IP Group in strong position
Alan Aubrey, the chief executive of IP Group, said: “During the first four months of the year our portfolio companies have announced a number of significant financings and commercial developments, continuing the progress seen during 2010.
“We are pleased to see an overall increase of the fair value of the portfolio of £3.2m. The group continues to be financially strong with a portfolio valued at £115m, cash of £18m, no borrowings and a net asset value excluding intangibles of £137m or 53p per share.”
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Hide AdThe group’s portfolio of companies includes Tissue Regenix Group, the medical devices company which was spun out from the University of Leeds.
Tissue Regenix announced in April that it had entered into a commercialisation and intellectual property agreement with the Pontifical Catholic University of Parana (PUCPR) and Cardioprotese, which are both based in Brazil.
This move will facilitate Tissue Regenix’s entry into the $1bn global tissue heart valve market.
Since January 1 2011, The North East Technology Fund, the £25m venture capital fund managed by the group, has completed a further four investments, bringing the fund’s total investment to date to £1.8m.