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Fusion IP PLC (FIP)

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Tuesday 12 November, 2013

Fusion IP PLC

Phasefocus Board Appointment

RNS Number : 7777S
Fusion IP PLC
12 November 2013

12 November 2013



("Fusion" or the "Company")


Phasefocus Strengthens Board with New Chairman and Directors


Fusion IP (AIM: FIP), the university commercialisation company that turns world-class research into business, is pleased to announce that Sheffield-based Phase Focus Ltd ("Phasefocus"), the portfolio company that is revolutionising microscopy and imaging with its lens-free Phasefocus Virtual Lens® technology, has announced the following changes to its board of directors.


Paul Atherton, a successful serial technology entrepreneur, has been appointed Chairman of the Board. Paul co-founded Queensgate Instruments and was its Managing Director from 1988 until its sale for more than £200 million in March 2000. Paul is also Chairman of Infinitesima, NanoVentures and Nexeon, and was Chairman of C2V and Midaz Lasers until their respective acquisitions by Thermo-Fisher in 2009 and Coherent in 2012. Paul is a board member of Imperial Innovations Group plc and was involved in its £200 million AIM flotation. He earned a PhD in Physics from Imperial College and an MBA from the London Business School (of which he was a Governor for six years) and has extensive expertise in photonics, electronics, mechanics and nanotechnology.


Paul said: "I am delighted to be taking on this role. Phasefocus has already made some excellent progress and I am very much looking forward to working with the team to build on these achievements."


Charles Holroyd has also been appointed as non-executive director. For the last three years Charles has been Group Business Development Director of Oxford Instruments plc, a £350 million-turnover, London Stock Exchange-listed manufacturer of high-technology instrumentation, with responsibility for (among other things) acquisitions, divestments and joint ventures. Previously, Charles was Managing Director of the Oxford Instruments Analytical business unit, as well as being responsible for Oxford Instruments' commercial activities and brand development in Brazil, Russia, India and China.


Martin Humphry has been appointed director and Chief Technology Officer. An inventor on a number of Phasefocus' patent applications, Martin has assumed successively higher levels of responsibility since he joined the Company in 2009, including oversight of all of its product development and R&D activities.


After five years of service with the Company, Neil Loxley will be resigning as non-executive director effective November 30 2013, due to his recent appointment as CEO of Ibex Innovations, a developer of advanced X-ray detectors.


David Baynes, CEO of Fusion IP plc and Phasefocus' outgoing Chairman, will remain a non-executive director. Commenting on the appointments, David said: "I am delighted to welcome Paul, Charles and Martin to the board. Together, these new directors will bring a wealth of technical, marketing, operational and strategic experience to our board, which will be most welcome and valuable at this important juncture in the history of Phasefocus."


Ian Pykett, CEO of Phasefocus, said: "Paul and Charles bring tremendous experience in highly relevant markets, and in growing and realising value from venture capital-backed high-technology businesses. That we have been successful in attracting their world-class skills and experience is testament not only to the success that we have achieved to date, but also to the vision that they share with us of a potentially very bright future for Phasefocus.


"I am equally pleased that we will continue to benefit not only from Martin's considerable technical knowledge, but also from the strategic insights and business development instincts that he brings to the board."





For further information please contact:


Fusion IP

David Baynes, CEO

+44 (0) 114 275 5555


Cenkos Securities plc

Elizabeth Bowman, Bobbie Hilliam (Corporate Finance)

+44 (0) 20 7397 8900

Julian Morse (Sales)


Media enquiries

Allerton Communications

+44 (0) 20 3137 2500

Peter Curtain


About Fusion IP

Fusion IP plc (Fusion) was established in 2002 to commercialise university-generated intellectual property. It has long-term exclusive agreements with two of the UK's leading research-intensive universities, the University of Sheffield and Cardiff University, giving it exclusive access to all the IP generated by their research departments. These exclusive agreements enable Fusion to identify world class IP and turn it into a commercial opportunity, either through the creation of a start-up company or a licence.


Fusion IP currently owns shareholdings in over 20 portfolio companies, including significant shareholdings in Seren, Magnomatics, Phasefocus, MedaPhor, Asalus and Diurnal.


In 2012 Fusion IP announced its first major exit, when it sold its portfolio company Simcyp, a research-based business providing a modelling and simulation platform for predicting the fate of drugs in virtual populations, to US based Certara LP for $32 million, a 200 fold return on its original investment.


In March 2013 Fusion raised £20m through a placing to existing and new institutional shareholders and also announced that it had signed agreements with two additional universities - the University of Nottingham and Swansea University.



About Phasefocus

Phasefocus is a venture capital-backed spin-out company from the University of Sheffield founded in 2006. Its principal equity investors are Ombu Group and Fusion IP plc. In February 2013 the Company announced that it had entered into a Licencing Agreement with Gatan Inc., the world's leading manufacturer of instrumentation and software used to enhance and extend the operation and performance of electron microscopes. A prototype "add-on" product for existing electron microscopes has already demonstrated an improvement in resolution of a factor of five over that available using the host instrument's conventional electron optics. Its products also include an optical microscope used for label-free time-lapse imaging of biological cells, and an Ophthalmic Lens Profiler that can measure soft contact lenses with unprecedented levels of resolution and accuracy.

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