Tissue Regenix reverse takeov

RNS Number : 0029N

IP Group PLC

03 June 2010

 



03 June 2010

IP Group - portfolio company Tissue Regenix proposes reverse takeover of AIM-listed Oxeco plc

IP Group plc (LSE: IPO) ("IP Group" or "the Company"), the developer of intellectual property based businesses, is pleased to note that portfolio company Tissue Regenix Ltd ("Tissue Regenix"), a spin-out company from the University of Leeds, has today announced the proposed reverse takeover of AIM-listed Oxeco plc and that it is seeking admission to AIM.

Tissue Regenix proposes reverse takeover of Oxeco Plc

Application made for admission to AIM

YORK, 3rd June, 2010 - Tissue Regenix Ltd, a medical technology company focused on the development and commercialisation of acellular tissue replacement products to address the chronic global shortfalls in donor tissue availability, today announces the proposed reverse takeover of AIM-listed Oxeco plc and that it is seeking admission to AIM.

Key points -

·     £4.5 million (gross) new funds raised by way of placing

·     New board takes control of enlarged group

·     Application made for admission to AIM, new shares to commence trading on AIM on 29^th June 2010

Tissue Regenix uses its proprietary technology platform, dCELL®, to remove cells and other components from human and animal tissue allowing them to be used without anti-rejection drugs to replace worn out or diseased body parts.

The proceeds of the listing will be used to advance Tissue Regenix's strategy of using its core dCELL® Technology as a platform to develop a range of products to deliver solutions to unmet clinical needs, using the established medical device regulatory pathway. The three priority markets for the application of the technology are Vascular, Cardiac and Orthopaedics.

Tissue Regenix's lead product is the dCELL® Vascular Patch, intended to be permanently implanted into the human body for vascular repair. The company intends to start marketing the dCELL® Vascular Patch in Europe during the second half of 2010. The next product on which Tissue Regenix intends to focus is the dCELL® Meniscus, for the repair of damaged knee meniscus. Tissue Regenix will commit a significant proportion of the new funds towards the further development of the dCELL® Meniscus and the securing of regulatory approval for marketing.

John Samuel, Tissue Regenix's Chairman, said: "The new Board looks forward to completing this listing which will give us access to the capital required to use our dCELL® platform to capitalise on the growing global demand for regenerative medical devices."

Antony Odell, Tissue Regenix's Managing Director, said: "The successful completion of the listing in difficult market conditions will highlight the strength of our technology and the size of the market opportunity."

Tissue Regenix was incorporated in May 2006 in order to commercialise the research of the University of Leeds.

One of the scientists behind dCELL®, Professor John Fisher, said:  "Currently the focus of our research is on biological scaffolds for tissue repair in the cardiovascular and musculoskeletal system. This forms part of our wider research portfolio which is aimed at addressing the expectations of the ageing population for 'fifty active years after the age of fifty'."

John Samuel, Antony Odell, Alan Miller, Alex Stevenson and Alan Aubrey will join the Board as Executive Chairman, Managing Director and Non-Executive Directors respectively. Michael Bretherton, former Oxeco Executive Chairman, remains on the board and will assume the role of Finance Director.

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer	Tel: [phone]
Liz Vaughan-Adams, Communications	Tel: [phone]
Financial Dynamics
Ben Atwell/John Dineen	Tel: [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, twelve 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 www.ipgroupplc.com.

ENDS

 

END

 

 

NRAKKNDKCBKKPAK