Imperial Innovations Group Regulatory News (IVO)

11 Dec 2007 11:18

Imperial Innovations Group plc11 December 2007 Imperial Innovations Group plc ("Imperial Innovations") Proof of Concept programme Imperial Innovations Group plc (AIM: IVO) today announces the creation of a newUS$1 million Proof of Concept ("PoC") programme which has been funded byShapoorji Pallonji & Company Limited ("SPCL") a diversified conglomerateincluding the oldest construction company based in India. The objective of the PoC programme is to validate and accelerate the developmentof emerging technologies at Imperial College London for spin-out opportunities.Imperial Innovations will manage the programme including the recommendation,selection, and commercial assessment of the projects. The company isparticularly interested in developing technologies with SPCL which may lead tomarket applications and follow-on joint development opportunities in India. The PoC programme will fund three to five technologies of twelve to eighteenmonths' duration over the next two years and will give priority to applicationsin the built environment, whether renewable energy or energy-efficiencyinnovations. The creation of the PoC programme with SPCL builds on Imperial Innovations'ongoing activities in India which is regarded as one of the most importanttechnology markets for the future, including the recent formation of i2india,the technology commercialisation company based in India. Susan Searle, CEO of Imperial Innovations said: "The launch of the Shapoorji Proof of Concept programme will help us qualifyinventions in our intellectual property portfolio for more focused spin-outopportunities. Pre-commercial funding is very difficult to obtain forearly-stage technologies therefore we are extremely grateful for the fundingSPCL has provided. We are also encouraged that influential companies such asSPCL turn to us to access next generation technologies." Mr. Pallonji Mistry, Chairman of Shapoorji Pallonji & Co. Ltd., Mumbai said: "We look forward to a mutually rewarding and long term relationship withImperial Innovations through promoting development projects in selected areas." -Ends- For more information contact: Imperial InnovationsSusan Searle, Chief Executive Officer +44 (0)20 7594 6591Lucy Ahfong, Marketing Communications Executive +44 (0)20 7594 6644 M:CommunicationsPatrick d'Ancona / Eleanor Williamson +44 (0)20 7153 1539 JPMorgan Cazenove (NOMAD to Imperial Innovations)Steve Baldwin +44(0)20 7588 2828 Notes to Editors About Imperial Innovations Imperial Innovations is one of the UK's leading technology transfer andcommercialisation companies. The company was founded in 1986 and its ordinaryshares admitted to trading on the AIM Market of London Stock Exchange plc inJuly 2006, raising £25 million at an offer price of 365p and £1 million by meansof a public offer. In November 2007, the company raised a further £30 million bymeans of a placing of new ordinary shares with investors. The company's integrated approach encompasses the identification of ideas,protection of intellectual property, development and licensing of technology andformation, incubation and investment in technology businesses. A wide range oftechnologies are commercialised within the areas of healthcare, energy,environment and emerging technology trends. Based at Imperial College London, the company has established equity holdings in74 technology businesses and is managing 133 commercial agreements as of 31 July2007. Imperial Innovations also commercialises technologies originating fromoutside Imperial College through incubation contracts with the Carbon Trust andWRAP and has commercialisation contracts with a number of multinationalcorporations including BAE Systems. www.imperialinnovations.co.uk About Shapoorji Pallonji & Company Ltd Shapoorji Pallonji & Company Ltd is a diversified conglomerate with businessinterests in the construction, finance, biotechnology, and energy sectors. Thecompany started 140 years ago in Mumbai as a construction company. ShapoorjiPallonji has grown from its origins as India's oldest construction company andhas developed an international reputation in delivering complex projectsincluding factories, nuclear research establishments, nuclear waste handling,scientific and research establishments, stadia and auditoria, airports, hotels,hospitals, giant skyscrapers, housing complexes, townships, water treatmentplants, roads, expressways, power plants and biotech facilities. It is thelargest private shareholder (18.5%) of TATA SONS Ltd, the Holding Company of theTATA Group. The annual turnover of the TATA Group is over US$15 billion. This information is provided by RNS The company news service from the London Stock Exchange