13th Jul 2006 09:43
IP Group PLC13 July 2006 For immediate release 13th July 2006 IP Group plc ("IP Group" or the "Company") Modern Biosciences to develop new class of cancer drug & appointment of Chief Scientific Adviser (Oncology) IP Group plc (LSE: IPO), the intellectual property commercialisation company, isdelighted to announce that Modern Biosciences plc ("MBS"), IP Group'sin-licensing and drug development subsidiary, has entered into an exclusivelicence and research agreement with The University of Manchester ("Manchester")and The University of Salford (UK) ("Salford") for the development of a newclass of cancer drug. The deal is the first for MBS, whose model has been wellreceived by research institutions across the UK. Under the terms of the agreement with Manchester and Salford, MBS has exclusiveworldwide rights to develop and commercialise a series of novel anti-cancercompounds discovered by Professor Alan McGown (Salford) and Dr. Kevin Flower(Manchester). These patented compounds have highly potent anti-cancer activityand appear to have a unique mechanism of action, showing greatly enhanced levelsof activity in tumour cells that have developed resistance to existing platinumbased agents whilst also retaining high levels of activity in non-resistanttumours. MBS will manage and fund the development of the compounds and seek tocommercialise them through an alliance with a pharmaceutical partner followingproof of concept studies. It is expected that the maximum commitment of MBS willbe £137,000 initially, with a maximum of a further £1.3m being made availableover the next three years, subject to the achievement of certain milestones. This is the first agreement that MBS has completed since signing a Memorandum ofUnderstanding with The University of Manchester relating to thecommercialisation of drug related IP in March 2006. The University of Manchesteris one of the leading centres for life science research in the UK. Manysuccessful spin-outs have been formed from this institution including NeutecPharma plc and Renovo Group plc. MBS also announces today that it has appointed Professor Barry Furr as its ChiefScientific Adviser (Oncology). Professor Furr, who will advise on the programdescribed today and other oncology programmes across MBS, was formerly ChiefScientist and Head of Project Evaluation at AstraZeneca Pharmaceuticals where hewas responsible for the discovery and development of the anti-cancer drugsZoladex and Casodex, used for the treatment of breast and prostate cancer. Hewas awarded an OBE in 2000 for services to cancer drug discovery. Alex Stevenson, COO of MBS, said: "We are very pleased to have concluded thisdeal with the Universities of Manchester and Salford. The activity profile ofthese compounds is very exciting and, if the initial results obtained in thelaboratory are translated into the clinic, they have the potential to make asignificant impact on the treatment of cancer. Having signed an agreement withthe University of Manchester relating to the commercialisation of drug relatedIP, this deal is the next step in validating our business model. We are inadvanced discussions with a number of other research institutions across the UKregarding the commercialisation of drug related IP and expect to announce anumber of similar deals over the coming months. We are also very pleased thatBarry has joined the team. His expertise and experience in identifying anddeveloping blockbuster drugs will be invaluable in maximising value as we growour oncology portfolio." Clive Rowlands, Chief Executive of The University of Manchester's IP company,UMIP, said: "The conclusion of this deal so soon after the MoU with MBSdemonstrates the speed at which both MBS and UMIP can carry out due diligenceand negotiate arrangements through to legals. The involvement with Salford hasbeen a very positive experience." Rick Watson, Technology Manager, Academic Enterprise, Salford said: "We are verypleased to be partnering with Manchester and MBS on such an exciting projectwhich further underlines Salford's enterprising nature. We have high hopes ofsuccess with the world-class team MBS has assembled behind the project." For further information, please contact: IP Group plc 020 7489 5200Alan Aubrey, Chief Executive Officer Liz Vaughan-Adams (communications) 0207 489 5206/07979853802 Modern Biosciences plc 020 7489 5225Alex Stevenson, Chief Operating Officer KBC Peel Hunt Ltd 020 7418 8900Megan Macintyre Buchanan Communications 020 7466 5000Mark Court, Tim Anderson, Mary-Jane Johnson University of Manchester 0161 606 7216Rich Ferrie University of Salford 0161 295 4814Rick Watson Notes for Editors About IP Group IP Group Plc is an intellectual property (IP) commercialisation company thatspecialises in commercialising university technology. Founded in 2001, IP Grouplisted on AiM in October 2003 and moved to the Official List in June 2006. Ithas made two acquisitions to date - Techtran, a company set up to commercialiseuniversity intellectual property under a long term contract with the Universityof Leeds, in 2005 and Top Technology Ventures, an investment adviser to earlystage technology venture capital funds, in 2004. The group has formed long-term partnerships with seven universities - theUniversity of Oxford, King's College London, CNAP/University of York, theUniversity of Leeds, the University of Bristol, the University of Surrey and theUniversity of Southampton. As at 13 June 2006, 42 spin-out companies had been created among the group'suniversity partners. Of those, seven have listed on the AiM market of the LondonStock Exchange and there has been one trade sale. For more information, please visit our website at www.ipgroupplc.com About Modern Biosciences Modern Biosciences is a subsidiary of IP Group that was established in 2005 as aspecialist drug in-licensing and development company. MBS' business modelprovides a channel for exciting early stage drug candidates to reach industryand is based around sourcing drug candidates from partner organisations, fundingand managing development programmes to value inflexion and forming commercialalliances with industry for later stage development and marketing. www.modernbiosciences.com About UMIP The University of Manchester Intellectual Property Limited (UMIP) is themanaging agent of The University of Manchester for intellectual propertycommercialisation. UMIP's role is to enhance the scale and quality of TheUniversity's intellectual property development and commercialisation activities.UMIP works in highly positive relationships with researchers, entrepreneurs,business people, professional advisers and investors to achieve its goals. As asuccessful company it employs modern management approaches to licensing, jointventures, spin-out and spin-in enterprises. UMIP has a flexible and tailoredapproach to each commercial opportunity to ensure that the possibilities andbenefits for intellectual property transfer to the market-place are maximised. www.umip.com About Salford The University of Salford is an Enterprising University. The mission of theUniversity of Salford is to maintain internationally recognised excellence ineducation for capability, research for the real world, and partnership withbusiness and the community. ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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