LONDON (ShareCast) - (Sharecast News) - Life sciences investor IP Group reported a wider half-year loss and lower net asset value against what it called a "challenging" economic backdrop but said there were signs that conditions were improving with increase "appetite" for its portfolio.
The intellectual property company, which invests in university and research-based firms, said losses for the six months to June 30 widened to £110m from £54.5m a year earlier.

Net asset value fell to £1.07bn from £1.31bn.

"While the current macro environment remains challenging, the group is now seeing strong signs that conditions are improving, having seen increased corporate activity in and appetite for its portfolio," IP Group said on Tuesday.

"We also believe that our mission of investing in breakthrough science and innovation, particularly from leading universities, is highly aligned with the government's growth agenda and that we are well placed to benefit from initiatives in this area."

"The government has been clear on its support for UK based innovation and sciences, and has committed to progress a number of fiscal and regulatory reforms which support our operating environment.".

"IP Group continues to be well financed, and we are confident that our maturing portfolio will deliver value for shareholders as investor appetite for growth companies returns and which we anticipate delivering a number of further material exits over the next 18 months."

Reporting by Frank Prenesti for Sharecast.com

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE