Fusion IP looks at investing in new firms

FUSION IP, which commercialises research from universities, today said the strength of its portfolio is growing and it expects to invest in a clutch of new companies this year.

The Sheffield-based business made a loss of £946,000 in the six months to January 31, compared to £765,000 from a year earlier, but said the value of its investments increased to £21m from £19.8m six months earlier.

Last month the business raised £20m from a placing with new and existing investors and it has recently announced new partnership agreements with the universities of Nottingham and Swansea where it plans to invest a chunk of those funds.

Fusion IP said it had closing cash and deposit balances of £4.1m at the half year end compared to £5.9m a year earlier.

Chief executive David Baynes 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 two 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.”