Touchstone Innovations invests £2.9m in Abzena

Technology commercialisation company Touchstone Innovations, which was spun-out from the Imperial College London, has invested £2.9m in the £25m placing of portfolio company Abzena.

Innovations first invested in Abzena, formerly Polytherics, a technology provider to the biopharmaceutical sector, in 2007 having led a £2.3m investment round into the company.

With the investment, the AIM-listed company has increases in stake in Abzena to 16

Before the placement, Innovations held a 19.7% stake in Abzena and following the placing it has decreased to 16.9%.

Touchstone chief executive Russ Cummings said:"We continue to be enthusiastic supporters of Abzena and are pleased to take part in this placing which will give the company the firepower it needs to capitalise on the growing international demand for its proprietary technologies and services.

"We are delighted by the investor support for this placing and the broadening of Abzena's share register."

Shares in Touchstone Innovations were down 2.65% to 303p at 1304 BST.