A Manchester-based technology company has raised more than £2m to help in its patients fight against Samsung.
Nanoco is suing the South Korean giant in Texas after it alleged that its QLED televisions use the company’s technology without permission.
In a statement to the London Stock Exchange, Nanoco added the additional £2.25m will also be used to support its core IP assets and its ongoing business operations.
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Nanoco Group CEO Brian Tenner said: "This fundraise will enable Nanoco to plan confidently for the future of the organic business and to position us in the strongest possible way for the next stages of the litigation.
"It creates a cash runway that extends comfortably past both of the expected H2 value inflection points noted above and potentially through to the point when the organic business may become self-financing.
"We are at a very exciting moment in Nanoco's evolution. This calendar year was set up for four major value inflection points; two in our organic business development and two more in our litigation against Samsung; two have now been successfully delivered, with the next two anticipated in our second half.
"The first of those organic value inflection points has now been delivered in the new contract with our important European electronics customer.
"It creates a significantly more stable financial environment for Nanoco's operations and business planning and allows us to prepare better for potential commercial production orders in the short term.
"The first of the two significant hurdles in our litigation against Samsung was also recently successfully delivered.
"On 16 May 2022, the PTAB ruled emphatically in favour of Nanoco on all 47 claims in the five patents in the lawsuit.
"We will now be pressing for a lifting of the stay in the trial and are hopeful of a rescheduled trial date in Q4 CY22.
"We look forward to the second half of CY22 when we aim to deliver the other two significant value inflection points: production order visibility in the organic business and a successful outcome to the litigation trial.
"In particular, commercial production orders will be the first in our history and would quickly establish Nanoco as a fully-fledged and self-financing operating business with significant upside value to be earned in the many large and growing international markets that our materials can serve."
