14 November 2006
New Oxford University spin-out company to improve road safety
The 64th spin-out company from the University of Oxford, OxTox Ltd, will produce drug-testing kits for the police to use on drivers that are as reliable and easy to use as breathalysers for alcohol.
OxTox Ltd will turn recent discoveries from the Chemistry Department in Oxford University into a working handheld testing device that will clearly indicate if a person is under the influence of illegal drugs.
Drugs such as cannabis and amphetamines impair driver reaction times and judgement. They are implicated in many fatal road traffic accidents, so there is a desperate need for a device that is as easy to use and reliable as an alcohol breathalyser. The OxTox DrugsensingTM approach will provide such a test.
OxTox Ltd will build upon breakthrough electrochemical sensor technology developed in the research group of Professor Richard Compton in Oxford’s Physical and Theoretical Chemistry Laboratory.
Professor Compton and Dr Craig Banks have designed and built a smart sensor that, when combined with electricity and a sample of saliva, produces a signal only when the exact target drug is present.
OxTox Ltd was spun out through Isis Innovation, the University of Oxford’s wholly owned technology transfer company. The company raised first round investment of £600,000.
The company has an experienced management team. John Parselle, the Chief Executive Officer of OxTox, is a successful entrepreneur who has previously built and sold three multi-million dollar companies. He said: ‘Driving under the influence of drugs (DUID), especially cannabis, is a major cause of fatal accidents not only in the UK but all over the world. Oxtox’s groundbreaking DrugsensingTM technology will provide a very rapid and accurate on-the-spot result that will be easy to administer both for the police and the person taking the test. We are not trying to detect if someone has used drugs within the last couple of days, only if they are actually under the influence at that time, in order to improve safety when driving or for instance when operating potentially dangerous industrial machinery.’
Professor Richard Compton said: ‘We are delighted and proud to join a fine tradition of successful analytical chemistry based spin-outs emerging from Oxford University.’
Previous spin-out companies based on analytical chemistry have included Oxford Biosensors Ltd and Oxford Medical Diagnostics Ltd.
IP Group Plc led the investment round of £600,000 with additional investment from Oxford Technology 4 Venture Capital Trust and a local business angel. Isis Innovation and IP Group worked in close partnership to prepare OxTox Ltd for investment. Alan Aubrey, IP Group’s Chief Executive, said: ‘We are very pleased to have completed this investment in Oxtox which we believe has very exciting technology addressing a pressing need and is supported by an experienced entrepreneurial team. This is an extremely exciting opportunity for us with a very high quality academic team. It is our third spin-out company from Oxford University's Chemistry Department in the last 12 months.’
Matthew Frohn of Oxford Technology Management commented: ‘We are very pleased to be investors in OxTox Ltd. The drug testing market is large and growing – particularly laboratory based analysis. However, despite attempts, a rapid, reliable and simple roadside test for drugs of abuse remains a significant unmet need.’
Tom Hockaday, the Managing Director of Isis Innovation, said: ‘Isis has worked with Professor Compton for a number of years to protect the intellectual property created in his research group, and to explore routes to market. We are delighted to see that the market interest in this technology has led to the formation of OxTox Ltd, and we look forward to seeing this technology deliver real benefits for road safety.’
For further information please contact:
OxTox Ltd: John Parselle, Chief Executive Officer, 01825 890991
IP Group: Alan Aubrey, Chief Executive Officer, 020 7489 5200
Oxford Technology 4 Venture Capital Trust: Matthew Frohn, Director, 01865 784466
Oxford University: Ruth Collier, Press Officer, 01865 280532
Isis Innovation: Terry Pollard, Project Manager, 01865 280907
Notes for Editors
IP Group is an intellectual property (IP) company that specialises in commercialising university technology. The Company was founded in 2001, listed on the AIM Market in October 2003 and moved to the Official List of the London Stock Exchange plc in June 2006. IP Group’s first partnership was with the University of Oxford. In return for an investment of £20 million, IP Group has acquired 50 per cent of the University of Oxford’s equity in spin-out companies and technology licences based on intellectual property created at the Chemistry Department until 2015. In November 2003, IP Group 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. See www.ipgroupplc.com Isis Innovation, the University’s wholly-owned technology transfer company, is one of the most successful university technology transfer companies in the UK. The combined market value of the University’s spin-outs is around £1.5 billion, using quoted market capitalisations and investor valuations for unquoted companies. Over the last six years the University has realised £45 million selling shares in spin-outs. On average Isis files one new patent per week and spins out a new company every couple of months. See www.isis-innovation.com Isis Innovation, the University of Oxford’s wholly owned technology transfer company, filed patents to protect the intellectual property rights around this technology, and worked with the academic founders to produce the initial business plan. This plan reached the final of the 2006 Oxford Business Plan Competition. Isis Innovation has now signed an agreement exclusively licensing the patented technology to OxTox Ltd. Oxford Technology Management (OTM) has managed or advised a series of nine funds that invest in start-up and early stage technology, science and engineering ventures. The most recent fund, the £10m Oxford Technology 4 Venture Capital Trust was launched in 2004 and has invested in 28 companies, the most recent of which is OxTox Ltd. OTM is managed by a team of three investment managers, all with science and engineering backgrounds, and with a track record of commercialising innovative technologies. For further information on OTM and its investee companies, contact Dr Matthew Frohn (01865 784466). See www.oxfordtechnology.com
New Oxford spin-out to transform surfaces
The latest spin-out company from the University of Oxford, Oxford Advanced Surfaces Ltd, plans to apply breakthrough surface science to develop bespoke materials that deliver competitive advantage to their customers.
