Mercia Technologies PLC has announced that it has completed a £2.0million follow-on direct investment into Oxford Genetics, a synthetic biology company with significant expertise in helping to design, develop and produce virus and protein based biologics to support leading therapeutic companies.
Oxford Genetics joined Mercia's 'Emerging Stars' portfolio of direct investments in December 2015 having first received investment from the Group's managed funds in 2013, as one of the founding investors. The company has now received a total of £5.8million in grants and investment. Mercia currently has a direct equity stake of 47.9%. This latest investment will be used to expand Oxford Genetics' reach into the US market and further drive sales growth alongside its recent access to CRISPR technology, whilst continuing to support its promising Research and Development at its state-of-the art facilities on the Oxford Science Park.
The company continues to make significant progress including 100% year on year growth in turnover and the successful award of £1.9million of non-dilutive grants in March 2017. This has been driven by impressive development of the patent portfolio, which now consists of one granted patent SnapFast™ and a further five submitted applications, with a plan to file another four in 2017.
Furthermore, the board has been expanded with the appointment of Dr David Hames as Chairman, Dr Matt Baker as Non-executive Director and Dr Paul Brookes as Commercial Director.
To read the full RNS announcement, click here.