Pharminox 2nd Round Finance

IP2IPO Group PLC
29 June 2004


For immediate release                                               29 June 2004

                                IP2IPO Group plc

              Pharminox secures £1,500,000 in second round finance


(AIM: IPO), the intellectual property company that commercialises university
technology, is pleased to announce that Pharminox Limited ('Pharminox'), a
spin-out company from the University of Oxford in which IP2IPO holds an equity
stake, has succeeded in raising approximately £1.5 million in second round
finance.

Pharminox is a small-molecule, cancer drug development company that was formed
in 2002 to develop new platinum based compounds licensed from the University of
Oxford. Since incorporation, the company has broadened its intellectual property
base considerably. In early 2004 Pharminox secured a licence from Cancer
Research Technologies (the technology transfer arm of Cancer Research UK) to a
complementary class of compounds, known as heteroaromatic quinols, originally
developed by Professor Malcolm Stevens, OBE. Professor Stevens, the Professor of
Experimental Cancer Chemotherapy at the University of Nottingham, is a highly
respected cancer researcher who was responsible for the discovery of Temodal, a
cancer drug with annual sales in excess of $300m. Professor Stevens has joined
the Board of Pharminox as Chief Scientific Officer.

The financing round capitalises the company at £5 million. In line with its
business model, IP2IPO did not subscribe for new shares. Post the completion of
the financing, IP2IPO holds a 13.8% interest in Pharminox.


For more information contact:


IP2IPO
David Norwood, Chief Executive Officer                            020 7071 4348

Pharminox
Sue Barrowcliffe, CEO                                             01707 649 053

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 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 licenses
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 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.


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