Finance Wales invests £500,000 into Mid Wales bioscience
firm
12/06/07
The development of a new Integrated Sheep Breeding System is
forging ahead the expansion of a Mid Wales bioscience company as
part of a funding package supported by a £500,000 equity investment
from Finance Wales.
Innovis Ltd of Aberystwyth, Ceredigion, has developed a new
production system which is based upon sheep which naturally express
the ‘Inverdale’ gene. The gene, which was identified by scientists
in New Zealand, can increase fertility and productivity in sheep by
up to 25 per cent and Innovis has obtained the sole European and UK
licence for the utilisation of sheep which carry this particular
trait.
The Integrated Sheep Breeding System is the first of its kind in
the UK and incorporates a range of traits which will benefit
farmers by helping them to produce leaner, well-muscled sheep with
a better resistance to disease.
One leading UK retailer has already expressed its support for this
new approach.
Finance Wales is providing an equity investment to support Innovis’
expansion as part of an £826,500 funding round and will take a
minority stake in the company. Other investors are directors and
staff at Innovis which was formed in 2002 as a spin-out from the
University of Wales, Aberystwyth with support from Finance Wales’
Wales Spinout Programme.
Recognised as a leader in assisted breeding services to the
sheep and pig industries, the company employs 54 people at five
sites which include their main sheep centres in Aberystwyth,
Malvern in Worcestershire and Edinburgh.
Dewi Jones, Managing Director of Innovis Ltd, said: “This new
Integrated Sheep Breeding System and the work we’re undertaking
based upon the Inverdale gene will have significant benefits for
the sheep industry throughout Europe and the UK. To date many
strategies exist to improve the fertility of ewes and to improve
the carcass weight and meat quality but progress continues to be
slow. This System will open up new supply-chain opportunities for
hill and lowland breeders.”
He added: “The funding package will enable us to take forward the
breeding programme in our nucleus flock which will enable us to
produce the number of animals which will be needed to meet demand.
It will ensure that we can fully exploit these opportunities and
take the business forward. Critical to this was the investment from
Finance Wales which will allow us to develop this structured
breeding programme.”
Karen Davies, Investment Executive at Finance Wales, said: “The
potential for Innovis to take forward this new genetics project is
massive and will benefit the European and UK sheep industry.”
She added: “Innovis is recognised throughout the world as a leader
in the field of assisted sheep and pig breeding services and this
latest investment opportunity will provide significant
opportunities for the company as well as strengthening its
relationship with Catapult Genetics in New Zealand, which
identified the Inverdale gene and has been working closely with
Innovis.”
Hugh James and Broomfield & Alexander advised Innovis and
Morgan Cole advised Finance Wales on the transaction.