Intuitive Investments Group plc Investment in The Electrospinning Company Limited (3274X)
04 May 2021 - 4:00PM
UK Regulatory
TIDMIIG
RNS Number : 3274X
Intuitive Investments Group plc
04 May 2021
4 May 2021
Intuitive Investments Group plc
Investment in The Electrospinning Company Limited
Intuitive Investments Group plc (AIM: IIG) ("IIG" or the
"Company"), a closed-end investment company focussed on the life
sciences sector, announces an investment of GBP500,000 to acquire
909 new ordinary shares in The Electrospinning Company Limited
("TECL"), representing a 4.4 per cent. interest in TECL's enlarged
share capital, as part of a GBP4.5 million fundraising round.
TECL was established in 2010 as a spin-out by the UK Science and
Technology Research Council (STFC). TECL has a technology platform
built around the process of electrospinning, a technique for
production of micro- and nano-fibre biomaterials from a variety of
natural and synthetic polymers, and a suite of post-processing
technologies to convert the biomaterials into medical device
components. The core business is the sale of product development
and manufacturing services to medical device companies. TECL is
also using its know-how to develop proprietary materials for
targeted out-licensing opportunities, aiming to capture more of the
end-market value created by its innovations and expertise. Further
information on TECL can be found on the company's website
https://www.electrospinning.co.uk/ .
TECL, per the company's unaudited management accounts in the
nine months to 31 March 2021, achieved revenues of GBP879,703, a
loss after tax of GBP755,526 and, as at 31 March 2021, had net
assets of GBP 1,640,457.
David Evans, Chairman of IIG, personally invested GBP50,000 in
TECL in September 2018 and holds 125 ordinary shares representing a
0.6 per cent. interest in TECL's enlarged share capital.
Accordingly, David Evans did not vote as a member of the Board of
IIG approving the transaction.
Stewart White, Chairman of IIG's Advisory Panel and a member of
the Company's Investment Team, is the non-executive Chairman of
TECL and has options over 165 ordinary shares in TECL.
For further information, please contact:
Intuitive Investments Group plc www.iigplc.com
David Evans, Executive Chairman Via Walbrook PR
Robert Naylor, CEO
Strand Hanson Limited - Nominated
Adviser +44 (0) 20 7409 3494
James Harris / James Dance / James
Bellman
Turner Pope Investments (TPI) Ltd
- Broker +44 (0) 20 3657 0050
Andrew Thacker / James Pope
Walbrook PR Limited - Media & Investor +44 (0)20 7933 8780 or intuitive@walbrookpr.com
Relations
+44 (0)7502 558 258 / +44 (0) 7980
Sam Allen / Paul McManus 541 893
About Intuitive Investments Group plc
The Company is a recently established investing company, seeking
to provide investors with exposure to a portfolio concentrating on
fast growing and/or high potential Life Sciences businesses
operating predominantly in the UK, continental Europe and the US,
utilising the Board's experience and in particular that of the
Chairman, David Evans, to seek to generate capital growth over the
long term for shareholders.
About The Electrospinning Company Ltd
The Electrospinning Company offers contract services to design,
develop and manufacture nanofibre biomaterials for medical devices.
Based on the electrospinning platform technology, they use their
expertise and experience to support clients in a range of different
therapeutic indications. They supply the first electrospun
biomaterial to be incorporated into an FDA-approved medical
device.
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