Imperial Innovations Release: Portfolio Company IXICO Expands Into Digital Healthcare
9/24/2013 8:45:02 AM
23 September 2013 -- Imperial Innovations Group plc (AIM: IVO, "Innovations") portfolio company IXICO Limited, a medical imaging analysis company, is to be acquired by Phytopharm plc (AIM: PYM) in a proposed reverse takeover announced today. The enlarged Phytopharm group, to be renamed IXICO plc, will benefit from a strengthened balance sheet to grow its clinical trial services business and to bring new technology solutions to the diagnosis of dementia and other conditions. The newly-quoted IXICO plc will use the new ticker 'IXI'.
Innovations maintains its support for IXICO and as part of this transaction has purchased a small parcel of shares; following completion of this transaction it will hold a 11.518% shareholding in IXICO plc.
IXICO has established itself as a leading provider of medical imaging analysis services in the clinical trials market. It is expanding into the 'digital healthcare' space with products to support dementia diagnosis. Its vision is to build on its credibility internationally to position itself as a 'Brain Health Company' and to bring innovative technologies to those involved in researching and treating serious brain diseases enabling them to help patients more quickly.
Maina Bhaman, Director of Healthcare Ventures at Innovations, will be joining the IXICO plc board on completion.
Russ Cummings, Chief Executive Officer, Imperial Innovations, said:
"IXICO's transition into a public company is an important step in our ongoing investment and support, and is another example of how we can add value to our investee companies. This move gives the company access to an expanded public shareholder base.
"We remain excited about the possibilities for IXICO's technology, tried and tested with pharmaceutical companies internationally, to offer patient benefits in healthcare markets."
Maina Bhaman added:
"IXICO's strengthened resources will enable it to continue to invest in and grow its clinical trial services business while also bringing new technology solutions to the increasingly important field of dementia diagnosis."
Imperial Innovations Group Plc 020 7594 6506
Russ Cummings, Chief Executive Officer
Terry Nicklin, Director of Communications
College Hill 020 7457 2020
Adrian Duffield/Tim Watson/Rozi Morris
J.P. Morgan Cazenove 020 7742 4000
Michael Wentworth Stanley/Alec Pratt
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Publication of the Admission Document 23 September
Lifting of suspension of the Company's Existing Shares on AIM 24 September
Latest time and date for receipt of Forms of Proxy for the General Meeting 11.00 a.m. on 10 October
General Meeting 11.00 a.m. on 14 October
Completion of the Acquisition, Admission and commencement of dealings in the Enlarged Issued Share Capital 15 October
Despatch of definitive share certificates (where applicable) 25 October
Each of the times and dates in the above timetable is subject to change, in which event details of the new times and/or dates will be notified to the Financial Conduct Authority and the London Stock Exchange and, where appropriate, Shareholders.
Imperial Innovations - www.imperialinnovations.co.uk
Innovations creates, builds and invests in pioneering university technologies addressing global problems in healthcare, energy, engineering and the environment. It combines deep understanding of science and technology with commercial acumen and strong investment expertise. Innovations acts as the Technology Transfer office for Imperial College, providing IP protection, licensing and business-building services, gining it very early access to research outputs from this leading research university.
Innovations invests in companies based on technologies from or associated with four universities: Imperial College London, Cambridge University, Oxford University, and UCL, supported by collaborations with Cambridge Enterprise, OSEM and UCL Business. These are the UK's leading research intensive universities, measured by research income.
Innovations supports scientist-entrepreneurs in the commercialisation of their ideas by:
- leading the formation of new companies and providing facilities in the early stages
- providing significant investment and encouraging co-investment to accelerate the transition from R&D to products
- providing operational expertise
- helping to recruit high-calibre industry figures and experienced entrepreneurs as executive management and Board members
Innovations raised £140 million in January 2011. In the year to 31 July 2012, it invested £37.9 million (2011: £35.1 million) in 29 ventures, and made 11 investments in new companies. In July 2013, Innovations obtained a £30m, 12-year loan from the European Investment Bank (EIB) to invest in the biotech and therapeutics sectors.
In its current portfolio of around 80 companies, Innovations' most advanced assets include Circassia, which develops innovative treatments for a wide range of allergies, and Veryan, a medical devices business developing improved stent technologies.
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