8th Mar 2006 07:05
IP2IPO Group PLC08 March 2006 For immediate release 8th March 2006 IP2IPO Group plc MODERN BIOSCIENCES ENTERS INTO A MEMORANDUM OF UNDERSTANDING WITH THE UNIVERSITY OF MANCHESTER IP2IPO Group plc (AIM: IPO) ("IP2IPO"), the intellectual propertycommercialisation company, is pleased to announce that Modern Biosciences (MBS),its specialist life science intellectual property (IP) in-licensing subsidiary,has entered into a Memorandum of Understanding with The University of Manchesterrelating to the commercialisation of drug related IP. The University of Manchester is one of the leading centres for life scienceresearch in the UK. In the past this has led to a number of successful spin outssuch as Neutec Pharma plc, Renovo Limited, Gentronix Ltd, AI2 Ltd and MedevalLtd and licences to major corporations. Under the terms of the agreement, MBS will work with The University ofManchester to identify and assess drug related investment opportunities arisingfrom research carried out across the University. It is intended that MBS willprovide investment for suitable opportunities and also take on responsibilityfor the development and commercialisation of the appropriate IP. MBS will enterinto royalty sharing agreements with the University and the relevant academicresearch group. Dr Alex Stevenson, Chief Operating Officer of Modern Biosciences, commented: "Weare very pleased to have entered into this agreement with The University ofManchester. Having reviewed a number of opportunities from the University'spipeline, we are confident of being able to add value to the outstandingresearch in drug discovery that is being carried out and look forward to workingwith the University to achieve this. This is a good example of the way in whichMBS can work with research institutions, providing an alternative channel fromthe lab bench to industry for drug related IP." Mr Clive Rowland, Chief Executive of The University of Manchester IntellectualProperty Limited (UMIP), commented: "The University is very pleased to concludethis agreement with Modern Biosciences. It further strengthens our dynamicenterprise and entrepreneurial activities for which Manchester is well known. Welook forward to working with Modern Biosciences in commercialising drug relatedresearch thereby realising further value for the University and its staff." For more information please contact: IP2IPO Group plcAlan Aubrey, Chief Executive Officer 020 7489 5200 Modern Biosciences 020 7489 5225Alex Stevenson, Chief Operating Officer Buchanan Communications 020 7466 5000Tim Anderson, Mark Court, Mary-Jane Johnson The University of Manchester 0161 606 7216Dr Rich Ferrie, Senior Business Manager, UMIP Notes for editors About IP2IPO 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. On 9th February 2006, IP2IPO entered into its seventh long-term partnership withthe University of Surrey. IP2IPO will work with the University of Surrey to helpidentify and progress commercialisation opportunities as well as invest aninitial fund of up to £5 million in seed capital in spin-out companies from theUniversity of Surrey in return for equity stakes in those companies. Inaddition, 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. About Modern Biosciences 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. About UMIP (www.umip.com) UMIP is The University of Manchester's managing agent for IP commercialisationand was set up in October 2004. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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