IP Group Plc (LON:IPO) said cash exits in 2019 were more than double the amount recorded in 2018, excluding future proceeds from its portfolio company Oxford Nanopore Technologies.
The FTSE 250-listed firm, which develops intellectual property-based businesses, said cash realisations were more than £75mln in 2019, compared to £30mln the previous year.
In addition, the company is planning to sell a part of its holding in Oxford Nanopore Technologies, which develops and sells DNA/RNA sequencing technology, for £22mln.
The biotech firm has recently raised £29.3mln of new capital and facilitated the secondary sale of £80.2mln shares.
The funds were raised from both new investors and existing shareholders from the US, Europe and Asia Pacific, bringing total investment in the company to £480mln.
Following the transaction, IP Group will hold an undiluted beneficial stake of 16.4%, with management expecting a fair value gain of £12mln reaching £264mln.
IP Group’s chief executive Alan Aubrey said in a release that the business is "well-funded and well-positioned for 2020.”
“We are delighted to see another successful fundraising for Oxford Nanopore which rounds off an impressive year of commercial success and technical validation of nanopore sequencing,” he added.
Shares rose 3% to 73.3p on Thursday at the opening bell.