Investment in MVL

31 Aug 2007 09:00

Imperial Innovations Group plc31 August 2007 Imperial Innovations Group plc ("Imperial Innovations") Investment in Molecular Vision Ltd Imperial Innovations Group plc (AIM: IVO) today announces that it has invested£500,000 in Molecular Vision Limited (MVL), a company developing a range ofhandheld diagnostic devices. The company will use the funds to strengthen itsmanagement team and attract further partners, in order to develop itsrevolutionary platform. This platform combines microfluidics (technology) and organic semiconductorassay readers within single disposable devices. Microfluidic chemistry systemsare typically fast and accurate, while organic photodetectors provide accuracyat low cost. These characteristics allow MVL devices to providelaboratory-quality information wherever and whenever required, whether at thepatient's bedside, in the doctor's surgery, in the ambulance or in the home. MVL's device is based on research by Professors Andrew de Mello and DonalBradley, and Dr John de Mello, all of Imperial College London. Professor Bradleywas an inventor of organic light-emitting diodes and one of the co-founders ofCambridge Display Technology Ltd (CDT). Further to the funding obtained from Imperial Innovations, MVL has also recentlyattracted an award of £442,000 from the Department of Health under a HealthTechnology Devices programme. It is using these funds to transfer cardiac markerassays onto its platform. Other clinical areas for which the company isdeveloping applications of its platform include renal health, for the detectionof conditions such as diabetes and sexual health, for the detection of sexuallytransmitted diseases such as chlamydia. MVL's unique approach has already attracted the attention of a number ofexternal commercial teams leading to partnerships and on-going discussions aboutco-development of this novel technology for specific applications. Onecontinuing development partnership, with US company Acrongenomics, Inc., hasalready brought the company over US$2,000,000 of revenue. Dr. Chris Wright, Executive Chairman, Molecular Vision, said "MVL has reached a crucial stage of both technical and market development andthis financing round will allow the Company to expand its commercial team anddevelop its platform with marketing partners." Susan Searle, Chief Executive Officer, Imperial Innovations said "MVL's technology provides a much needed tool in the diagnostics market. We areconfident that this investment will accelerate the development of MVL." Professor Donal Bradley, Founder Director, Molecular Vision said, "The Molecular Vision founders are delighted to see Imperial Innovations' further engagement with MVL. It's a pleasing confirmation of the progress that has been made." -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 Molecular Vision LimitedChris Wright +44 7881 627299 JPMorgan Cazenove (NOMAD to Imperial Innovations) +44(0)20 7588 2828Steve Baldwin Notes to Editors Molecular Vision is developing low cost easy-to-use credit-card sized devicesfor medical testing that will greatly extend the in-house tools available to thegeneral practitioner. The devices - which will allow on-the-spot quantitativediagnosis - will eliminate the need for patients to make repeat visits, therebybringing forward the initiation of treatment, freeing up clinician time, andlowering treatment costs. Molecular Vision focuses on key areas of high diseaseburden, namely cardiovascular and sexually transmitted diseases. The technologyalso has additional applications outside the diagnostics market (e.g. forensicscience, homeland security and environmental monitoring). Molecular Vision's proprietary devices combine microfluidic chips withorganic-semiconductor light-sources and photodetectors to provide lab-qualitydiagnostic tests in a miniaturised, easy-to-use, disposable format. The Company's products will permit simultaneous testing of multiple diagnostic markers,allowing for comprehensive screening. It is anticipated that these universaltests will become a routine tool in general practice. The availability of suchdevices would directly address key objectives of health providers in the UK,Europe and the US, notably: (i) reduced treatment time; (ii) improved quality oftreatment; (iii) reduced inequality of treatment by extending facilitiesavailable to remote surgeries; and (iv) improved ongoing care via home-basedpreventative and post-treatment monitoring of at-risk patients. The technology was invented by a group of three academics at Imperial CollegeLondon: Dr John de Mello, Professor Andrew de Mello and Professor Donal BradleyFRS and is the subject of granted patents in the UK, USA, EU and Japan. DonalBradley is Lee-Lucas Professor of Experimental Physics and Head of the BlackettLaboratory. He is a Founder Director of Molecular Vision and a recognisedpioneer in plastic electronics, having received numerous awards for his researchin this area. He was one of the inventors of conjugated polymerelectroluminescence, and a cofounder of Cambridge Display Technology Ltd. Andrewde Mello is Professor of Chemical Nanosciences and his research activities focuson microdevices for DNA analysis and chemical synthesis. His research resultedin the first ever demonstration of PCR amplification, separation and detectionof DNA fragments on a single, integrated microchip and continuous flow PCR. In2002 Andrew was awarded the SAC Silver Medal by the Royal Society of Chemistryfor his contributions to Analytical Chemistry. John de Mello is the ChiefTechnical Officer of Molecular Vision and a Senior Lecturer in Nanomaterials inthe Department of Chemistry at Imperial College. His research centres on thegeneral area of semiconducting polymers and their use in photodetectors andemissive devices. http://www.molecularvision.co.uk 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 165p and £1m by means of apublic offer. 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 in70 technology businesses and has completed 116 commercial agreements. ImperialInnovations also commercialises technologies originating from outside ImperialCollege through incubation contracts with the Carbon Trust and WRAP and hascommercialisation contracts with a number of multinational corporationsincluding BAE Systems. www.imperialinnovations.co.uk This information is provided by RNS The company news service from the London Stock Exchange