b'Strategic report Governance Financial statementsInfectious disease The Native Antigen Company reagentsfully diluted equity stake29.4% Specialises in the development and manufacture of native and recombinant viral and bacterial antigens, antibodies and immunoassays, bespoke product development and custom manufacturing.Tackling COVID-19 togetherSustained successTwo of our direct portfolio companies whichSince its founding, the company has grown in we have backed since seed stage, The Nativesuccessive years by 92%, 61%, 25% and 22% and Antigen Company and OXGENE, have formed is now profitable and self-supporting due to its a new strategic partnership to scale upsales success.COVID-19 antigen production. This partnership has seen both companies working together towards developing more scalable technologies for cost-effective infectious disease reagent production. Mercia has supported us with three initial rounds of funding, enabling us to grow to The Native Antigen Company was one of theself-sufficiency. Their advice and support, first companies to release COVID-19 antigenstogether with the network of companies and needed to scale production to meetwith related expertise, has been a major increasing demand. OXGENE has developed afactor in our success.proprietary technology that offers a highly scalable means of protein production, in this Critical case COVID-19 antigens. The partnershipAndy Laneseeks large-scale production of high-qualityCommercial Director, The Native Antigen Company.collaborations COVID-19 antigens, which will be a critical step toward the development of diagnostics and vaccines for this global challenge.Mammalian cell Mercia has supported both companiesengineeringsince their foundation and we are proud of the work they are doing to supportRedefines what is possible in mammalian cell the UKs response to COVID-19. Evenengineering across three core areas: gene therapy, during these difficult times, wegene editing and antibody therapeutics. continue to invest in and nurture early-stage technology businesses thatEngineering commercial growthwill find solutions to the major globalOXGENE has licensed materials to both chief challenges we face, both now and in themedical officers and therapeutics manufacturers future. across the globe, while also reporting the ongoing success of several service agreements. Revenue Dr Mark Payton has grown from 2.7million in 2019/20 to Chief Executive Officer 6.0million this year.OXGENE fully dilutedequity stake Over the course of this financial year, 30.2% OXGENE has once again doubled its revenue, with less than a 50% increase in headcount. Mercia has continued to support and encourage us through this year of growth and transition.Jocelyne BathCOO, OXGENE.Mercia Asset Management PLC 35Annual Report and Accounts 2020'