23rd Mar 2006 08:12
IP2IPO Group PLC23 March 2006 For immediate release 23 March 2006 IP2IPO GROUP PLC SYNTOPIX GROUP PLC SUCCESSFUL PLACING AND ADMISSION TO AIM IP2IPO Group plc (AIM: IPO) ("IP2IPO"), the intellectual propertycommercialisation company, is pleased to note that today is the first day oftrading on AIM of ordinary shares of 10p each ("Ordinary Shares") in SyntopixGroup plc ("Syntopix"), (AIM: SYN) a spin-out company from The University ofLeeds focused on dermatological diseases. Syntopix raised £4.0 million (before expenses) at a placing price of 177p perOrdinary Share (the "Placing Price") and its market capitalisation, on admissionto AIM at the Placing Price, was £10.1 million. Following the placing IP2IPO, through its subsidiary Techtran Group Limited,owns 920,855 Ordinary Shares in Syntopix (worth £1.6 million at the Placingprice), representing 16.2% of the Syntopix enlarged share capital. For further information about IP2IPO or Syntopix please contact: IP2IPO 020 7489 5200Alan Aubrey, Chief Executive Officer Syntopix Group plc 0845 1259204Gwyn Humphreys, ChairmanRod Adams, Chief Executive Officer KBC Peel Hunt Ltd 020 7418 8900Megan MacIntyre Buchanan Communications 020 7466 5000Tim Anderson, Mark Court, Mary-Jane Johnson The announcement issued by Syntopix Group plc today follows: SYNTOPIX GROUP PLC ("Syntopix" or "the Company") FIRST DAY OF DEALINGS ON THE AIM MARKET OF THE LONDON STOCK EXCHANGE Syntopix Group plc, (AIM: SYN) a drug discovery and development company focusedon dermatological diseases, announces its flotation on the AIM market of theLondon Stock Exchange today. Highlights of the Placing: • £4.0 million (£3.3 million net of expenses) has been raised forSyntopix via a placing at 177 pence per share • On admission the market capitalisation of Syntopix at the placing price will be £10.1 million • The proceeds of the placing will be used to finance the Company's drugdevelopment programmes in dermatology • KBC Peel Hunt Ltd is the Company's Nominated Adviser and Broker Business Highlights: • Syntopix was formed in 2003 as a spin-out from the University of Leedsto commercialise the research of the Company's two scientific founders, Dr JonCove and Dr Anne Eady, into antibiotic resistance and diseases of the skin. • Syntopix has a growing patent portfolio and a pipeline of nine drugcandidates awaiting preclinical and clinical trials in acne and MRSA. • The Company has a highly experienced scientific, commercial andnon-executive team who between them have a proven track record of developingpharmaceutical products and technology and have links with large pharmaceuticalcompanies. • The Company's Chairman is Dr Gwyn Humphreys, a founder and chiefexecutive of Bradford Particle Design Limited, one of the UK's most successfulspin-out companies sold for $200 million in January 2001 to Inhale TherapeuticSystems Inc. Syntopix' Chief Executive Officer is Rod Adams, who has extensiveexperience in running and building healthcare companies, particularly in thefield of dermatology. • The Company believes that the market for dermatological products, whichhas global annual sales of more than $10 billion and clear evidence of unmetmedical need, has suffered a lack of product innovation and there are manylimitations identified in some of the leading products. Syntopix' strategy seeksto reduce the cost and risk of successfully discovering and developingdermatology drugs by concentrating on change of use and combinations of knowncompounds. Commenting on the flotation, Rod Adams, Syntopix' Chief Executive Officer, said:"I am delighted by the response to the Syntopix flotation. Commencing life as apublic company is extremely exciting for us and we look forward to progressingour drug development programmes in dermatology and to generating value for ourshareholders." PLACING STATISTICSPlacing Price 177 penceNumber of Placing Shares 2,259,887Number of Non EIS Shares and Non VCT Shares 1,785,307Number of EIS Shares and VCT Shares* 474,580Number of Ordinary Shares in issue on Admission 5,683,981Market capitalisation of the Company at the Placing Price on Admission £10.1 millionPlacing Shares as a percentage of the Enlarged Issued Share Capital 39.8 per cent.Gross proceeds of the Placing receivable by the Company £4.0 millionNet proceeds of the Placing receivable by the Company £3.3 million *Application has been made for admission of 474,580 Ordinary Shares in respectof the EIS Shares and the VCT Shares. Dealings are expected to commence in theseOrdinary Shares on 24 March 2006. For further information about IP2IPO or Syntopix please contact: IP2IPO 020 7489 5200 Alan Aubrey, Chief Executive Officer Syntopix Group plc 0845 1259204 Gwyn Humphreys, Chairman Rod Adams, Chief Executive Officer KBC Peel Hunt Ltd 020 7418 8900 Megan McIntyre Buchanan Communications 020 7466 5000 Tim Anderson, Mark Court, Mary-Jane Johnson Notes for 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 Limited, a subsidiary of IP2IPOGroup plc, The Wellcome Trust Limited, University of Leeds Limited, White RoseTechnology Ltd and Ridings Early Growth Investment Company Limited. For further information please visit www.syntopix.com. About IP2IPO Group plc 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 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 Modern Biosciences, which willin-license life science intellectual property created by medical researchers atuniversities with which IP2IPO already has partnerships, other universities inthe UK and similar academic and charitable research institutions. ModernBiosciences' objective is to further develop the intellectual property which itin-licenses with a view to creating substantial value either by subsequentlylicensing these development programmes to the pharmaceutical industry or via thecreation of new ventures. 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 entered into its seventh long-term partnership with theUniversity 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. In March 2006, IP2IPO entered into an exclusive long-term partnership with theUniversity of York. The partnership is in addition to IP2IPO's currentpartnership with the Centre for Novel Agricultural Products, IP2IPO will workwith the University of York to help identify and progress commercialisationopportunities as well as invest an initial fund of £5 million in seed capital inspin-out companies from the University of York in return for equity stakes inthose companies. In addition, IP2IPO will receive 25% of the equity in anyspin-out company from the University at the time that the company isestablished, prior to investment, if IP2IPO invests in the company from the fundand 15% of the equity if it does not invest from the Fund. IP2IPO will alsoreceive 10% of any income which the University of York receives from licencingduring the lifetime of the partnership. The partnership has a term of 25 years. To date, 6 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, GETECH Group plc and SyntopixGroup plc. There has been one trade sale: Toumaz Technology Limited was sold toNanoscience Inc. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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