20 Oct 2009 07:00
Imperial Innovations Group plc
Imperial Innovations and Longbow Capital lead investment in Bioceramic Therapeutics
London, UK, 20 October 2009. Imperial Innovations (AIM: IVO, "Imperial Innovations"), a leading technology commercialisation and investment company, together with Longbow Capital LLP, has led a funding round for Bioceramic Therapeutics Limited with a first closing of £1.12 million
Imperial Innovations has invested a further £300,000 and Longbow Capital, a new investor, has invested £400,000. Other investors in the round include Comvest Limited and the Esmee Fairbairn Foundation, both of whom are existing shareholders. In addition, Mark Rowan, a director of Imperial Innovations and a director of, and existing shareholder in, Bioceramic Therapeutics, has invested a further £20,000 in the round. This investment follows funding of £1.04 million in 2007. Imperial Innovations has invested a total of £769,000 in Bioceramic Therapeutics, and now has an equity share of 36.7%.
Bioceramic Therapeutics has also appointed Dr Stephan Rietiker as Chairman. He succeeds Sir Richard Sykes. Dr Rietiker has been a director since December 2008 and has a proven track record in both large publicly listed and privately held healthcare companies.
Bioceramic Therapeutics is developing bioactive materials for soft tissue and orthopaedic and dental applications. Its first products are scheduled for launch in 2010 and include bone graft substitutes that will help treat bone diseases and difficult fractures.
Susan Searle, Chief Executive of Imperial Innovations commented:
"Bioceramic Therapeutics has made considerable progress over the last two years and, with its first products set to be launched in 2010, now is the right time for further investment to support its development and growth."
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Enquiries:
| Imperial Innovations | 020 7594 6589 |
| Susan Searle, Chief Executive Officer | |
| Diana Crisp, PR Manager | |
| College Hill | 020 7457 2020 |
| Adrian Duffield / Tony Stephenson | |
| Bioceramic Therapeutics | 020 7594 1326 |
| Daniel Green, Director and Founder | |
| J.P. Morgan Cazenove (NOMAD to Imperial Innovations) | 020 7588 2828 |
| Steve Baldwin |
Note to Editors
About Imperial Innovations
Imperial Innovations is one of the UK's leading technology commercialisation and investment companies. Founded in 1986 and admitted to the AIM Market of the London Stock Exchange in 2006, Imperial Innovations' access to early stage technology and intellectual property is unparalleled.
Imperial Innovations' integrated commercialisation approach encompasses the identification of ideas, the protection of intellectual property, the development and licensing of technology and the formation, incubation and funding, through investment, of technology businesses.
Based at Imperial College, London, Imperial Innovations' portfolio of equity holdings in more than 80 companies spans its three core areas ofenergy usage, healthcare and communications.
Companies in the portfolio of Imperial Innovations include: Circassia (allergy therapeutics), Evo Electric (electric motor and generator solutions), Nexeon (lithium ion battery technology), Polytherics (drug development), Quantasol (solar concentrators) and Respivert (respiratory drug development).
Imperial Innovations has already realised significant value from its investments to date including a recent trade sale in December 2008 when Thiakis Limited, a company in which Imperial Innovations had a 23.7% stake, which was sold for up to £100 million to US-based Wyeth Pharmaceuticals. More recent trade sales include certain Heliswirl IP to Technip and InforSense to IDBS.
A complete copy of the annual report and accounts for the year ended 31 July 2009 can be found at
www.imperialinnovations.co.uk
About Bioceramic Therapeutics
Bioceramic Therapeutics was spun out of Imperial Innovations Group plc in 2006 and is developing two families of bioactive materials for regenerative medicine applications. Its first products are scheduled for launch in 2010 and include bone graft substitutes that will help treat bone defects and difficult fractures.
The first family of medical devices developed by BCT employ a novel strategy to encourage bone regeneration and are the basis of a range of bone graft substitutes, functional surfaces on metal implants, and porous hybrid scaffolds including polymers to confer a toughness and resilience. The second family is a set of biomimetic fibrous materials that can be tailored for soft as well as hard tissue applications. The Company recently attracted a £1.4 million Technology Strategy Board grant-funded programme for the second family of medical devices designed to take a product to clinical testing in 2012. The project combines two approaches: a biodegradeable, biocompatible and biomimetic 3D fibrous scaffold for cartilage repair, and a method for the generation and selection of specific cell types derived from stem cells.
The Company's principal scientific founder Professor Molly Stevens is Professor of Biomedical Materials and Regenerative Medicine at Imperial College London. In 2009 she was awarded the Jean Leray Award from the European Society for Biomaterials and has also recently been recognised by Technology Review's TR100, a compilation of the top innovators under the age of 35 who are transforming technology and the world with their work.