 Press ReleasesMay 2007 The Reporter, University of Leeds IP Group - To increase stake in Photopharmica IP Group plc (LSE: IPO) ('IP Group'), the intellectual property commercialisation company, is pleased to announce that it is increasing its stake in Photopharmica Holdings Limited ('Photopharmica' or 'the Company'), a University of Leeds spin-out company. IP Group will pay a total consideration of £5.5 million to be satisfied as to £1 million in cash and £4.5 million by the issue of 3,237,410 new Ordinary Shares of 2 pence ('Ordinary Shares') (fully paid ranking pari passu with the existing Ordinary Shares) in IP Group calculated at an issue price of 139 pence per share (being IP Group's average mid-market Closing Price on the five dealing days prior to the date of this announcement). IP Group is acquiring debt instruments of approximately £5.0m in aggregate as well as shares which will increase its equity stake to 56.6%, having previously been beneficially interested in 4.3% of the Company. Photopharmica was established in 2001 to develop novel photosensitisers as products for medical use. The Company has opened up new applications of topical photodynamic therapy and produced photosensitisers that have improved properties compared with those previously available. Photopharmica's first clinical trial was conducted in 2004 and further Phase II trials are being conducted and planned. Photopharmica's Chief Executive Officer, John Lyon, has a track record in growing commercial life science businesses and, in particular, strong experience in managing the drug development process. Mr Lyon held the position of Global Vice President within a publicly quoted NYSE company and was the Managing Director of their world renowned clinic in Leeds, UK, through which many approved medicines have been developed. Application will be made for the new Ordinary Shares, which are subject to a lock-in for six months following issue, to be admitted to the Official List and to be traded on London Stock Exchange plc's market for listed securities ('Admission'). IP Group will also provide an additional £1.0 million to Photopharmica at completion through additional debt. It is expected that Admission will become effective and that dealings will commence in the 3,237,410 Ordinary Shares on 23 May 2007. Following Admission, the issued share capital of IP Group will be 250,291,965 Ordinary Shares. > menu |
