New Agreement

20 Jan 2005 07:01

Angle PLC20 January 2005 For Immediate Release 20 January 2005 ANGLE plc ANGLE signs Agreement with Ben Franklin Technology Partners to advance the growth of Technology Companies in Pennsylvania ANGLE plc, a leading international venture management and consulting companyfocusing on technology commercialisation today announced that it has signed aMemorandum of Understanding (MOU) with Ben Franklin Technology Partners ofSoutheastern Pennsylvania (BFTP/SEP), an internationally recognised economicdevelopment organisation, to advance the growth of technology-based companies inthe Greater Philadelphia region. Under the terms of the MOU, it is contemplated that ANGLE will commit no lessthan $5 million over five years for funding new technology spin-outs that meetits Progeny(R) requirements. This funding will be matched by BFTP/SEP - thusdoubling the leverage on ANGLE funds for creating ventures and similarlyleveraging BFTP/SEP's economic development funds. The Greater Philadelphia region is home to many of the world's most renownedacademic institutions including the University of Pennsylvania - one of theleading research universities in the United States. Collectively, the region'sacademic institutions attract more than $1 billion of research funding perannum, generating more than 200 patent applications per year. The region iswell recognised as a global leader in the bio-pharma and medical research arena. As part of the MOU, ANGLE will serve as BFTP/SEP's preferred commercialisationpartner for technologies from universities, colleges and related institutions inthe region, and become a corporate member of the Nanotechnology Institute, aninternationally recognised alliance of business, academia and government that isfacilitating the research and development and commercialisation of bio/nanoadvances. Commenting on the joint venture, Dr. Gary Evans, CEO of ANGLE's U.S. businessoperations said, "Our MOU and partnership with BFTP/SEP provides a uniqueopportunity both to extend our base of operation in the U.S. Mid-Atlantic regionand to complement an already robust technology commercialisation community. Inaddition to its formidable research capabilities, and its pre-eminentpharmaceutical industry, the region is highly regarded for developing newcutting edge research-to-commercialisation models around nanotechnology and bio/nanotechnology." "The ANGLE MOU is indicative of the synergy that occurs when distinct entitiesshare a common goal. It addresses critical management and capital needs at theearliest points in the commercialisation of new discoveries - just pasttranslational research to pre-seed, including pre-proof of concept,pre-prototype, pre-science/management team, pre-company formation. Liketechnology, this cross-Atlantic partnership has the potential to have asignificant global impact," said RoseAnn B. Rosenthal, president and CEO of BFTP/SEP. Andrew Newland, Chief Executive of ANGLE plc said, "This is a major developmentof our Ventures business in the U.S. It demonstrates the success of ourbusiness model and the leverage we generate between our Consulting and Venturesbusinesses. Our relationship with BFTP/SEP has developed from successfulconsulting work in Pennsylvania for Ben Franklin and others, including thedevelopment of the strategy for nanotechnology in the Commonwealth ofPennsylvania. We look forward to developing world-class ventures as a result ofthis expanded partnership." Notes to Editors: Founded in 1994, ANGLE is an international venture management and consultingcompany focusing on the commercialisation of technology and the development oftechnology-based industry. ANGLE creates, develops and advises technologybusinesses on its own behalf and for its clients. ANGLE plc floated on the Alternative Investment Market of the London StockExchange on 17 March 2004. About Ben Franklin Technology Partners of Southeastern Pennsylvania Since 1982, Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has helped grow the region through science, technology andentrepreneurship. BFTP/SEP provides entrepreneurs and established businesses thecapital, talent, and expertise they need to compete in the global marketplace.Like its namesake, Ben Franklin invests in, builds upon and delivers solutionsthat grow communities and create wealth by supporting today's technologicalideas and tomorrow's scientific discovery. For further information: ANGLE plc 01483 295830Andrew Newland, Chief ExecutiveDawson Buck, Deputy Chief Executive Buchanan Communications 020 7466 5000Richard Darby, Suzanne Brocks This information is provided by RNS The company news service from the London Stock Exchange