Last checked at 20 Jul 2011 07:00
20 July 2011
Pursuit Dynamics PLC
("PDX" or "the Company")
PDX and Biomimetics Health Industries joint venture
PDX (AIM:PDX) is pleased to announce that it has entered into an agreement to form a 50/50 Joint Venture ("JV") with Biomimetics Health Industries (UK) Limited ("Biomimetics"). The JV will seek to commercially exploit the patented intellectual property of both companies to create best-in-class disinfection and decontamination solutions using PDX's atomisation technology and Biomimetics' chemistry. The core areas on which the JV expects to focus are healthcare disinfection, environmental disinfection, animal health disinfection and crop protection. This JV will not preclude either company partnering with other companies to manufacturer or produce products in these areas of the market.
Biomimetics is a UK based life sciences organisation specialising in the research, development and manufacture of unique 'nature replicating' chemical products that naturally kill all known contagious pathogens such as MRSA, C.difficile, M.tuberculosis, E.coli, Legionella bacteria and human and animal influenzas. Biomimetics' products already have European regulatory approvals and are in the process of seeking similar approvals in the USA. They recently completed a licencing deal with a major global pharmaceutical company to address human health and wound applications outside the USA, Canada and South America.
The JV will be managed jointly by PDX and Biomimetics with both parties having equal voting, economic and protection rights. The expectation is that integrated solutions utilising both companies' IP will be licensed to third parties with sufficient brand and marketing infrastructure to achieve significant market penetration. PDX and Biomimetics expect that the JV will receive from licensees an upfront payment, a percentage of total sales and that a required minimum sales/hurdle rate will be agreed.
Commenting on the announcement, CEO of Biomimetics, Chris Mallet, said:
"We are being courted by many global organisations all seeking to employ our unique technology and chemistries. Teaming up with PDX provides the ideal vehicle to provide licensees across the board with a total solution for best in class disinfection and decontamination, as well as addressing animal healthcare and crop protection on a massive scale."
Commenting on the announcement, CEO of PDX, Roel Pieper, said:
"The global disinfection and decontamination market offers huge potential that PDX and Biomimetics are superbly well placed to exploit. Following on from our joint venture agreements with Kaercher and the UK's National Nuclear Laboratories, this is a further example of PDX teaming up with a market leader to produce innovative solutions to what is an already large and fast growing market."
For Further Information, please contact:
Pursuit Dynamics PLC | |
Roel Pieper, CEO | Tel: +44 (0)1480 422050 |
Richard Webster, CFO | |
Financial Dynamics | |
Marc Cohen | Tel: +44 (0) 20 7831 3113
|
Cenkos Securities | |
Ian Soanes Max Hartley | Tel: +44 (0)20 7397 8924 |
Mirabaud Securities | |
Rory Scott | Tel: +44 (0) 20 7878 3360 |
Notes to Editors:
About PDX
- PDX (AIM: PDX) owns and commercialises the PDX Atomiser and Reactor
technologies that enable significant reductions in energy usage, process acceleration and result enhancement for a wide range of industrial processes and applications.
- The PDX business model is currently organised into five Lines of Business
Biofuels; Brewing, Food and Beverages; Public Health and Decontamination;
Industrial Licensing; Water.
- PDX is headquartered in Huntingdon with an office in London,
Schaffhausen, Denver and Connecticut.
- Further information is available at the Company's website: www.pdx.biz
- Publication quality photographs are available from FD.