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IP Group portfolio company Creavo raises £13.4m

03 July 2017 07:42

IP Group portfolio company Creavo Medical Technologies has completed a fundraising of £13.4m.

IP Group said the round was oversubscribed, exceeded Creavo's funding target and was strongly supported by existing shareholders including the University of Leeds, and new, private and institutional investors from Europe, the USA and China, including Parkwalk Advisors Ltd (the leading EIS fund manager specialising in UK university innovation) and Puhua Capital Ltd, a leading Venture Capital firm in China with a strong presence in the healthcare sector. It said the funding would be used to continue growing the Creavo business and moving towards a full commercial launch in Europe including concluding its clinical study in the UK, building its US operation and associated clinical study and conducting further research to expand the use of its technology into other applications. The group said that following completion of the financing round, its direct undiluted beneficial stake of 35.1% in Creavo Medical Technologies Ltd was valued at £12.8 million and IP Venture Fund II's 13.1% stake was valued at £4.8 million.

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