18th Apr 2005 07:01
IP2IPO Group PLC18 April 2005 For immediate release 18 April 2005 IP2IPO GROUP PLC ("IP2IPO" or "the Company") REOX SIGNS MULTI-MILLION DOLLAR AGREEMENT WITH GLOBAL BIOPHARMACEUTICAL COMPANY IP2IPO Group plc (AIM: IPO), the intellectual property company thatcommercialises university technology, is pleased to note that ReOx Limited ("ReOx"), a drug discovery spin-out company from the University of Oxford, inwhich IP2IPO has a 12.2% shareholding, has announced that it has signed anexclusive licence and collaboration agreement with a first-tier globalbiopharmaceutical company. Under the terms of the agreement ReOx will receive an upfront payment of $9.0million, success based milestone payments, royalties on product sales andresearch-funding costs. The press release issued today by ReOx follows: For immediate release 18 April 2005 ReOx Limited ReOx signs Licence and Collaboration Agreement with Global Biopharmaceutical Company ReOx Ltd announced today that the Company has signed an exclusive licence andcollaboration agreement with a premier, first-tier global biopharmaceuticalcompany relating to ReOx's drug discovery technology in the field of HIFbiology, an exciting area of pharmaceutical research. The two companies haveformed a research collaboration in which both parties will bring theirrespective skills in chemistry, biology and drug development to discover newdrugs potentially applicable to a wide range of conditions. This collaboration brings together ReOx, a company that has developed expertiseand intellectual property around HIF-related protein targets, with a well-knowncollaborator that has extensive global research, development, manufacturing andcommercialisation capabilities, including a significant presence in the UnitedStates. ReOx's CEO, Dr Barry Porter, said: "This is an exceptional opportunity for ReOxto work in collaboration with one of the most successful biopharmaceuticalcompanies in the world, and we believe it represents the best route todeveloping a HIF-regulating drug that may improve the lives of millions ofpatients worldwide." Under the terms of the licence agreement, ReOx will receive an up-front paymentof $9.0 million and success-driven development milestone payments. ReOx willalso receive research-funding costs during the research collaboration as well asthe right to receive royalties on product sales. Further details of this agreement will be announced in due course. For further information please contact: IP2IPO Group plcDavid Norwood, Chief Executive Officer 020 7067 1651 ReOx LtdDr Barry Porter, Chief Executive Officer 0787 981 8755 Buchanan CommunicationsTim Anderson/Mark Court/Mary-Jane Johnson 020 7466 5000 Notes for editors About ReOx ReOx Ltd is a drug discovery company, spun-out of the University of Oxford inJune 2003 that aims to develop novel treatments for disease by controlling theactivity of hypoxia inducible factor (HIF). 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 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 future spin-out companies. The partnership hasa 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 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. To date, 4 spin-out companies from the IP2IPO portfolio have listed on AiM:Offshore Hydrocarbon Mapping plc, Synairgen plc, VASTox plc and ProximagenNeurosciences plc. For more information on IP2IPO, visit www.ip2ipo.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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