Mercia Technologies PLC (AIM: MERC), the national investment group focused on the identification, creation, funding and scaling of innovative technology businesses with high-growth potential from the UK regions, is pleased to announce that its portfolio company, Oxford Genetics Limited ("Oxford Genetics"), has received £6.5million of new investment in a syndicated round comprising Canaccord Genuity Limited ("Canaccord") (formerly Hargreave Hale), Invesco Asset Management Limited ("Invesco") and Mercia. Mercia invested£0.4million as part of the new funding round which now values Oxford Genetics at an undiluted, post-money valuation of £30.5million.
Today's announcement, which results in Mercia's direct equity stake reducing to 33.3% (from 40.5%), follows the RNS Reach issued on 28 February 2019 confirming six new licensing deals, further highlighting the considerable commercial progress that Oxford Genetics is making in the rapidly expanding biotechnology sector.
Oxford Genetics operates in the synthetic biology market providing world leading technologies and advanced techniques for drug and gene therapy development. The world's first biologic, insulin, was brought to the market in the early 1980s and today approximately 20% of all treatments are biologics, with over a quarter of new therapeutics approved in the US in 2017 being biologics. This demonstrates the highly progressive nature of this expanding sector.
Read the full RNS here