17/01/2002

IP2IPO acquires interest in second spin-out from Oxford agreements

IP2IPO Ltd is pleased to announce that it has acquired an interest in Pharminox the second venture arising from its agreements with Oxford University and Isis Innovation, the University’s technology transfer company.

Pharminox has licensed and is developing new platinum based compounds for cancer therapy which potentially overcome the problems of side effects and resistance met by current platinum based treatments. The technology is based on the research of Professor Gordon Lowe, FRS, at Oxford University. Current platinum compounds address ovarian, testicular and colorectal cancer and these existing treatments (including two fast growing products) have annual revenues of around £1.3 billion.

Pharminox has raised £750,000 in new shares through a placing by Beeson Gregory including £150,000 subscribed by the Oxford University Challenge Seed Fund. IP2IPO has a shareholding in
the company of 20.8%.

The chief executive is Neil Brown, formerly the chief executive of Debioclinic SA which has developed one of today’s most successful platinum based drugs, Oxaliplatin, used in the treatment of cancer.
Chris Wright, chief executive of IP2IPO, said: “We are delighted by the progress of our alliance with Oxford University. The launch of Pharminox so soon after the launch of Inhibox, immediately before Christmas, demonstrates the momentum of our joint venture.”

Dr Tim Cook, managing director of Isis Innovation, said: “On average Isis Innovation spins-out a new company based on university research every two months, so this joint venture with IP2IPO
is proving extremely fruitful with two companies launched in such a short period of time. We look forward to working with IP2IPO on other projects arising from the ground-breaking work of Oxford’s Chemistry Department in the future.”

For more information contact:
Chris Wright
IP2IPO: 020 7488 4040
email: cwright@beeson-gregory.co.uk

Press Office, University of Oxford: 01865 280528

Tim Blackstone - Blackstone Business Communications:
020 7251 2544; 07957 140416 (mobile)
email: tim@blackstonecomms.demon.co.uk

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