IP Group PLC, a UK-based intellectual property commercialization company, announced the acquisition of its portfolio company, Garrison Technology, by US-based cybersecurity firm Everfox. The sale will result in cash consideration for IP Group, with no significant change in its Net Asset Value. Additionally, Mission Therapeutics, another portfolio company, received $5.2 million in funding from The Michael J. Fox Foundation for Parkinson's Research and Parkinson's UK to expand its Phase 1 study on a potential treatment for Parkinson's disease.
Mixergy, a portfolio company within IP Group's Cleantech platform Kiko Ventures, partnered with British Gas to offer exclusive savings for customers. STORM Therapeutics, another portfolio company, presented promising interim Phase 1 data on its cancer treatment at ASCO 2024. Vytal, a portfolio company within Kiko Ventures, secured 6.2 million to expand its circular reusable packaging platform and supplied reusable dishware to UEFA fan zones during the Euros.
IP Group hosted a panel event on AI investing, featuring industry experts discussing investment landscape, emerging trends, and market insights. Dr. Lee Thornton, Technology Partner at IP Group, also explored the opportunities and challenges of the worldwide AI development and its impact on portfolio companies in an insight piece. Additionally, Parkwalk, an IP Group subsidiary, participated in the inaugural US-UK Strategic Technologies Investor Council meeting and closed investments and a successful exit.
Lastly, Mike Molinari, MD of IP Group Australia, discussed the news that university spin-out Nuformix, a portfolio company, had entered into a strategic collaboration with a global pharmaceutical company.