Imperial Innovations gets GBP 50 million EIB backing to strengthen investment in biotech spin-offs
Posted: 14 July 2015 | Victoria White
Imperial Innovations Group has secured a new GBP 50 million loan from the EIB to support investment in the UK biotech and life science sector…
Imperial Innovations Group has secured a new GBP 50 million loan from the European Investment Bank (EIB) to support investment in the UK biotech and life science sector.
The new support will be used by Imperial Innovations to strengthen support for harness research ideas and turn them into commercial success.
Imperial Innovations works with Europe’s top four research intensive universities in Imperial College, Oxford, Cambridge, and UCL to identify exciting university research at an early stage and develop it to build substantial, high quality, well-funded and well-managed businesses.
The new loan will be used to support equity investment in life science spin-off companies and follows the successful investment of a GBP 30 million EIB loan agreed two years ago.
Imperial Innovations can now increase the rate and scale of investment in existing and new portfolio companies
“Since securing the first EIB facility in July 2013, the support of the EIB has allowed Innovations to invest more than £62m in early-stage life sciences companies, across twenty three companies, which includes the addition of seven new companies to our portfolio. The original plan was to commit this expenditure over a five year period, but we have been able to execute the plan in only two by virtue of the increasing maturity of our portfolio and the rich opportunities derived from our extensive network of academics, entrepreneurs, management teams and co-investors within the “Golden Triangle” of London, Oxford and Cambridge. To secure a second facility from the EIB is a clear endorsement of the quality, maturity and breadth of our portfolio, as well as our expertise in investing and developing both early stage and developing businesses.” said Russ Cummings, Chief Executive Officer, Imperial Innovations.
“The European Investment Bank is pleased to again support Imperial Innovations in helping new companies emerge from the world-class research emanating from the UK’s life science sector. I am confident that this new loan will allow the Group to increase its engagement and ultimately accelerate the translation of outstanding research into new and better treatments and techniques for patients.” said Jonathan Taylor, European Investment Bank Vice President.
This additional funding from the EIB will enable Imperial Innovations to increase the rate and scale of its investment in both existing and new portfolio companies, in particular in the therapeutics and medtech sectors.