EiRx Therapeutics issued a letter to shareholders with a proposal, which may result in significant investments in a number of private companies, including partner companies of Fusion IP (LON:FIP).
The university intellectual property (IP) commercialisation company confirmed that it is currently in discussion with EiRx regarding the proposed investments.
Fusion IP also noted that the EiRx proposal is contingent on a number of factors including fundraising and furthermore any investment is subject to additional due diligence and valuation agreements, which gives no guarantee that all or any of these proposed investments will be made.
“We welcome the prospect of further funding for our portfolio companies, many of which will benefit from further capital to accelerate their business plans,” said chief executive of Fusion IP David Baynes.
Fusion IP has long-term exclusive agreements with two of the UK's leading research intensive universities, the University of Sheffield and Cardiff University, giving it exclusive access to a combined R&D spend of over £185 million a year.
A month ago, Fusion IP’s partner company Magnomatics became a key partner on EU research projects with total budgets in excess of US$25 million.