Proximagen First Day Dealings

IP2IPO Group PLC
31 March 2005



For immediate release                         31 March 2005


                                IP2IPO GROUP PLC

                 PROXIMAGEN NEUROSCIENCE PLC SUCCESSFUL PLACING
                              AND ADMISSION TO AIM

IP2IPO Group plc (AIM: IPO), the intellectual property company that
commercialises university technology, is pleased to note that today is the first
day of trading on AIM of shares in Proximagen Neuroscience plc ('Proximagen'), a
spin-out company from King's College London focused on neurodegenerative
disease.

Proximagen raised £13.5 million (before expenses) at a placing price of 148p per
share (the 'Placing Price') and its capitalisation at the placing price  was
£29.7 million.

Following the placing IP2IPO owns 4,704,000 shares in Proximagen (worth £7.0
million at the placing price), representing 23.5% of Proximagen's enlarged share
capital.

The press release issued today by Proximagen follows:

For immediate release                                              31 March 2005


                          PROXIMAGEN NEUROSCIENCE PLC
                        ('Proximagen' or 'the Company')

                   FIRST DAY OF DEALINGS ON THE AIM MARKET OF
                           THE LONDON STOCK EXCHANGE

Proximagen Neuroscience plc (AIM: PRX), the drug discovery and development
company focused on neurodegenerative disease, is pleased to announce its
flotation on the AIM market of the London Stock Exchange today.

Background

•        Proximagen was founded in November 2003 by Professor Peter Jenner and
King's College London, leveraging more than 25 years of innovative
neurodegenerative research

•        Proximagen has a pipeline with four compounds in development

•        £13.5 million (£12.6 million net of expenses) has been raised for
Proximagen via a placing at 148 pence per share

•        £1.0 million (before expenses) was raised for King's College.  King's
College will hold 11% of the enlarged share capital of Proximagen

•        On admission the market capitalisation of Proximagen at the placing
price will be £29.7 million

•        The proceeds of the placing will be used to finance the Company's drug
development programmes in Parkinson's disease and Alzheimer's disease

•        KBC Peel Hunt Ltd is the Company's nominated adviser and broker


Commenting on the flotation, Kenneth Mulvany, Proximagen's Chief Executive
Officer, said: 'I am delighted by the response to Proximagen's flotation.
Commencing life as a public company is extremely exciting for us and we look
forward to progressing our drug development programmes in Parkinson's disease
and Alzheimer's disease and to generating value for our shareholders.'

For further information please contact:

Proximagen Neuroscience plc
Kenneth Mulvany, Chief Executive Officer                    020 7848 6011

IP2IPO Group plc
David Norwood, Chief Executive Officer                      020 7067 1651

KBC Peel Hunt Ltd
Capel Irwin                                                 020 7418 8900

Buchanan Communications
Tim Anderson/Mark Court/Mary-Jane Johnson                   020 7466 5000


Notes for editors

About Proximagen

Background to the therapeutic area:

The Group's business is drug discovery and development and is primarily focused
on the identification and subsequent out-licensing of novel therapeutics which
improve the quality of life of patients suffering from neurodegenerative
diseases such as Parkinson's disease and Alzheimer's disease.

Parkinson's disease and Alzheimer's disease are the two most common
neurodegenerative diseases.  In 2002 Alzheimer's disease was the sixth most
frequent cause of death for those above the age of 65 in the US.  Current
treatments for Alzheimer's only offer symptomatic relief and mainly only for the
early stages of the disease.

The incidence of Parkinson's disease is 300,000 new patients annually worldwide.
There is currently no cure for Parkinson's disease and no treatment has been
shown to slow or stop the progression of the disease.

The business opportunity:

The Directors believe that the neurodegenerative drugs market, as a result of
its size and existing therapeutic needs, represents a significant opportunity
for the Group. Global annual sales of current pharmaceutical products for
Alzheimer's disease and Parkinson's disease are alone estimated to be in excess
of US$4 billion.

