Chamelic successfully complet

RNS Number : 0980R

IP Group PLC

16 August 2010

 



16 August 2010

IP Group plc - Portfolio company Chamelic successfully completes £1m funding round

IP Group plc (LSE: IPO) ("IP Group"), the developer of intellectual property based businesses, is pleased to announce that portfolio company Chamelic Limited ("Chamelic" or "the Company"), a spin-out company from the University of Leeds, has successfully completed a £1m fundraising.

Investors in the £1m funding round, which is tranched and contingent on certain milestones being met, included IP Group, IP Venture Fund, managed by IP Group, Syngenta Ventures, the venture capital arm of the leading agribusiness Syngenta, and members of Chamelic's management team.

Chamelic has developed a 'stay clean' surface treatment that prevents the build up of dirt and dust on a wide range of surfaces. The treatment is invisible, easy to apply and reduces the amount of cleaning required. The hydrophilic nature of the surface treatment means that any dirt or dust is rinsed away easily and prevents the formation of drying marks on the surface while also being 'anti-fogging'.

Chamelic is selling its initial product for a bespoke application that eliminates the need to replace glazing products and is proven in delivering cost savings and environmental benefits to its partner customers.  The Company will use the new funds to develop and launch additional products to provide efficiency, maintenance and cosmetic benefits across agricultural applications, solar panels, vehicles, household care products and architectural applications.

Founded in 2006, Leeds-based Chamelic is a chemistry technology company spun out of research carried out by Professor Simon Biggs at the Institute ofParticle Science and Engineering (IPSE) within the University of Leeds' Faculty of Engineering. Professor Biggs has been working in the area of colloid and particle science for over 20 years and his area expertise is in surface chemistry, particularly in the area of particle-surface interactions.

For more information, please contact:

IP Group	www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer	[phone]
Liz Vaughan-Adams, Communications	[e-mail] [phone] /[phone]
Financial Dynamics
Ben Atwell, John Dineen	[phone]
Chamelic	www.chamelic.co.uk
Jeff Eaves, Chief Executive Officer	[phone]

About IP Group

IP Group is an intellectual property (IP) commercialisation company that specialises in commercialising university technology. Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006. It has made two acquisitions to date - Techtran, a company set up to commercialise university intellectual property under a long term contract with the University of Leeds, in 2005 and Top Technology Ventures, an investment adviser to early stage technology venture capital funds, in 2004.

IP Group has formed long-term partnerships with ten universities - the University of Oxford, King's College London, CNAP/University of York, the University of Leeds, the University of Bristol, the University of Surrey, the University of Southampton, Queen Mary (University of London), the University of Bath and the University of Glasgow.

The Company's portfolio is diverse with exposure to five main sectors - Energy & Renewables, Medical Equipment & Supplies, Pharma & Biotech, IT & Communications and Chemicals & Materials. To date, thirteen portfolio companies have listed on the AIM market of the London Stock Exchange, one on PLUS Markets and there have been four trade sales.

For more information, please visit our website at www.ipgroupplc.com.

About Chamelic

Founded in 2006, Leeds-based Chamelic is a chemistry technology company spun out of research carried out by Professor Simon Biggs at the Institute of Particle Science and Engineering (IPSE) within the University of Leeds' Faculty of Engineering.

Chamelic has already established sales of its anti-fog surface treatment in the glazing market and, following successful product testing at an independent research facility, is now conducting field trials with prospective solar energy customers who are seeking a stay clean surface treatment.

For further information, please visit our website at www.chamelic.co.uk.

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