Information  X 
Enter a valid email address

XL TechGroup, Inc. (XLT)

  Print   

Thursday 28 December, 2006

XL TechGroup, Inc.

Launch of QuoNova

XL TechGroup, Inc.
28 December 2006


Press Release                                                   28 December 2006


                               XL TechGroup, Inc.
                       ('XL TechGroup' or 'the Company')

               XL TechGroup creates its fifth company, QuoNova


XL TechGroup, Inc. (AIM: XLT), the systematic architect and builder of an
ongoing stream of high value new companies, is pleased to announce the creation
of QuoNova LLC, the fifth company to reach the development stage of XL
TechGroup's proven methodology for value creation.  QuoNova follows AgCert
International plc, which was created by XL TechGroup in May 2002 and listed on
the London Stock Exchange in June 2005, TyraTech LLC which was created in July
2004, DxTech LLC which was created in July 2005, and PetroAlgae LLC which was
created in September 2006.

QuoNova is commercialising a novel Quorum Sensing Blocker ('QSB') technology
which affects signalling between bacteria and has permitted the identification
of substances which influence bacterial growth and colonisation (biofilm).  This
breakthrough technology offers approaches to bacterial control which will avoid
resistance development and toxicity, and in addition opens completely new
application avenues in a broad range of high value markets.  The breadth of the
technology base puts QuoNova in a leading position to achieve a breakthrough in
addressing an ever increasing need and multi billion dollar markets for safer,
efficacious agents in the global fight against infection and the damage caused
by bacterial biofilms.

QuoNova's business plan addresses multiple markets, such as treatments for lung
infections, medical device coatings, oral and optical care products, domestic or
industrial cleaners, anti-fouling paints, agrochemicals and large scale
industrial applications in the water and petroleum industries.  Proof of concept
for the technology has already been established, and commercialisation is
envisaged within two years for the most advanced applications.  Discussions with
a number of potential development partners and end users are already well
advanced.

QuoNova has acquired its intellectual property relating to proprietary QSB
compounds from 4SC AG, a drug discovery and development company based in
Germany.  In addition to this broad patent and patent application portfolio,
QuoNova has obtained an exclusive license from 4SC to software and related
intellectual property useful for the creation and development of additional
compounds in the field of quorum sensing or biofilm inhibitors and activators.
In return, 4SC has received a 10% equity interest in QuoNova and will receive
payments totalling US$2 million and research funding spread over a four year
period.  The research funding relates to agreements for 4SC to provide
additional research and development activities on behalf of QuoNova directed
towards compound optimization and support.

John Scott, Chief Executive Officer of XL TechGroup, said:  'The global human
and economic costs of infection and biofilm damage are enormous, and we are very
excited about the treatments that the QuoNova technology has the potential to
provide.  QuoNova is the second company that we have started in 2006 and the
fifth overall within the last five years that has come out of our systematic
approach to creating truly disruptive technology businesses.'


                                    - Ends -


For further information:

XL TechGroup Inc.
John Scott / Harold Gubnitsky                               Tel: +1 321 409 7403
[email protected]                                          www.xltechgroup.com
Chris Munden, Director of Investor Relations           Tel: +44 (0) 20 7398 7720
[email protected]

For media enquiries:

Abchurch Communications
Heather Salmond / Gareth Mead                          Tel: +44 (0) 20 7398 7700
[email protected]                            www.abchurch-group.com



NOTES TO EDITORS

About XL TechGroup

XL TechGroup is in the business of significant value creation.  Working with
major international corporate and technology partners such as AES, Procter &
Gamble and leading universities, XL TechGroup first identifies global unmet
market needs and then targets and exploits these by the systematic creation of
successful, disruptive technology businesses.  These are built from scratch, and
are then funded and developed by XL TechGroup through to the point of a trade
sale or a stock market listing.

XL TechGroup's unique and proven methodology selects the best opportunities in
order to create one-to-two new companies annually, where each company is
expected to achieve a valuation of at least US$400 million within four years
from its creation.  While an XL TechGroup company might perform a stock market
listing at an earlier point in this four year timeframe, XL TechGroup would
retain its controlling interest and would continue to assist with the company's
development.

XL TechGroup's companies to date are: AgCert International plc (www.agcert.com),
TyraTech LLC (www.tyratech.com), DxTech LLC (www.dxtech.com) and PetroAlgae LLC.

XL TechGroup has also established GenXL LLC as a joint venture to capture the
value of those prospects that do not quite meet the US$400 million, four year
criteria but still demonstrate considerable potential worth.  Over and above XL
TechGroup's core business model, GenXL will review a significant flow of
opportunities from both XL TechGroup and GEN3 in order to generate new
companies, standalone product lines and technology licensing opportunities or an
appropriate mix of these.

For further information, see www.xltechgroup.com

About 4SC

4SC AG has been listed in the Prime Standard of Frankfurt Stock Exchange since
15 December 2005.  Founded in 1997 and now with a staff of 59, the company
develops novel drug candidates for inflammatory diseases and cancer using a
cheminformatics based technology platform.  Traditional high throughput
screening of therapeutic agents has been transferred from the lab to the
computer.  Thus, the company offers substantial cost and time advantages as well
as increased success rates in drug development.  4SC AG uses its patented
technology platform to create a sustainable product pipeline for active agents
that are developed in early clinical phases ('proof of concept') and
subsequently result in upfront and milestone payments as well as participation
in sales generated by out-licensed products to the pharmaceutical industry.
There are currently five projects in the pipeline.  The first project on the
treatment of rheumatoid arthritis is currently undergoing clinical phase IIa.
Three other product candidates are in pre-clinical development and another
project is in the research stage.  Furthermore, the company has its technology
platform in co-operation projects with biotech and pharma companies and is
already generating initial revenues.


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

a d v e r t i s e m e n t