14th Mar 2005 07:02
IP2IPO Group PLC14 March 2005 For immediate release 14 March 2005 PROXIMAGEN NEUROSCIENCE PLC ANNOUNCES ITS INTENTION TO FLOAT ON THE AIM MARKET OF THE LONDON STOCK EXCHANGE IP2IPO Group plc (AIM: IPO) ("IP2IPO"), the intellectual property company thatcommercialises university technology, is pleased to announce that ProximagenNeuroscience plc ("Proximagen"), a spin-out company from King's College Londonfocussed on neurodegenerative disease, has today announced its intention tofloat on the AiM market of the London Stock Exchange plc by way of a Placing.Prior to the Placing IP2IPO holds a 46.1% equity stake in Proximagen. The press release issued today by Proximagen follows: For immediate release 14 March 2005 PROXIMAGEN NEUROSCIENCE PLC ("Proximagen" or "the Company") Intention to float on the AiM Market of the London Stock Exchange Proximagen Neuroscience plc, the drug discovery and development company focussedon neurodegenerative disease, today announces its intention to join the AiMMarket of the London Stock Exchange plc by way of a Placing. Highlights: • Proximagen was founded in November 2003 by Professor Peter Jenner and King's College London, leveraging more than 25 years of innovative neurodegenerative research • Proximagen has a pipeline with four compounds in development • Proximagen is seeking to raise up to £12m in a Placing of shares to institutional shareholders • The proceeds will be used to finance the Company's drug development programmes in Parkinson's and Alzheimer's diseases • The market capitalisation of Proximagen after the Placing is expected to be £30m• It is anticipated that Proximagen's ordinary shares will begin trading on AiM at the end of March 2005 • KBC Peel Hunt Ltd is the Company's Nominated Adviser and Broker. Commenting on the proposed flotation, Kenneth Mulvany, Proximagen's ChiefExecutive Officer, said: "I am delighted that Proximagen is joining AiM. TheCompany has outstanding expertise in the area of neurodegenerative disease andwe look forward to making further progress with the objective of adding valuefor shareholders and improving the quality of life of patients." For more information please contact: IP2IPO Group plcDavid Norwood, Chief Executive Officer 020 7067 1651 Proximagen Neuroscience plcKenneth Mulvany, Chief Executive Officer 020 7848 6011 KBC Peel Hunt LtdCapel Irwin 020 7418 8900 Buchanan CommunicationsTim Anderson/Mark Court/Mary-Jane Johnson 020 7466 5000 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 AIM in October 2003. IP2IPO's first partnership was with theUniversity of Oxford. In return for an investment of £20 million, IP2IPO hasacquired 50 per cent of the University of Oxford's equity in spin-out companiesand technology licenses based on intellectual property created at the ChemistryDepartment until 2015. In November 2003, IP2IPO created a £5 million seedcapital fund for investing in spin-out companies across the University ofOxford, not just those originating within the Chemistry Department. In March2002, IP2IPO entered into a second long-term partnership with the University ofSouthampton. Under the terms of this partnership, IP2IPO is committed to workingwith the University of Southampton in the identification and facilitation ofspin-out companies from across the University of Southampton and to investing £5million in early-stage University of Southampton spin-out companies over a fouryear period in return for equity stakes in those companies. In addition, IP2IPOalso received a 20 per cent stake in Southampton Asset Management Limited, acompany that has been formed to hold the University's equity stakes in itsfuture spin-out companies. The partnership has a term of at least 25 years. IP2IPO entered into its third long-term partnership in May 2003 with King'sCollege London. IP2IPO will work 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 will receive20 per cent of King's College London's equity in spin-out companies andtechnology licenses. The partnership has an initial 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 hascommitted to invest £1.15m in Amaethon Limited in return for a one third equitystake in Amaethon Limited (the remaining equity being owned by the University ofYork) and will also invest in the spin-out companies based on CNAP's IP whichAmaethon Limited creates. In July 2004, IP2IPO acquired a strategic 20% stake in Techtran Group Limited("Techtran"), acquiring the remaining 80% stake in January 2005. Techtran has along-term technology commercialisation contract with the University of Leeds.Techtran receives a significant (30%) interest in spin-out companies created andtechnology licences negotiated in return for the provision of technologytransfer services to the University. 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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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