Profits at IP firm Tekcapital PLC (LON:TEK) surged, boosted by the growing value of its holding in med-tech portfolio company Belluscura
TekCapital has a 48% stake in Belluscura, a firm that makes a number of devices used in surgery and that is likely to list separately in the near future.
Belluscura raised US$1.7mln in May and as a result Tekcapital' sstake increased in value by US$2.94mln to US$3.68mln.
A rises in revenues to US$3.8mln in the half year to May largely reflected that upgrade but sales at its university IP database also grew smartly, rising by 157% to US$635,000.
Overall, profits were US$1.55mln (US$1mln loss) and net asset value jumped to 19c from 6c.
Clifford Gross, chairman, said the 153% increase in net assets to US$7.97mln on a year-on-year basis underlined it had been a successful half year and that its focus on university-derived IP was the right approach.
“We believe our unique approach of acquiring and commercialising university IP innovations, coupled with providing a range of IP value creation services to universities and corporates, has uniquely positioned us to create market value from university discoveries more efficiently than traditional IP investment companies."