27th Feb 2006 07:03
IP2IPO Group PLC27 February 2006 For immediate release 27 February 2006 SYNTOPIX GROUP PLC ANNOUNCES ITS INTENTION TO FLOAT ON THE AIM MARKET OF THE LONDON STOCK EXCHANGE IP2IPO Group plc (AIM: IPO) ("IP2IPO"), the intellectual property commercialisation company, is pleased to announce that Syntopix Group plc ("Syntopix"), a drug discovery and development company focused on dermatologicaldiseases and a spin-out from University of Leeds, has today announced its intention to float on the AiM market of the London Stock Exchange plc by way of a Placing. Prior to the Placing IP2IPO holds a 23.5% equity stake in Syntopix. The press release issued today by Syntopix follows: For immediate release 27 February 2006 SYNTOPIX GROUP PLC ("Syntopix" or "the Company") Intention to float on the AIM market of the London Stock Exchange Syntopix Group plc, a drug discovery and development company focussed ondermatological diseases, today announces its intention to join the AIM market ofthe London Stock Exchange by way of a Placing. Highlights: • Syntopix was formed in 2003 as a spin-out from the University of Leeds to commercialise the innovative research of the Company's two scientific founders, Dr Jon Cove and Dr Anne Eady, into antibiotic resistance and diseases of the skin. • The Company has a highly experienced scientific, commercial and non-executive team who between them have a proven track record of developing pharmaceutical products and technology and have links with large pharmaceutical companies. • The Company's Chairman is Gwyn Humphreys, a founder and chief executive of Bradford Particle Design, one of the UK's most successful spin-out companies sold for $200 million in January 2001 to Inhale Therapeutic Systems Inc. Syntopix' Chief Executive Officer is Rod Adams, who has extensive experience in running and building healthcare companies, particularly in the field of dermatology. • Syntopix has a growing patent portfolio and a pipeline of nine drug candidates awaiting preclinical and clinical trials in acne and MRSA. The Company's novel approach involves the screening of a focussed library of compounds of known toxicity from which compounds are selected in combination as drug candidates or in which new indications are identified for existing drug compounds. • The Company believes that the dermatology market, which has global annual sales of more than $10 billion and clear evidence of unmet medical need, has suffered a lack of product innovation and many existing products suffer significant side effects. Syntopix' strategy seeks to reduce the cost and risk of successfully discovering and developing dermatology drugs by concentrating on change of use and combinations of known compounds. • The Company is seeking to raise approximately £6 million in a Placing of shares to institutional investors and the proceeds will be used to finance the Company's drug development programmes. Its shares are expected to begin trading on AIM in March 2006. • KBC Peel Hunt Ltd is the Company's Nominated Adviser and Broker. Commenting on the proposed flotation, Rod Adams, Syntopix' Chief ExecutiveOfficer, said: "Our innovative strategy has delivered drug candidates that havethe potential to address unmet medical need in the dermatology market. Flotationon AIM will transform the development of the Company, allowing us to commencepreclinical and clinical trials and thereby build value for shareholders." For further information about Syntopix please contact: Syntopix Group plc 0845 1259204 Gwyn Humphreys, ChairmanRod Adams, Chief Executive Officerwww.syntopix.com KBC Peel Hunt Ltd 020 7418 8900Megan McIntyre Buchanan Communications 020 7466 5000Mark Court, Tim Anderson, Mary-Jane Johnson Notes to editors About Syntopix Group plc Syntopix, a company focussed on the discovery and development of drugs for thetopical treatment of dermatological diseases, was founded in 2003 as a spin-outfrom the University of Leeds by Dr Jon Cove and Dr Anne Eady, two of the leadingexperts in skin microbiology, with initial funding from the Wellcome Trust. Syntopix' strategy is to seek to reduce the risks and costs of drug discoveryand development by discovering novel uses for known compounds; by concentratingon compounds and combinations of compounds that have a history of safe use; andworking with compounds that have known properties, for example antimicrobialsand anti-inflammatories. The Company currently has seven pending UK patentapplications. Syntopix is currently focussed on acne and Staphylococcus aureus infections andhas identified a pipeline of lead drug candidates that it intends to takethrough pre-clinical and, as appropriate, clinical trials. The Company intendsto out-license products to commercial partners on obtaining proof of principleand to seek co-development partnerships. The Company is based at the Institute of Pharmaceutical Innovation in Bradford,giving access to the expertise in skin biology, formulation and toxicology atthe universities of Bradford and Leeds. Syntopix' shareholders include Techtran Group Ltd, a subsidiary of IP2IPO Groupplc, the Wellcome Trust Ltd, the University of Leeds, White Rose Technology Ltdand Ridings Early Growth Investment Company Ltd. For further information please visit www.syntopix.com. For more information about IP2IPO please contact: IP2IPO 020 7489 5200Alan Aubrey, Chief Executive Officer Buchanan Communications 020 7466 5000Tim Anderson, Mark Court, Mary-Jane Johnson Notes for editors: About IP2IPOIP2IPO 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 per cent. equity stake inAmaethon Limited (the remaining equity being owned by the University of York)and will also invest in the spin-out companies based on CNAP's IP which AmaethonLimited creates. 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 per cent.) interest in spin-outcompanies created and technology licences negotiated, in return for theprovision of technology 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 return, IP2IPO will receive 13.3 per cent of equity spin-out companies fromthe University of Bristol at the time that the spin-out company is establishedprior to investment. The partnership has a term of 25 years. In February 2006 IP2IPO announced that it had entered into an exclusivelong-term partnership with the University of Surrey. Under the terms of thepartnership, IP2IPO has agreed to work with the University of Surrey to identifyand facilitate the formation of spin-out companies from across the Universityand to invest an initial fund of up to £5 million in such companies in returnfor equity stakes in them. In addition, IP2IPO will receive 13.3% of the equityin spin-out companies from the University at the time that the company isestablished prior to investment. The partnership has a term of 25 years. To date, 5 spin-out companies from the IP2IPO portfolio have listed on the AIMMarket of London Stock Exchange plc: Offshore Hydrocarbon Mapping plc, Synairgenplc, VASTox plc, Proximagen Neuroscience plc and GETECH Group plc. There hasbeen one trade sale: Toumaz Technology Limited was sold to Nanoscience Inc. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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