Fusion IP to raise £20m

Fusion IP said that £20m would be raised through an issue of 36,363,637 ordinary shares of 1p in the company at a price of 55p per share to existing and new institutional shareholders.

It also said it had signed agreements with two additional universities - the University of Nottingham and Swansea University. These are conditional on the completion of the placing.

David Baynes, chief executive of Fusion IP, said: “We are very pleased to announce this significant additional investment in the company, in a funding round which includes all our current institutional shareholders, as well as adding a number of new institutions. Combined with our new university agreements, this is clearly a significant advance for Fusion IP.

“Nottingham is one of the UK’s top 10 research-intensive universities, with centres of excellence in aerospace, advanced manufacturing, energy and biomedical imaging. We are also delighted to be expanding our operation in Wales, with the addition of Swansea University into the portfolio.”

“We remain fully committed to the commercialisation of IP that is generated out of the UK’s leading universities and believe we are now well placed to further increase our pipeline of companies and to maximize the potential returns from our increasingly mature portfolio.”