The European Investment Bank (EIB) has awarded a £30 million loan to Imperial Innovations Group to increase the rate and scale of its investment in new technologies and existing portfolio businesses.
Imperial’s cash, which will be received in two amounts worth £15 million each, will be put to use in the biotech and therapeutics sectors, of which it already has interests in start-ups including PsiOxus Therapeutics and MISSION Therapeutics.
Having been listed on the Alternative Investment Market (AIM) in 2006, Imperial Innovations invests in companies based on technologies from, or associated with: Imperial College London, Cambridge University, Oxford University and UCL.
The investment firm raised £140 million in January 2011, and in the year to date 31 July 2012 injected £37.9 million into 29 ventures – with 11 of those in new interests.
Susan Searle, CEO of Imperial Innovations, comments, ‘This loan gives us access to long-term, committed capital on favourable terms.
‘It is a clear endorsement from the EIB of the quality, maturity and breadth of our portfolio, reinforcing our reputation and leading position with potential portfolio companies in the UK biotech sector.’
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According to Imperial, the loan funding is additional to its existing cash resources which stand at £60 million. The agreed loan period with the EIB is for 12 years.
Jonathan Taylor, EIB vice president, adds, ‘Imperial Innovations has set a benchmark for transforming cutting-edge research into commercially successful innovation.
‘The £30 million loan provided by the European Investment Bank for biotech and healthcare investment demonstrates our commitment to supporting leading innovation and research in globally competitive fields.’
