Completes investment in Oxford University spin out
18 September 2012
IP Group plc - Completes investment in Oxford University spin out, Oxehealth Ltd
IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the Group"), the developer of intellectual property based businesses, is pleased to announce that Oxehealth Ltd, an innovative medical software company, has been spun-out from Oxford University's Institute of Biomedical Engineering (IBME).
IP Group plc has committed to invest up to £500,000 into Oxehealth, subject to certain milestones being met. This is the second IBME spin-out that IP Group has funded since acquiring its stake in Technikos LLP in January 2011.
The company's initial focus will be to commercialise a novel technology that will enable a webcam to monitor the vital signs (heart rate, respiratory rate and oxygen saturation) of patients in artificial light, without the need for any additional hardware. The technology has been generated by Oxehealth's academic founder, Professor Lionel Tarassenko.
The research leading to the spin-out originated from Oxford's Centre of Excellence in Personalised Healthcare, which is one of four Centres of Excellence in medical engineering in the UK, and is jointly funded by the Wellcome Trust and the Engineering and Physical Sciences Research Council. Research funding contribution was also made by the Oxford University Hospitals NHS Trust through its NIHR Oxford Biomedical Research Centre funding. Specifically, Oxehealth will deliver a range of software products based on intelligent algorithms and the convergence between digital cameras, personal computers and mobile phones.
Professor Tarassenko, Director of the IBME, said: "Our research has transformed the ubiquitous webcam into a non-contact sensor for monitoring the most important vital signs. Our close collaboration with biomedical scientists in the University and clinicians in the NHS Trust has enabled rapid translation from the lab to the ward. We believe that our webcam software offers a step change in the way that the health of individuals can be assessed in the home or the hospital. "
Alan Aubrey, Chief Executive Officer of IP Group said: "Digital health is an exciting and growing area and IP Group is pleased to support Oxehealth as it seeks to develop new products that could transform healthcare and patient monitoring."
Tom Hockaday, MD of Isis Innovation, which managed the spin-out process on behalf of the University said, "Oxehealth's product has the potential to make major healthcare improvements by reducing the number of times patients need to visit the doctor, and allowing doctors to adjust treatments quickly in response to real-time monitoring."
Oxford University Hospitals NHS Trust Chief Executive, Sir Jonathan Michael said: "We are delighted that Oxehealth is the first spin-out directly linked with the Trust. The study in our Kidney Unit was essential to demonstrate that the technology works in a clinical environment, for the benefit of patients. Oxehealth is another example of the many innovative opportunities which the partnership between the Trust and the University is making possible."
Ends
For more information, please contact:
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IP Group plc |
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Alan Aubrey, Chief Executive Officer |
+44 (0) 20 7444 0050 |
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Liz Vaughan-Adams, Communications |
+44 (0) 20 7444 0062 / +44 (0) 7979 853 802 liz.vadams@ipgroupplc.com |
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FTI Consulting |
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Ben Atwell, John Dineen |
+44 (0) 20 7831 3113 |
Notes for editors
About IP Group plc
IP Group is a leading UK intellectual property ("IP") commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.
The Company's portfolio comprises holdings in over 60 companies including Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.
The portfolio includes early stage to mature businesses and has exposure to five main sectors - Energy & Renewables, Medical Equipment & Supplies, Pharma & Biotech, IT & Communications and Chemicals & Materials. To date, fourteen of the portfolio companies IP Group has backed have listed on the AIM market of the London Stock Exchange and one on PLUS Markets.
Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006. The Group now has long-term partnerships with twelve core universities including those under its commercialisation agreement with Fusion IP plc.
For more information, please visit our website at www.ipgroupplc.com.
About Technikos LLP
Technikos is a London based venture capital fund specialising in medical technology. In 2006, Technikos entered into a formal, long-term commercial partnership with Oxford University's Institute of Biomedical Engineering (IBME). Under the terms of this agreement, Technikos receives half the University's equity in any biomedical spin-out from the IBME, along with half the University's share of any IBME-derived royalties from licensing income also.
About the University of Oxford's Institute of Biomedical Engineering
The Institute of Biomedical Engineering (IBME) is a research institute of the Department of Engineering Science, which is located on the University's medical campus in Headington.
Opened in April 2008, the IBME offers a world-class venue for engineers and clinicians to work together on addressing unmet needs in the prevention, early diagnosis and treatment of major diseases. The Institute's core mission is to develop novel medical devices, technology and systems capable of delivering substantial healthcare benefit.
About Professor Lionel Tarassenko
Professor Tarassenko is the author of 140 refereed publications, 150 conference papers, 3 books and 24 patents. He was a founder director of Third Phase (now sold to Cmed) in December 1999, of Oxford BioSignals Ltd in May 2000 and of e-San Ltd (then t+ Medical) in February 2002. He is a member of EPSRC's Digital Economy Ethics Advisory Panel and of the Electrical and Electronic Engineering Sub-Panel for the forthcoming Research Excellence Framework (REF) assessment, and he is the Chair of the Royal Academy of Engineering's Biomedical Engineering Panel. He is the Bioengineering theme leader for the joint NHS/University of Oxford Biomedical Research Centre, the Director of the Oxford Institute of Biomedical Engineering since April 2008, and the Director of the Centre of Excellence in Medical Engineering jointly funded by the Wellcome Trust and EPSRC since October 2009.
About Isis Innovation
Isis Innovation is the research and technology commercialisation company of the University of Oxford. The Technology Transfer and Oxford University Consulting divisions provide access to technological developments and expertise from University of Oxford researchers, through intellectual property licensing, spin-out company formation, material sales and consulting.
Isis is the highest University patent filer in the UK, has attracted investment into over 65 spin-out companies since 2000, and in the last financial year provided expertise to over 150 clients in 22 countries. Through the Isis Enterprise division, Isis offers innovation management to university, government and industrial clients around the world. For updates on innovations from Oxford, follow Isis on LinkedIn and Twitter or subscribe at www.isis-innovation.com
About the Wellcome Trust
The Wellcome Trust is a global charitable foundation dedicated to achieving extraordinary improvements in human and animal health. It supports the brightest minds in biomedical research and the medical humanities. The Trust's breadth of support includes public engagement, education and the application of research to improve health. It is independent of both political and commercial interests.
About the EPSRC
The Engineering and Physical Sciences research Council (EPSRC) is the UK's main agency for funding research in engineering and physical sciences. EPSRC invests around £800m a year in research and postgraduate training, to help the nation handle the next generation of technological change.
The areas covered range from information technology to structural engineering, and mathematics to materials science. This research forms the basis for future economic development in the UK and improvements for everyone's health, lifestyle and culture. EPSRC works alongside other Research Councils with responsibility for other areas of research. The Research Councils work collectively on issues of common concern via research Councils UK.
ENDS
This information is provided by RNS
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