Medical Diagnostics Company

IP2IPO Group PLC
04 June 2004

For Immediate Release                                                4 June 2004


                                IP2IPO Group plc

                  Formation of new medical diagnostics company
                          from the University of Oxford

IP2IPO Group plc (AIM: IPO) ('IP2IPO') the intellectual property company that
specialises in commercialising university technology is pleased to announce that
it has acquired a 43.6% stake in Oxford Medical Diagnostics Limited, a spin out
company from the University of Oxford's chemistry department.  IP2IPO's stake in
Oxford Medical Diagnostics is comprised of a 16.1% interest received as a result
of its long-term agreement with the University of Oxford and a 27.5% interest
acquired as a result of a direct investment, IP2IPO's first such investment in
an Oxford spin out.

Oxford Medical Diagnostics is developing laser-based techniques for the analysis
of gases. The company's initial focus is the development of a platform for
detecting minute quantities of markers in exhaled breath in order to
non-invasively diagnose disease. The founder of Oxford Medical Diagnostics,
Professor Gus Hancock, is an expert at investigating gases using lasers and has
published over 120 papers in the field during 28 years of research. IP2IPO has
worked closely with Isis Innovation Limited, the University's technology
transfer office, in the creation of the company.

Oxford Medical Diagnostics has appointed Roy Johnson as Executive Chairman. Mr
Johnson has a strong background in taking new medical device technology to
market.  He was previously Executive Vice President of Diametrics Medical Inc, a
NASDAQ quoted medical devices and diagnostics company.  Previously he was
President of Pfizer's Biomedical Sensor Division, where he was responsible for
the Division's worldwide sales.

Commenting on today's announcement, Dave Norwood, Chief Executive Officer of
IP2IPO said, 'OMD is a powerful combination of world-class research and
experienced management.  This first direct investment from the funds which
IP2IPO has reserved for making investments in Oxford spin outs represents
another very positive milestone in our partnership with Isis Innovation and the
University.'


For more information

IP2IPO
David Norwood, Chief Executive Officer                      020 7071 4348
Isis Innovation Ltd, University of Oxford
Dr Mairi Raggatt                                            01865 280852
Buchanan Communications
Tim Anderson, Mark Court, Mary-Jane Johnson                 020 7466 5000


Notes to editors

IP2IPO

IP2IPO is an intellectual property (IP) company that specialises in
commercialising university technology. The Company, which was founded in 2001,
has already formed four long-term partnerships with UK universities and listed
on AIM in October 2003.

IP2IPO's first partnership 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 licenses based on
intellectual property created at the Chemistry Department until 2015. In
November 2003, IP2IPO created a £5 million seed capital fund for investing in
spin-out companies across the University of Oxford, not just those originating
within the Chemistry Department.

In March 2002, IP2IPO 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 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 entered into its third long-term partnership in May 2003 with King's
College London.  IP2IPO will work with King's College London to help identify
and progress commercialisation opportunities as well as invest £5 million in
seed capital in spin-out companies from King's College London over a five year
period in return for equity stakes in those companies.  In addition, IP2IPO will
receive 20 per cent of King's College London's equity in spin-out companies and
technology licenses.  The partnership has a 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 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.




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