22 November 2007
Mayer Brown's London capital markets team is acting for Imperial Innovations Group plc, Imperial College's technology commercialisation subsidiary, which invests in healthcare, energy and environmental start-up companies. Imperial Innovations has placed new ordinary shares with institutional investors and certain existing shareholders.
Since Imperial Innovations' flotation, its share price has increased by 16p to 375p. Its portfolio of businesses includes Circassia, PolyTherics and QuantaSol. For the year ending 31 July, Imperial Innovations' portfolio increased in value from £33.5 million to £55.8 million.
Imperial Innovations has raised £30 million by way of a placing of 8,108,108 new ordinary shares in the capital of the company at a price of 370p per share. The placing was conditional upon shareholders approval. Trading in the new shares on AIM commenced on 22 November 2007. The proceeds of sale will enable Imperial Innovations to make further investments in its existing spin-out portfolio and technology development.
Mayer Brown has acted for Imperial Innovations for almost three years. In April 2005 the firm advised the company on its private placing with institutional investors which raised approximately £20 million. In July 2006 Mayer Brown also advised Imperial Innovations on its IPO and a share placing raising £26 million.
The Mayer Brown team which advised Imperial Innovations was led by corporate partner Stephanie Bates supported by assistants Kate Eades and Joe Rigler.
JPMorgan Cazenove Limited, which is acting as financial adviser, bookrunner and underwriter in relation to the placing, was advised by Macfarlanes. Imperial College was advised by Ashurst.
For further information:
Partner, Head of Equity Capital Markets Group
+44 20 7782 8833
PR Manager, London
+44 20 7782 8547