22nd Feb 2007 11:21
IP Group PLC22 February 2007 For immediate release 22 February 2007 IP Group plc IP Group makes first investment in University of Glasgow spin-out company -- Wireless bioDevices IP Group plc (LSE: IPO) ("IP Group"), the intellectual propertycommercialisation company, is delighted to announce that it has made its firstinvestment in a University of Glasgow spin-out company called WirelessbioDevices Limited ("Wireless bioDevices" or "the Company"). IP Group, which announced its new partnership with the University of Glasgow inOctober, has invested £400,000 in Wireless bioDevices which has been set up tocommercialise wireless sensor technology for use in medical diagnostics. Based on wireless sensor technology developed by Professor Jon Cooper andProfessor David Cumming of the University of Glasgow's Department of Electronic& Electrical Engineering, the Company's first product will be a diagnostic pillthat detects early signs of bowel cancer. The electronic pill will takemeasurements as it passes through the body, transmitting the data via a wirelesslink to a small unit attached externally to the patient. Potentially the devicecould be used to detect a large range of medically important markers. Nick Wood, who has been working with the University of Glasgow for the last 12months under funding from the Scottish Enterprise Glasgow/ERDF (EuropeanRegional Development Fund) CEO Designate programme, is Wireless bioDevices'Chief Executive Officer. Mr Wood is a serial entrepreneur and a founder ofSagentia, the UK listed technology group. Through his incubation company,daVinci Ventures Limited, Mr Wood now specialises in technologycommercialisation, working with University spin-outs and start-up companiesaround the UK. The CEO Designate program was devised by the universities of Glasgow,Strathclyde and Caledonian along with Scottish Enterprise Glasgow and securedfunding from ERDF. The programme was set up in 2005 to enable the universitiesto hire CEO's pre-incorporation to lead the development of spin-out ventures andto manage the businesses through the early stages of their formation. WirelessbioDevices is the first of four projects currently receiving this support at theUniversity of Glasgow. Alan Aubrey, Chief Executive of IP Group, said: "We are delighted to have madeour first investment in a Glasgow spin-out company so soon after signing apartnership agreement with the university. Based on ground-breaking technology,Wireless bioDevices is well positioned to meet the needs of its target markets." Prof Steve Beaumont, VP Research & Enterprise, commented: "We are delighted tolaunch the first spin-out company under our partnership with the IP Group.Wireless bioDevices is based on a combination of technologies developed by ourbioelectronics and microelectronics research groups with the support of our lifescientists. It is an excellent example of how the University is bringingtogether experts from many fields to create products that can make a realdifference to people's lives." Nick Wood, Chief Executive of Wireless bioDevices, said: "The University'stechnology is set to revolutionise medical diagnostics, making it possible totake measurements of conditions deep inside the human body. Our first productwill have a major impact on diagnosing bowel diseases, and particularly bowelcancer which kills half a million people every year around the world. I amdelighted to be leading this exciting opportunity." For more information please contact: IP Group plc 020 7489 5200Alan Aubrey, Chief Executive Officer Liz Vaughan-Adams (communications) 020 7489 5206/07979853802 Buchanan Communications 020 7466 5000Mark Court, Tim Anderson, Mary-Jane Johnson Wireless bioDevices 07768 615115Nick Wood, Chief Executive Officer University of GlasgowProfessor Steve Beaumont, Vice Principal, Research & Enterprise 0141 330 2112 Martin Shannon, Media Relations Officer 0141 330 8593 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 ten universities - theUniversity of Oxford, King's College London, CNAP/University of York, theUniversity of Leeds, the University of Bristol, the University of Surrey, theUniversity of Southampton, Queen Mary (University of London), the University ofBath and the University of Glasgow. As at 30 June 2006, 44 spin-out companies had been created among the group'suniversity partners. Of those, eight have listed on the AiM market of the LondonStock Exchange, one has listed on PLUS Markets and there have been two tradesales. For more information, please visit our website at www.ipgroupplc.com. About the University of Glasgow Founded in 1451, the University of Glasgow is one of the UK's leadinguniversities with an international reputation for its research and teaching andan important role in the cultural and commercial life of the country. With almost 16,000 undergraduate and 4,000 postgraduate students, it is one ofthe country's largest universities. Employing 5,700 staff, it is a majoremployer in the city and, with an annual turnover of £285M, it makes asubstantial contribution to the local economy. The University's world-classresearch base includes pioneering work in the fields of medicine, engineering,ethics, physics, and astronomy. The University is also leading the way inultramodern disciplines like bioelectronics, cell signalling, nanotechnology,and optoelectronics. For more information, please visit our website at www.glasgow.ac.uk. Supported by: Project Part-Financed by the European Union ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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