Last checked at 5 Jul 2017 07:00
NANOCO GROUP PLC
("Nanoco" or the "Company")
Nanoco Awarded Grant from Innovate UK for Major Life Sciences Project
Nanoco Group plc (LSE: NANO), the leading developer and manufacturer of cadmium-free quantum dots and other nanomaterials, is today pleased to announce that it has been awarded a major grant from Innovate UK, the UK's innovation agency, to support its ongoing research into the use of quantum dot nanoparticles within cancer imaging.
The research project which has received the grant - entitled "VIVODOTS™ nano-devices for detection, resection and management of pancreatic cancers" - is a continued collaboration between Nanoco and University College London ("UCL"), the Group's partner in the life sciences sector, and builds on the significant progress that Nanoco's Life Sciences team has made on in-vivo mapping of sentinel lymph nodes and breast cancer imaging.
In support of the project, Nanoco will receive grant funding from Innovate UK of up to £484,689, representing 60% of the costs the Group expects to incur, paid quarterly in arrears over a three-year period.
The proposed VIVODOTS™ nano-device will enable more effective pre, intra and post-operative management of pancreatic cancers, resulting in better surgical treatment, higher cure rates, and better quality of life for survivors. Later development should lead to the extrapolation of the same concept to other types of deadly malignancies.
Michael Edelman, CEO of Nanoco Group, said:
"As a business, we are proud to be working with a number of commercial and research institutions at the cutting edge of the battle against cancer, and this grant is testament to the scope of our ambition in the life sciences sector and the value of our technology in the clinical arena."
"In this exciting project, we will be working with UCL to develop a groundbreaking cancer imaging therapeutic nano-device that will enable better detection and treatment of lethal types of tumours, particularly pancreatic tumours. The design will be based on the use of biocompatible and fluorescent quantum dot nanoparticles equipped with specific cancer targeting molecules; a major innovation that has already proved successful in our initial trials."
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For further information, please contact:
Nanoco Tel: +44 (0) 161 603 7900
Dr Michael Edelman, Chief Executive Officer
David Blain, Chief Financial Officer
Caroline Watson, Investor Relations Manager Tel: + 44 (0) 7799 897357
cwatson@nanocotechnologies.com
Peel Hunt Tel: +44 (0) 20 7418 8900
Adrian Trimmings
George Sellar
MHP Communications Tel: +44 (0) 20 3128 8570
Reg Hoare / Andrew Leach / Giles Robinson / Peter Lambie
nanoco@mhpc.com
Notes to Editors
ABOUT NANOCO
Nanoco (LSE: NANO) harnesses the power of nano-technology to create a brighter, more sustainable future. Based on breakthrough science, Nanoco's proprietary manufacturing process enables the large-scale production of its cadmium-free CFQD® quantum dots for multiple applications including LCD display, lighting, healthcare and solar.
Nanoco has non-exclusive manufacturing and marketing licensing agreements in display with The Dow Chemical Company, Merck KGaA of Germany, and Wah Hong Industrial Corporation of Taiwan.
Nanoco was founded in 2001 and is headquartered in Manchester, UK, with a US subsidiary, Nanoco Inc., in Concord, MA. Nanoco continues to build out a world-class, patent-protected IP portfolio generated both by its own innovation engine, as well as through acquisition.
Nanoco is listed on the main market of the London Stock Exchange and trades under the ticker symbol NANO. For further information please visit: www.nanocogroup.com.
ABOUT INNOVATE UK
Innovate UK is the UK's innovation agency. It works with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy.
For further information visit www.innovateuk.gov.uk