UK technology transfer investor Imperial Innovations has secured a loan from the c to invest in the biotechnology and therapeutics sectors.
The 12-year loan facility of £30m will be made in two tranches of £15m, and the firm said it plans to draw down the first tranche shortly.
The funding is additional to Innovations’ existing cash resources, which amount to over £60m. It will enable Innovations to increase the rate and scale of its investment in both new technologies and existing portfolio companies in this space, it said.
Susan Searle, CEO, Imperial Innovations, said, “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.”
Nigel Pitchford, managing director, healthcare ventures at Innovations, added, “Biotech and therapeutics are key areas of focus and expertise for us. We are pleased to be able to increase our investment in the exciting new opportunities that we are seeing as well as in our existing portfolio companies.”
Innovations invests in companies based on technologies from Imperial College London, Cambridge University, Oxford University, and UCL, supported by collaborations with Cambridge Enterprise, OSEM and UCL Business.
Innovations raised £140m in January 2011 and in the year to end July 2012, it invested £37.9m in 29 ventures, and made 11 investments in new companies.
Jonathan Taylor, European Investment Bank vice president said, “Imperial Innovations has set a benchmark for transforming cutting-edge research into commercially successful innovation. The £30m 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. We are pleased to support Imperial Innovations in helping new companies emerge and successfully exploit niche technologies”.
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