The life expectancy of the general population is increasing such that the
proportion of the world population aged over 60 is forecast by the World Health
Organisation to double between 2000 and 2050. This suggests that the number of
individuals suffering from age-related neurodegenerative diseases, such as
Parkinson's disease and Alzheimer's disease, will also increase.

Proximagen seeks to commercialise a pipeline of compounds to address the medical
needs of patients with neurodegenerative disease. This will be accomplished
through the Group's internal research programmes and in-licence programmes that
will be carefully selected from the wider range of research projects available
to the Group.

The business:

Proximagen Limited was founded by Professor Peter Jenner in conjunction with
King's College in November 2003 to draw upon over 25 years of pre-eminent
neurodegenerative research. The Group's primary objective is to develop and
commercialise a pipeline of compounds to address the medical needs of patients
with neurodegenerative disease.

The Group has already made significant progress towards implementing this
business model by commencing three proprietary programmes in the field of
neurodegenerative disease. The Group will seek to out-license its own internal
research and development programmes as well as commercialise carefully selected
in-licensed and collaborative programmes.

Business model:

The Group's business model is based upon the following key principles:

Core expertise in neurodegenerative disease:

The Group's scientific team consists of recognised leaders in neuroscience and
related drug development, medicinal chemistry and clinical expertise. Members of
the team have demonstrated their ability to commercialise their R&D through the
launch of a number of new drugs on to the market. The Directors believe that
this expertise will significantly enhance the success of the Group's drug
development programme and ultimately make registration of the Group's drug
candidates more likely.

Focus on development:

The Group's business model is focused on pre-clinical development and early
clinical trials of novel drug candidates in the field of neurodegenerative
disease. The Group's aim is to develop a risk-weighted portfolio of development
programmes which the Directors believe will generate drug candidates, the IPR to
which can be out-licensed at an early stage up to and including Phase II (proof
of concept) rather than the Group committing significant capital resources to
take such drug candidates to late-stage clinical trials.

Diversified risk business model:

The Group intends to minimise the risk inherent in drug discovery by building
its pipeline of compounds in three different ways: 1) in-house R&D, 2)
in-licensing and 3) through collaborations with academic institutions,
biotechnology and pharmaceutical companies.

Proximagen Board of Directors:
Bruce Campbell, Non-Executive Chairman & Director of Drug Development
Kenneth Mulvany, Chief Executive Officer
Professor Peter Jenner, Non-Executive and Chief Scientific Officer
Nigel Whittle, Non-Executive Director and Programme Development Consultant
George Murlewski, Non-Executive Director

About IP2IPO

IP2IPO is an intellectual property (IP) company that specialises in
commercialising university technology. The Company was founded in 2001 and
listed on AIM in October 2003. IP2IPO's first partnership 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 November 2003, IP2IPO created a £5 million seed
capital fund for investing in spin-out companies across the University of
Oxford, not just those originating within the Chemistry Department.

In March 2002, IP2IPO 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 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 entered into its third long-term partnership in May 2003 with King's
College London. IP2IPO will work with King's College London to help identify and
progress commercialisation opportunities as well as invest £5 million in seed
capital in spin-out companies from King's College London over a five year period
in return for equity stakes in those companies. In addition, IP2IPO 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 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.

In June 2004, IP2IPO acquired Top Technology Ventures Limited, an investment
adviser to early stage technology funds. This combines IP2IPO's expertise in the
creation of new ventures based on world leading university IP with Top
Technology's focus on making early stage venture capital investments.

In January 2005, IP2IPO acquired Techtran, a company set up in 2002 to
commercialise university intellectual property under a long-term technology
commercialisation contract with the University of Leeds. Under the terms of the
contract Techtran receives a significant (30%) interest in spin-out companies
created and technology licences negotiated, in return for the provision of
technology transfer services to the University.


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