14th Jun 2007 07:02
IP Group PLC14 June 2007 For immediate release 14 June 2007 IP GROUP'S MODERN BIOSCIENCES SUBSIDIARY APPOINTS DR CLIVE DIX AS NON-EXECUTIVE CHAIRMAN IP Group plc (LSE: IPO) ("IP Group"), the intellectual propertycommercialisation company, is delighted to note that Modern Biosciences plc ("Modern Biosciences", "MBS", "the Group" or "the Company"), its in-licensingand drug development subsidiary, has announced that Dr Clive Dix has agreed tojoin the Company as Non-Executive Chairman with effect from 1st September 2007. Clive, aged 52, was previously the Chief Executive Officer of PowderMed Ltd ("PowderMed"), the Oxford-based vaccines company. In 2004, he led the spin-outof PowderMed from Chiron Vaccines, a business unit of Chiron Corporation, backedby £20 million in venture capital from a syndicate of leading life scienceinvestors. Clive oversaw the sale of PowderMed to Pfizer Inc in October 2006. Prior to running PowderMed, Clive was Senior Vice President, Research andDevelopment and a Board member of PowderJect Pharmaceuticals plc ("PowderJect"),the world-leading independent vaccines company that was acquired by Chiron for£550 million in 2003. Clive worked at PowderJect and Chiron from 2001 until 2004and was previously Glaxo Wellcome's UK Research Director where his role includedco-chairing the management group that oversaw all of the company's researchprojects worldwide. Clive has more than 22 years' experience in the pharmaceutical and biotechnologyindustries, encompassing business leadership, project management and drugdevelopment. Clive has an in-depth understanding of all facets of the drugdiscovery and development process, having led projects and portfolios fromconception through to Phase III in a range of therapeutic areas includingcardiovascular, respiratory, inflammatory and infectious diseases. Clive's skills are ideally suited to MBS' business model of sourcing developmentstage projects from academia and start-up companies, performing earlyproof-of-concept studies in man and licensing the projects on to thepharmaceutical industry. His experience in fundraising and building shareholdervalue through corporate growth and strategic development is perfectly alignedwith MBS' goal of becoming a significant drug development company over thecoming years. Commenting on this announcement, Dr Clive Dix said: "I am delighted to be takingup the post of Non-Executive Chairman of MBS. I strongly believe that thepharmaceutical industry has a significant appetite for novel, early-stageprogrammes that can provide the blockbuster drugs of tomorrow. MBS' management,with its first-rate drug development expertise, is helping to meet that demand.I am looking forward to working with the MBS team." Dr Sam Williams, Chief Executive Officer of Modern Biosciences, said: "Clive'sexperience in drug development, his proven ability to identify programmes ofvalue to the pharmaceutical industry and his track record in buildingsignificant life science businesses will be invaluable to MBS. We are verypleased that Clive is joining our Board." For further information, please contact: IP Group plc 020 7489 5200Alan Aubrey, Chief Executive OfficerLiz Vaughan-Adams (Communications) 020 7489 5206/07979853802 Buchanan CommunicationsTim Anderson, Mary-Jane Johnson, Mark Court 020 7466 5000 Modern Biosciences plc 020 7002 1529Dr Sam Williams 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. IP 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 31 December 2006, 53 spin-out companies had been created among IP Group'suniversity partners. Of those, eight have listed on the AIM market of the LondonStock Exchange, one on PLUS Markets and there have been two trade sales. IPGroup also has three 'Modern-themed' subsidiaries - Modern Biosciences, ModernWater and Modern Waste. Modern Water was the first of these subsidiaries tofloat on AIM in June 2007. For more information, please visit our website at www.ipgroupplc.com. About Modern Biosciences Modern Biosciences plc is a subsidiary of IP Group plc that was established in2005 as a specialist drug in-licensing and development company. MBS' businessmodel provides a channel for exciting early-stage drug candidates to reachindustry. MBS sources drug candidates from partner organisations, funds andmanages their development through to proof-of-concept and licenses the resultingprogrammes to industry for later stage development and marketing. For more information, please visit our website at www.modernbiosciences.com. ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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