Investment
The quoted technology commercialisation company IP Group plc said it is increasing its stake in Photopharmica Holdings Ltd, a Leeds University spin-out company. The company will invest £5.5 million, of which £1 million is cash and £4.5 million is in shares.
The move increases IP Group’s stake from 4.3 per cent to 56.6 per cent.
Photopharmica was spun-out in 2001 to develop photosensitisers for use in medical applications. The company has developed new used for topical photodynamic therapy and produced photosensitisers that have improved properties compared with those previously available. The company’s first clinical trial was conducted in 2004 and further phase II trials are being conducted and planned.
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