Imperial Innovations to change name to 'Touchstone'

(ShareCast News) - Imperial Innovations Group announced on Friday that at its annual general meeting on 21 November, it will be seeking shareholder approval to change the name of the company to Touchstone Innovations.The AIM-traded group was originally formed as the technology transfer office for Imperial College, which is a role it still carries out.However, the board said it also invests in opportunities arising from intellectual property derived from, or associated with, the University of Cambridge, the University of Oxford and University College London.In January, the group announced two new initiatives aimed at expanding its licence portfolio and broadening its visibility of, and access to, intellectual property from elite universities within an area broadly bounded by London, Oxford and Cambridge - namely its participation in the UCL Technology Fund and in the Apollo Therapeutics joint venture."Whilst we are incredibly proud of our heritage and association with Imperial College, it has become increasingly apparent that the name 'Imperial Innovations', with its strong link to the group's origins within Imperial College, does not reflect the diversity of the sources of the intellectual property that the Group commercialises and in which we invest," said group chief executive Russ Cummings."We believe that 'Touchstone Innovations' is a name that provides a relevant narrative for our business."Cummings explained that Touchstones were historically used by goldsmiths to test the purity of gold or silver, and the term 'touchstone' has also come to represent a standard against which the genuineness or quality of something is judged."'Touchstone Innovations' thus has an interesting resonance with our science focus and many positive connotations relevant to the group's operations."The board assured that the existing Imperial Innovations brand will be retained for the work of the group's technology transfer office and its ongoing relationship with Imperial College.