10 July 2008

University enterprises set to grow with Biofusion deal

Biofusion plc, the University of Sheffield´s commercialisation company that turns world-class university research into business, has expanded its existing 10 year exclusive agreement with the University of Sheffield.

The new agreement now includes the commercialisation of the University´s non-life science research-generated intellectual property (IP), on top of the existing agreement to commercialise life science IP. The agreement has also raised £2.115m from investors, which will be principally applied to support the commercialisation of Sheffield IP.

This exciting move will allow academics from all disciplines the chance to develop world-class research into thriving enterprise with Biofusion. Through the agreement academics can benefit from access to experienced commercialisation managers, funding, and shares in resulting spin out companies.

Biofusion plc has also announced that it proposes to change its name to Fusion IP plc to more accurately reflect the Group´s enlarged business, which includes over 20 portfolio companies based on a broad spectrum of world-class IP. These include everything from clean technology energy and renewables to engineering and medical technology.

Under the new agreement, the University has the right to appoint a Non-executive Director to the Board of Biofusion plc and has appointed Bob Rabone, Director of Finance and Resources at the University.

David Baynes, Chief Executive Officer of Biofusion, said: "We are pleased to announce the expanded 10 year agreement with the University of Sheffield and the associated fundraising. The expanded and exclusive agreement with the University gives Biofusion access to all of the University´s IP and especially the University´s world-class research in areas such as energy, engineering and electronics.

"Biofusion is a leading university IP commercialisation business and today´s news endorses our current business model and reflects positively on the relationship that we have already built with the University. We are confident that Biofusion will continue to expand its business model across additional universities in the future.

"Biofusion has a portfolio of companies with potentially disruptive IP in some exciting new markets such as knee imaging, wind turbine motors, lensless microscopy and renewable energy. The expanded IP pipeline increases the potential for the development of new blockbuster companies in these growing markets. We look forward to working with our partners and creating value for investors."

Professor Keith Burnett, Vice-Chancellor of the University of Sheffield, said: "We welcome this new agreement with Biofusion. Biofusion has grown out of the University into a muti-million pound Group, which we are extremely proud to be associated with. The commercialisation of all non-life science research-generated intellectual property is a positive step that will allow more of our academics to turn their world-class research into successful enterprises."