21st Dec 2005 07:00
IP2IPO Group PLC21 December 2005 For immediate release 21 December 2005 IP2IPO GROUP PLC BOARD APPOINTMENT AND CHANGES TO MANAGEMENT STRUCTURE IP2IPO Group plc ("IP2IPO") is pleased to announce the following changes to theBoard of the Company with effect from 1st January 2006: (i) Alan Aubrey who joined the Board in January 2005 and became ManagingDirector in September, will become Chief Executive Officer and will assumeoverall management responsibility for the day-to-day operations of the Group,management of the portfolio and relations with certain university partners; (ii) David Norwood, formerly Chief Executive, will become Executive Chairmanwith responsibility for Group strategy, relations with shareholders and certainuniversity partners. He will also be working closely with certain companieswithin the IP2IPO portfolio with a focus on funding and exits; (iii) Professor Graham Richards, formerly Non Executive Chairman, will becomeSenior Non Executive Director; (iv) Stephen Brooke will join the Board as Director of Business Development.Stephen has worked for IP2IPO since September 2003 during which time he has beenresponsible for IP2IPO's business development activity and worked with a numberof IP2IPO's university partners and spinout companies. Stephen joined IP2IPOfrom Columbia University Science and Technology Ventures, the technologytransfer office of Columbia University in New York, and has spent his career inventure capital, investing in and building companies across numerous industriesin South Africa, the UK and US. Following these changes, the Board will be comprised as follows:- David Norwood - Executive ChairmanAlan Aubrey - Chief Executive OfficerProfessor Graham Richards - Senior Non Executive DirectorRoger Brooke - Non Executive DirectorBruce Smith - Non Executive DirectorBruce Campbell - Chief Scientific OfficerAlison Fielding - Director of Technology TransferStephen Brooke - Director of Business Development Alan Aubrey, Chief Executive of IP2IPO, commented: "We are delighted to announceStephen Brooke's appointment to the Board. He has made a major contribution tothe strategy and growth of the Company to date and we are confident that thechanges in executive management responsibility announced today will position theCompany well for the next stage in its growth." The following information is provided in accordance with paragraph 17 andschedule 2 paragraph g of the AIM Rules: Stephen Henry Ralph Brooke, aged 32: (a) has held the following directorshipsduring the past 5 years: Amaethon Limited, Pharminox Limited, Bioniqs Limitedand Oxford Nanolabs Limited; (b) has no unspent convictions in relation toindictable offences; (c) has not had any bankruptcy order against him or enteredinto any voluntary arrangement; (d) has not been a director of any company whichhas been placed into receivership, compulsory liquidation, creditors' voluntaryliquidation, administration or which has entered into any company voluntaryarrangement or any composition or arrangement with its creditors generally orany class of its creditors, at the time of or within 12 months preceding suchevent; (e) has not been a partner of any partnership which has been put intocompulsory liquidation, administration or entered into partnership voluntaryarrangements, at the time of or within 12 months preceding such event; (f) hasnot had a receivership of any asset or of a partnership where he was a partner,at the time of or within 12 months preceding such event or (g) has not beenpublicly criticised by any statutory or regulatory authorities (includingrecognised professional bodies) or ever been disqualified by a court from actingas a director of a company or from acting in the management of the affairs ofany company. For more information please contact: IP2IPO 020 7489 5200Alan Aubrey, Chief Executive Officer Buchanan Communications 020 7466 5000Tim Anderson, Mary-Jane Johnson Notes for editors IP2IPO is an intellectual property (IP) company that specialises incommercialising university technology. The Company was founded in 2001 andlisted on the AIM Market of the London Stock Exchange plc in October 2003.IP2IPO's first partnership was with the University of Oxford. In return for aninvestment of £20 million, IP2IPO has acquired 50 per cent of the University ofOxford's equity in spin-out companies and technology licenses based onintellectual property created at the Chemistry Department until 2015. InNovember 2003, IP2IPO created a £5 million seed capital fund for investing inspin-out companies across the University of Oxford, not just those originatingwithin the Chemistry Department. In March 2002, IP2IPO entered into a second long-term partnership with theUniversity of Southampton. Under the terms of this partnership, IP2IPO iscommitted to working with the University of Southampton in the identificationand facilitation of spin-out companies from across the University of Southamptonand to investing £5 million in early-stage University of Southampton spin-outcompanies over a four year period in return for equity stakes in thosecompanies. In addition, IP2IPO also received a 20 per cent stake in SouthamptonAsset Management Limited, a company that has been formed to hold theUniversity's equity stakes in its spin-out companies. The partnership has a termof at least 25 years. IP2IPO entered into its third long-term partnership in May 2003 with King'sCollege London. IP2IPO works with King's College London to help identify andprogress commercialisation opportunities as well as invest £5 million in seedcapital in spin-out companies from King's College London over a five year periodin return for equity stakes in those companies. In addition, IP2IPO receives 20per cent of King's College London's equity in spin-out companies and technologylicenses. The partnership has a term of 25 years. In October 2003, IP2IPO announced a fourth partnership with the Centre for NovelAgricultural Products ("CNAP"), based at the University of York. CNAP is aflagship research centre that specialises in plant and microbial gene discovery.Under the terms of the partnership a new company, Amaethon Limited, has beencreated which has the right to commercialise CNAP's IP for 25 years. IP2IPO hasinvested £1.15m in Amaethon Limited in return for a 40% equity stake in AmaethonLimited (the remaining equity being owned by the University of York) and willalso invest in the spin-out companies based on CNAP's IP which Amaethon Limitedcreates. In June 2004, IP2IPO acquired Top Technology Ventures Limited, an investmentadviser to early stage technology funds. This combines IP2IPO's expertise in thecreation of new ventures based on world leading university IP with TopTechnology's focus on making early stage venture capital investments. In January 2005, IP2IPO acquired Techtran, a company set up in 2002 tocommercialise university intellectual property under a long-term technologycommercialisation contract with the University of Leeds. Under the terms of thecontract Techtran receives a significant (30%) interest in spin-out companiescreated and technology licences negotiated, in return for the provision oftechnology transfer services to the University. In May 2005, IP2IPO announced the launch of LifeUK, a new subsidiary company.LifeUK, which has since been renamed Modern Biosciences, will in-license lifescience intellectual property created by medical researchers at universitieswith which IP2IPO already has partnerships, other universities in the UK andsimilar academic and charitable research institutions. Modern Biosciences'objective is to further develop the intellectual property which it in-licenseswith a view to creating substantial value either by subsequently licensing thesedevelopment programmes to the pharmaceutical industry or via the creation of newventures. In December 2005, IP2IPO entered into its sixth long-term partnership with theUniversity of Bristol. IP2IPO will work with the University of Bristol to helpidentify and progress commercialisation opportunities as well as invest aninitial £5 million in seed capital in spin-out companies from the University ofBristol over a five year period in return for equity stakes in those companies.In addition, IP2IPO will receive 13.3% per cent of in spin-out companies at thetime that the company is established prior to investment. The partnership has aterm of 25 years. To date, 5 spin-out companies from the IP2IPO portfolio have listed on the AIMMarket of the London Stock Exchange plc: Offshore Hydrocarbon Mapping plc,Synairgen plc, VASTox plc, Proximagen Neuroscience plc and GETECH Group plc.There has been one trade sale: Toumaz Technology Limited was sold to NanoscienceInc. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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