IP Group PLC has released its half-yearly results, showing significant progress in its key themes and portfolio companies. The company's balance sheet remains strong, and its portfolio is well-funded. During the results webinar, CEO Greg Smith and CFO David Baynes provided an update on the progress made in the year so far, highlighting portfolio companies such as Istesso, Garrison, and Hysata.
One of IP Group's portfolio companies, Crescendo Biologics, has secured an additional $32 million in financing from new and existing shareholders, including IP Group. The funding will support the company's plans to expand its ongoing Phase 1b clinical trial of CB307, its lead proprietary program, by adding a new pembrolizumab combination expansion cohort.
The Chancellor of the Exchequer, Jeremy Hunt, visited Quantum Motion's London laboratory prior to his Mansion House speech. He spoke with the co-founders about the company's approach to building a quantum computer and its growth since 2017.
IP Group and Parkwalk have been recognized as the leading investors in the UK in the field of quantum computing over the past decade by Beauhurst. IP Group's Managing Partner Technology, Dr. Mark Reilly, expressed pleasure at being recognized as pioneer investors in the field.
Parkwalk manages the University of Cambridge Enterprise Fund, which is the leading early-stage university EIS investment scheme. The fund has been successful, with its portfolio companies collectively raising over £550 million of syndicated capital and being valued at more than £1 billion.
IP Group's Australia team was featured in the Australian Financial Review after superannuation fund Hostplus committed an additional A$100 million to the IP Group Hostplus Innovation Fund, bringing the total commitment to over A$300 million.
IP Group will be hosting a webinar on AI and the Internet on September 19th, 2023, to discuss the challenges and opportunities presented by the use of Artificial Intelligence in computing and communications systems.
In other news, Nexeon will begin commercial supply of silicon anode material to battery giant Panasonic, Intelligent Ultrasound has provided a trading update, Tissue Regenix has released a half-year trading update, Oxford Nanopore has provided a half-year trading update, Itaconix has provided a trading update, Tissue Regenix has signed a multi-year distribution agreement, First Light Fusion is working with IDOM to produce medical isotopes, Nexeon has signed an agreement for its first commercial volume production site, and Tractebel is supporting First Light Fusion in making inertial fusion a reality.