nanoco (LSE: NANO) harnesses the power of nano-materials. Nano-materials are materials with dimensions typically in the range 1 - 100 nm. Nano-materials have a range of useful properties, including optical and electronic. Quantum dots are a subclass of nano-material that have size-dependent optical and electronic properties. The Group produces quantum dots. Within the sphere of quantum dots, the Group exploits different characteristics of the quantum dots to target different performance criteria that are attractive to specific markets or end-user applications such as the Display and Electronics markets. One of the interesting properties of quantum dots is photoluminescence: the emission of longer wavelength light upon excitation by light of a shorter wavelength. The colour of light emitted depends on the particle size. Nanoco's CFQD® quantum dots are free of cadmium and other toxic heavy metals and can be tuned to emit light at different wavelengths across the visible and infrared spectrum, rendering them useful for a wide range of applications including displays, lighting and biological imaging.

 

Nanoco was founded in 2001 and is headquartered in Manchester, UK. Nanoco continues to build out a world-class, patent-protected IP portfolio generated both by its own innovation engine.

Nanoco is listed on the Main Market of the London Stock Exchange and trades under the ticker symbol NANO. For further information please visit: www.nanocotechnologies.com .

 

About Innovate UK, the UK's innovation agency

Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. We connect businesses to the partners, customers and investors that can help them turn ideas into commercially successful products and services and business growth.

 

We fund business and research collaborations to accelerate innovation and drive business investment into R&D. Our support is available to businesses across all economic sectors, value chains and UK regions. Innovate UK is part of UK Research and Innovation. For more information visit www.innovateuk.ukri.org

 

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