Mercia Asset Management PLC
("Mercia", the "Company" or the "Group")
New direct investment into Sense Biodetection Limited
Mercia Asset Management PLC (AIM: MERC), the proactive, regionally focused specialist asset manager with c.£800million of assets under management, is pleased to announce that it has completed a 0.9million new direct investment into Sense Biodetection Limited ("Sense"). Mercia first invested in Sense through its third-party managed EIS funds in 2016.
With operations in both Oxford and Cambridge, Sense is focused on the development of rapid, instrument-free, point-of-care molecular diagnostics testing for a range of bacterial and viral infections.
In March 2020, Sense announced an accelerated programme to launch a diagnostic test for COVID-19.
Mercia's direct investment is part of a syndicated funding round with other investors including KDT Sense Holdings LLC, Cambridge Innovation Capital (Jersey) Limited, Earlybird Health GmbH & Co. Beteiligungs KG, and private investors including Abcam founder Jonathan Milner. The total size of the funding round is up to $50million.
Following its investment of £0.9million, Mercia holds a 1.2% fully diluted direct equity stake in Sense, with its third-party managed funds' holding being 9.1%.
Mark Payton, Chief Executive Officer of Mercia, commented:
"We have been tracking Sense through our third-party managed funds and are delighted to now be making our first direct investment as part of this material scale-up funding commitment, alongside such a strong group of investors. Mercia has considerable expertise in Life Sciences and this investment adds another exciting business from the sector into our direct investment portfolio. With the very recent receipt of £1.0million from the sale of Clear Review Limited, this investment clearly demonstrates our ability to 'evergreen' Mercia's balance sheet, by re-investing realisation proceeds into both new and existing portfolio companies."
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For further information, please contact:
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Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.mercia.co.uk
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+44 (0)330 223 1430
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Canaccord Genuity Limited (NOMAD and Joint Broker)
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+44 (0)20 7523 8000
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Simon Bridges, Emma Gabriel, Richard Andrews
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N+1 Singer (Joint Broker)
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Harry Gooden, James Moat
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+44 (0)20 7496 3000
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FTI Consulting
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+44 (0)20 3727 1051
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Tom Blackwell, Louisa Feltes, Shiv Talwar
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mercia@fticonsulting.com
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About Mercia Asset Management PLC:
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group's 'Complete Connected Capital'. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
The Group has a strong UK footprint through its regional offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£800million of assets under management and, since its IPO in December 2014, has invested over 96million into its direct investment portfolio.
Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".
