Re Agreement

IP2IPO Group PLC
10 November 2003


For Immediate Release                                           10 November 2003


                                IP2IPO Group plc

      IP2IPO to invest directly in University of Oxford spin-out companies


IP2IPO Group plc (AIM: IPO), the intellectual property business that
commercialises university technology, is pleased to announce it has reserved £5
million for making seed capital investments in University of Oxford spin-out
companies.

IP2IPO, the University of Oxford and Isis Innovation Limited (the University's
technology transfer company) have a long-standing relationship. In late 2000,
the parties entered into a fifteen-year agreement under which IP2IPO acquired 50
per cent of the University's interest in spin-out companies based on
intellectual property created at the University of Oxford's Chemistry
Department.

The partnership has proved extremely successful. Six spin-out companies have
been created from the Chemistry Department during the past two years, including
VASTox Limited, a chemical genomics company (formed by Professor Steve Davies,
the founder of Oxford Asymmetry International plc) and Glycoform Limited, an
advanced drug delivery company based on carbohydrate chemistry.

IP2IPO will use the £5 million seed capital fund to invest in spin-out
opportunities from across the University of Oxford, not just those originating
within the Chemistry Department.

Commenting on today's announcement, Tom Hockaday, Executive Director of Isis,
said: 'We are encouraged that IP2IPO is reserving £5m for investments in Oxford
spin-out companies, which is a testament to the strength of research being
carried out at the University of Oxford.  We have a strong relationship with the
team at IP2IPO and always welcome the arrival of new sources of investment
finance. We have benefited from their involvement in chemistry projects and now
look forward to working on a wider range of technology commercialisation
opportunities.'

David Norwood, IP2IPO's Chief Executive, said: 'In IP2IPO's experience,
investing small amounts of seed capital in a disciplined way is a great means of
enabling the formation of high quality spin-out companies. The Isis and IP2IPO
teams have developed effective ways of creating spin-out companies from Oxford's
Chemistry Department and this latest initiative is an opportunity to apply our
joint approach to the University as a whole.'


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


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.

Isis Innovation

Isis Innovation Limited, the University of Oxford's wholly-owned technology
transfer company established in 1988, is a world leader in university technology
transfer. Isis currently files a patent a week and spins out a company every two
months based on academic research generated within and owned by the University
of Oxford. The combined value of the University of Oxford's companies has
reached approximately £2 billion, using quoted market capitalisations and
investor valuations for unquoted companies. The creation of these new spin-out
companies benefits local economic development and has created many new jobs in
the region.



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