17th Jul 2006 07:00
Sigma Capital Group PLC17 July 2006 FOR IMMEDIATE RELEASE 17 July 2006 SIGMA CAPITAL GROUP PLC ("Sigma" or "the Company") Partnership with two universities and the NHS to take Orthopaedics company from concept to commercialisation Sigma today announces an investment in B1 Medical Limited ("B1 Medical") as leadinvestor in a total investment round of £1.3 million. The investment was madethrough the Sigma Technology Venture Fund, a fund managed by Sigma, whichinvested £800,000 alongside the Scottish Co-Investment Fund, which invested£500,000. Sigma has been working closely with the three founding institutions: NHSGrampian (represented by Scottish Health Innovations Ltd), the University ofAberdeen and the Robert Gordon University ("the Institutions") on the creationof B1 Medical which will focus on the commercialisation of technology in thefield of medical devices for orthopaedics emerging from the Institutions. • On completion of this investment the Institutions exclusively licensed an initial set of eight patent families to B1 Medical. These first licences cover products ranging from joint replacement devices to systems to speed up operations and promote faster recovery: • As part of this deal B1 Medical has also obtained an exclusive ten-year first option over all future devices in the field of orthopaedics developed by the Institutions. • B1 Medical's unique relationship with the Institutions means that it has access to a pool of first class scientists and clinicians who will both generate new intellectual property and assist with research and development of the existing projects. This initial funding round will be used to begin commercialisation of thecurrent portfolio of projects. It is anticipated that further funding roundswill be undertaken during the next 12-18 months and an IPO is currently underconsideration for 2007. Graham Barnet, Joint Managing Director of Sigma, said: "We were delighted to beinvolved in enabling this unique collaboration between three leadinginstitutions. Sigma believes that there is a significant opportunity to enhanceand accelerate the commercialisation of intellectual property emerging fromuniversities and other institutions such as the NHS. We are committed to a rangeof initiatives in this field, of which B1 Medical is an excellent example." John Pool, Chairman of B1 Medical, whose experience includes success withCommunity Hospital Groups Plc, Proteus International and most recently asChairman of IDMOS Plc during its successful AIM flotation said: "B1 Medical is aunique vehicle that is well positioned to rapidly bring to market innovativeproducts in the field of orthopaedics. Our initial portfolio of products is verystrong and I look forward with great interest to further technologies emergingfrom the founding institutions." Professor Stephen Logan, Senior Vice-Principal, University of Aberdeen isdelighted with today's announcement and said: "The University is recognised forits high quality research and is continuing to demonstrate the translation ofsuch research into new spin-out companies. B1 Medical represents an exciting andunique model of commercialisation where the Institutions have recognised thevalue of working together to bundle intellectual property to create this newspin-out. The University of Aberdeen has an extremely close working relationshipwith NHS Grampian and the Robert Gordon University which facilitated B1Medical." Professor Jim Penman, Vice Principal, Robert Gordon University said, "TheUniversity's research strategy is very much focused on working in partnership tofind solutions to real problems. B1 Medical fits in very well with this ethos inthat it will build on the expertise of RGU and its partners to generate ideas,provide access to excellent applied research and bring new products to market." Peter Seddon was appointed as CEO on completion of the investment. Peterpreviously set up a medical devices distribution business called 'SummitMedical' which was sold to Graphite Capital for £15.5M and 'Quadrant Medical'which achieved international sales of a patented vacuum mixing device for bonecement. Peter brings significant experience in negotiating license agreements,distribution agreement, regulatory filing and project management. The board was further strengthened by the appointment of Neil Crabb, JointManaging Director of Sigma, as a non-executive director. Neil is currently adirector of a number of technology businesses in the telecommunications,software and medical sector. Sigma Capital Group PLC 0131 220 9444Graham Barnet, Joint Managing Director B1 Medical Limited 01260 226 529John K Pool, Chairman Scottish Co-investment Fund 0141 228 2468Andrea Young, Head of the Scottish Co-Investment Fund Scottish Health Innovations Limited 0141 248 7334Dr Cameron Macdonald, Chief Executive Officer The University of Aberdeen 01224 274369Dr Liz Rattray, Deputy Director, Research &Innovation The Robert Gordon University 01224 262023Helen Mill, Commercialisation Director Buchanan CommunicationsTim Anderson/Diane Stewart/Amy Rajendran 0207 466 5000 About Sigma Capital Group PLC Sigma Capital Group PLC is an AIM listed UK specialist asset management &advisory group, which focuses on Specialist fund management, Commercialisationof University IP and Property. Sigma was founded in 1997 by Graham Barnet andNeil Crabb, and has offices in Edinburgh and London. Sigma announced in Aprilthat it had signed a heads of agreement on a 25 year partnership with the RobertGordon University in which Sigma has agreed to help the University identify andprogress commercialisation opportunities in return for a share in the equity oflicence income from the relevant projects. About B1 Medical Limited B1 Medical Limited is a unique collaboration focused on commercialisation ofintellectual property in the field of orthopaedics from the NHS Grampian, theUniversity of Aberdeen and the Robert Gordon University. In addition to aninitial portfolio of eight product ranges the B1 Medical has a ten yearexclusive right to commercial intellectual property in the field of orthopaedicsas it is developed by these three institutions. About the Scottish Co-Investment Fund The Scottish Co-Investment Fund (SCF) is a £45m equity investment fund set up byScottish Enterprise, and part funded by the European Regional Development Fund(ERDF) to invest from £50,000 to £500,000 in company finance deals between thesizes of £100,000 and £2m. Unlike a conventional venture capital fund, the Scottish Co-investment Fundinvests only in partnership with private sector investors - VC funds, businessangels and business angel syndicates. The investment decisions are made by thoseprivate sector Partners. If you are seeking investment for your business you cannot approach the ScottishCo-investment Fund directly, but only through its Partners. About Scottish Health Innovations Ltd Scottish Health Innovations Limited (SHIL) has been established to support thedevelopment and commercialisation of innovations arising within the NHS inScotland. With funding from the Scottish Executives Chief Scientist Office,Scottish Enterprise, Highlands and Islands Enterprise and the Department ofTrade and Industry, SHIL seeks to identify and develop new technologies whichcan be exploited through partnerships with the private sector. About the University of Aberdeen The University of Aberdeen is one of the world's oldest universities. The firstChair of Medicine in the English speaking world was founded at Aberdeen in 1497.Today Aberdeen is one of the UK's main research-led universities. With more than13,000 students and over 3,500 staff, the institution is at the forefront ofteaching and research in medicine, the humanities and sciences. The University is an acknowledged centre of excellence for Life Sciences andMedicine. Translational research is an area of particular strength for theUniversity because of its wide range of internationally recognised healthresearch, underpinned by many of its leading scientists and clinicians based onone of the largest teaching hospital sites in Europe. Research commercialisation at the University has seen eight spin-out companiescreated in the last three years. Our research income has increased by 143% inthe last 10 years and in the last 12 months the University's research grantshave risen by 12% to £43.5million. About the Robert Gordon University The Robert Gordon University, Aberdeen, is one of the oldest technologyinstitutes in the UK. It has a national and international reputation forexcellence in the provision of highly relevant professional education deliveringmore than 300 courses to approximately 12,000 full and part-time students. RGUcame top in an independent Times Higher Education Supplement survey of UKUniversities, with the highest income generated from business through commercialsales and consultancy, generating over £42 million in 5 years from this activityalone. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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