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IP Group PLC said on Monday that its portfolio company Microbiotica Ltd completed a £50 million series B financing round.
The London-based intellectual property investment company committed £4 million to the funding round and has an 18% holding in Microbiotica. This stake is valued at £16.1 million, with IP Group recording a net unrealised fair value gain of £2.2 million.
The proceeds will be used by Microbiotica to progress its two lead oral live bacterial therapeutics, MB097 and MB310, to phase 1b clinical studies as well as to expand its discovery pipeline of biomarkers and live bacterial therapeutics in new disease areas.
Shares in IP Group were down 5.4% at 76.00 pence each on Monday morning in London.
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