HepCgen Fundraising

IP2IPO Group PLC
24 November 2003


For immediate release                                         24 November 2003



                                IP2IPO Group plc

              HepCgen secures £1.6 million in second round finance


IP2IPO Group plc (AIM: IPO) ('IP2IPO'), the intellectual property business that
commercialises university technology, is pleased to announce that HepCgen
Limited ('HepCgen'), a spin-out company from the University of Southampton in
which IP2IPO acquired an interest in March 2003, has succeeded in raising £1.6
million in second-round finance.

HepCgen develops diagnostic tests and novel treatments for hepatitis C and other
liver diseases. This second round of finance, which was heavily oversubscribed,
capitalises the company at £4.8 million.  Funding was generated from both
private and institutional investors. In line with its business model, IP2IPO did
not subscribe for new shares. Following the completion of the fundraising IP2IPO
holds a 24% shareholding in HepCgen.

HepCgen has made rapid progress since its formation in March 2003. Building on
its proprietary genetic tests, which help 'tailor' costly therapies for
hepatitis C to the individual patient, the company has organized a highly
efficient private laboratory service and signed diagnostic service contracts
with major pharmaceutical clients.

Dr William Rosenberg, HepCgen's founder and Chief Scientific Officer, said:

'The support from our new investors has been fantastic and will enable us to
take our commercial and R&D programmes to the next level much faster than we
originally anticipated.'

Dave Norwood, IP2IPO's Chief Executive, commented:

'I am delighted that HepCgen has progressed so far, so quickly. HepCgen is a
great example of a company with early stage revenues and a pipeline of R&D to
support its future growth. The success of its financing round is a great
endorsement.'




For more information contact:
IP2IPO (www.ip2ipo.com)
David Norwood, Chief Executive Officer                           020 7071 4348

Buchanan Communications
Tim Anderson, Mark Court, Mary-Jane Johnson                      020 7466 5000

HepCgen (www.hepcgen.com)
Paul Colford, Chief Executive Officer                            07788 975 755
Dr William Rosenberg, Chief Scientific Officer                   02380 796 883



Notes to editors

IP2IPO

IP2IPO is an intellectual property (IP) company that specialises in
commercialising university technology. The Company has already formed four
long-term partnerships with UK universities and listed on AIM in October 2003.
IP2IPO's first such collaboration was with the University of Oxford. In return
for an investment of £20 million, IP2IPO has acquired 50 per cent of the
University of Oxford's equity in spin-out companies and technology licences
based on intellectual property created at the Chemistry Department until 2015.

In March 2002, IP2IPO Limited entered into a second long-term partnership with
the University of Southampton.  Under the terms of this partnership, IP2IPO is
committed to working with the University of Southampton in the identification
and facilitation of spin-out companies from across the University of Southampton
and to investing £5 million in early-stage University of Southampton spin-out
companies over a four year period in return for equity stakes in those
companies.  In addition, IP2IPO Limited also received a 20 per cent stake in
Southampton Asset Management Limited, a company that has been formed to hold the
University's equity stakes in its future spin-out companies. The partnership has
a term of at least 25 years.

IP2IPO Limited entered into its third long-term partnership in May 2003 with
King's College London.  IP2IPO Limited will work with King's College London to
help identify and progress commercialisation opportunities as well as invest £5
million in King's College London's spin-out companies over a five year period in
return for equity stakes in those companies.  In addition, IP2IPO Limited will
receive 20 per cent. of King's College London's equity in spin-out companies and
technology licenses. The partnership has an initial term of 25 years.

In October 2003, IP2IPO announced a fourth partnership with the Centre for Novel
Agricultural Products ('CNAP'), based at the University of York. CNAP is a
flagship research centre that specialises in plant and microbial gene discovery.
Under the terms of the partnership a new company, Amaethon Limited, has been
created which has the right to commercialise CNAP's IP for 25 years. IP2IPO
Limited has committed to invest £1.15m in Amaethon Limited in return for a one
third equity stake in Amaethon Limited (the remaining equity being owned by the
University of York) and will also invest in the spin out companies based on
CNAP's IP which Amaethon Limited creates.

HepCgen

HepCgen was formed in March 2003 from the School of Medicine at Southampton
University with the aim of tackling liver disease by focusing on viral
infections by hepatitis C. Dr William Rosenberg, HepCgen's founding scientist, a
consultant hepatologist with 15 years' experience researching the immune
response to viral infection, has identified three linked areas of clinical need
which can be addressed through the commercialisation of his group's research.

  • Diagnostic tests for hepatitis C
  • Novel treatments for hepatits C
  • Diagnostic tests for liver disease

Paul Colford, an experienced manager with over 24 years experience in the life
science industry joined HepCgen shortly after its formation, as its chief
executive officer.


                      This information is provided by RNS
            The company news service from the London Stock Exchange