Both Neil Woodford and his former employer Invesco Perpetual have lent their support to Imperial Innovations, a business incubator seeking to raise up to £150 million.

Invesco Asset Management owns 42.7% of the firm, principally through funds now managed by Citywire AAA-rated Mark Barnett, while Woodford Investment Management holds 2.9% through its St James’s Place mandate.

Imperial Innovations confirmed that the two had given ‘irrevocable undertakings’ to back the fundraising, which will be used both to support existing investments and to make new investments.

‘It is gratifying that our core shareholders have evidenced their support for this proposed fundraising by giving irrevocable undertakings to vote in favour of the resolutions needed to enable the placing to proceed,’ commented Martin Knight, the group’s chairman.

Imperial Innovations enjoyed recent success with the flotation of allergy specialist Circassia Pharmaceuticals, which raised over £200 million and is still held by Barnett.