Oxford Advanced Surfaces, the 62nd company to spin out from Oxford, will exploit coatings technology developed by the founders Dr. Mark Moloney and Dr. Jon-Paul Griffiths in the Chemistry Department.
Drs Moloney and Griffiths have developed coatings that exploit a reactive type of molecule, controlling the reactivity so it can be conveniently and safely applied while using it to modify normally inert surfaces such as plastics and even Teflon and diamond. The coatings are applied in a simple two-step process that is designed to fit into routine manufacturing – first the coating is rolled, dipped, painted or sprayed onto the surface and then it is cured by heat or UV. This gives a permanently attached coating that cannot be rubbed or washed off.
Oxford Advanced Surfaces’ coatings are only a few molecules thick yet they produce dramatic changes in the surface properties of the material. The platform technology is versatile and can be used to give new properties to a broad range of materials. One application area where the technology is generating keen interest is adhesion. The coatings can help stick metals to plastic films in production of printed circuit boards for mobile phones. They also produce a strong bond between layers of different plastics, something that is important but difficult to achieve for manufacturers of high quality display screens and packaging. The coatings can give antibacterial properties, which has applications for water and air filters and to keep surfaces, fabrics and equipment in hospitals free from infection.
Isis Innovation, the University’s wholly-owned technology transfer arm, holds granted patents and patent applications on the intellectual property rights to the technology and has licensed them to the Company.
The company has an experienced management team. Marcelo Bravo, the Chief Executive Officer of Oxford Advanced Surfaces, is a successful entrepreneur with a background in chemistry and chemical engineering and international experience in major consumer products companies. He will join the company full-time and said ‘The beauty of our technology is not only its effectiveness and versatility but also its simplicity of implementation. We are looking forward to working with customers in a range of industries to deliver innovative solutions to their problems or new competitively advantaged opportunities’.
Jeremy Scudamore also joins the company as non-executive Chairman. Jeremy was previously CEO of Avecia Group, a leading Speciality and Fine chemicals company, and has held senior management positions both in the UK and overseas with Zeneca and ICI as well as board positions with the Chemical Industries Association and England's North West Science Council.
The investment round of £545,000 was led by IP Group plc with additional investment from the management team. Isis Innovation and IP Group worked in close partnership to prepare Oxford Advanced Surfaces for investment. Alan Aubrey, IP Group’s Chief Executive, said: ‘We are very pleased to have completed this investment in Oxford Advanced Surfaces which we believe has very exciting technology addressing a large market and is supported by a strong management team’.
Tom Hockaday, the Managing Director of Isis Innovation, said ‘Isis has worked with the researchers over a number of years to protect this exciting technology as it developed and to explore the routes to market. We are delighted to see the strong commercial interest in the technology and look forward to the success of Oxford Advanced Surfaces’.
Oxford Advanced Surfaces was advised by Mills & Reeve, whose team was led by corporate associate Zickie Lim, and included IP solicitor Sarah Cole, and Isabel Pooley who advised on tax matters.
For further information please contact:
Oxford Advanced Surfaces: Marcelo Bravo, CEO, 0773 405 6587 marcelo.bravo@oxfordsurfaces.com
IP Group: Alan Aubrey, Chief Executive Officer, 020 7489 5200
Oxford University: Ruth Collier, Press Officer, 01865 280532
Isis Innovation: Mairi Gibbs, Project Manager, 01865 280852
Notes for Editors
- IP Group is an intellectual property (IP) company that specialises in commercialising university technology. The Company was founded in 2001, listed on the AIM Market in October 2003 and moved to the Official List of the London Stock Exchange plc in June 2006. IP Group’s first partnership was with the University of Oxford. In return for an investment of £20 million, IP Group has acquired 50 per cent of the University of Oxford’s equity in spin-out companies and technology licences based on intellectual property created at the Chemistry Department until 2015. In November 2003, IP Group 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. See www.ipgroupplc.com.
- Isis Innovation, the University’s wholly-owned technology transfer company, is one of the most successful university technology transfer companies in the UK. The combined market value of the University’s spin-outs is around £1.5 billion, using quoted market capitalisations and investor valuations for unquoted companies. Over the last six years the University has realised £45 million selling shares in spin-outs. On average Isis files one new patent per week and spins out a new company every couple of months. See www.isis-innovation.com
- Mills & Reeve is a national law firm with 80 partners and a total staff of over 670, operating from offices in Birmingham, Cambridge, London and Norwich. Mills & Reeve is listed in The Sunday Times Top 100 Best Companies to work for and has also been recognised as one of the country's top employers by the Corporate Research Foundation. The specialist corporate finance team acts for all types of commercial clients including small to medium sized enterprises, PLCs, entrpreneurs, banks, venture capitalists, angel funders and public institutions. They are experienced in acting on innovative and complex transactions in the UK and globally