Fusion IP plc (AIM: FIP), the university IP commercialisation company that turns world class research into business, is pleased to announce its unaudited Interim Results for the six months ended 31 January 2013.
Period highlights:
* £1.2m funding round and 'first in man' trials for Asalus;
* £2.5m funding for Magnomatics;
* i2L purchase of US based, ICR Baltimore;
* Increase in the carrying value of our investments to £21.0m (Jul 12: £19.8m);
* Excluding intangibles, the Group reported an operating loss of £946k, a similar amount for the same time last year when a loss of £765k was shown for the same period; and
* Closing cash and deposit balances of £4.1m (Jul 12: £5.9m).
Post period end highlights:
* £20m raised in a placing with new and existing investors;
* New university partnership agreements signed with the University of Nottingham and Swansea University;
* Phase Focus signed a major licence agreement with Gatan for its Virtual Lens product; and
* Fusion representatives invited to join the board and investment committee of the new Welsh £100 million life sciences investment fund, Arthurian Life Sciences.
Commenting on these Interim Results, David Baynes, Chief Executive Officer of Fusion, said:
"Our portfolio continues to gather strength and we expect a number of new companies to be created over the course of 2013.
Clearly the months post period end have been important for the Company; we have raised new funds, obtained a number of new investors and, perhaps most importantly of all, started 2 new university partnerships.
This is an exciting time for our Company and we very much look forward to the future and to working with our university partners."
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