TAMPA, Fla.--(BUSINESS WIRE)-- Innovaro (NYSE Amex: INV), a comprehensive innovation solutions company, is pleased to announce that it has facilitated the completion of a licensing transaction between Trojan Technologies USA, a company recently formed by Verdant Ventures Advisors II, LLC (Verdant Ventures), and Trojantec Ltd (heretofore “Trojantec”), a London and Cyprus based biopharmaceutical company.
Pursuant to the terms of the license agreement, Trojantec has granted Trojan Technologies USA the exclusive global right to commercialize its Antennapedia protein transduction technology within the field of prevention, diagnosis and/or treatment of infectious diseases in humans. Trojantec was founded with technology developed at Imperial College London, and the company currently licenses this technology for cancer treatment.
Trojan Technologies USA will be managed by its Board of Directors, which shall initially include Agamemnon Epenetos, CEO and Chairman of Trojantec, John Micek, Manager of Verdant Ventures, and Greg Bailey, Managing Partner of Palantir Group. Trojan Technologies USA is set up specifically to advance the application of the technology within the field of human infectious diseases. The Antennapedia protein transduction technology has the unique ability to deliver an active agent into any and all cellular compartments in the body. Trojan Technologies USA will begin preclinical trials in preparation for an investigational new drug application. Trojan Technologies USA will be able to leverage the four years of research and development work that Trojantec’s management has with this technology platform.
According to the World Health Organization (WHO), six infectious diseases - pneumonia, tuberculosis, diarrhoeal diseases, malaria, measles and HIV/AIDS - account for half of all premature deaths worldwide, killing mostly children and young adults. Global sales of vaccines and anti-viral drugs reached $48 billion in 2009 and, according to EvaluatePharma®, are expected to be $70 billion by 2016.
"Our model is to invest in novel world class technology, then proactively add value by de-risking the technology; and subsequently finance the opportunity. Trojantec and its platform represent exactly the type of technology Verdant Ventures seeks. It is a completely unique and innovative approach to treating a variety of unmet clinical needs whether oncology or infectious diseases. We are very excited to be working with Trojantec’s management team,” said John Micek, Manager of Verdant Ventures and Chairman of the Board of Trojan Technologies USA.
“The extensive experience in sourcing and financing new technologies brought to us by the Innovaro and Verdant Venture teams was the perfect fit for our needs. We are focused on oncological products that utilize our technology platform. So this development presents an excellent opportunity for using our robust technology as applied in another pathology," said Agamemnon Epenetos, CEO and Chairman of Trojantec.
Innovaro’s consulting agreement with Trojan Technologies USA provides that in addition to facilitating this transaction, Innovaro will provide analytic services, network searches for complementary technologies and market analysis for furthering the use of the Antennapedia protein transduction technology. As a part of its compensation, Innovaro will receive royalty payments based on the net sales of the licensed product by Trojan Technologies USA.
UTEK Corporation, doing business as Innovaro, is a comprehensive end-to-end innovation solution provider. With fully scalable solutions, whether for a global 1000 company or small R&D lab or university scientist, we help our clients create breakthrough innovation, realize latent value in their IP and accelerate their innovations to market. Leading companies trust us to create profitable growth, new revenue streams, enduring capabilities and lasting value through innovation. For more information about us, please visit our website at www.innovaro.com.
About Verdant Ventures
Verdant Ventures Advisors LLC strives to create investor value based on its unique global access to breakthrough technologies through its relationships with universities, national labs, and companies. It adds value by continuing the development of the acquired science, while formulating and implementing market strategies, which may include out-licensing, selling or incorporating a new dedicated company. Verdant Ventures seeks to reduce the risk of investing in early stage opportunities by utilizing its relationships with companies which specialize in technology-transfers and a cadre of science advisors with industry specific knowledge. Innovaro holds a minority equity stake in Verdant Ventures.
About Trojantec Limited
Trojantec Ltd. is a UK and Cyprus based biopharmaceutical company focused on creating and developing innovative oncology therapeutics. The patent family covering the broad technology owned by Trojantec was originally filed by Imperial College London and has been assigned to the company through Imperial Innovations. Trojantec is one of a few companies in the world developing drugs that not only attack cancer cells, but more importantly destroy cancer stem cells. Through research and development in this novel and exciting field, the company aims to achieve the next order of magnitude of efficacy against cancer. In November 2009, Trojantec was announced as the winner of the prestigious London Technology Fund Competition recognizing its potential as an emerging London-based technology company. For more information about us, please visit our website at www.trojantec.com.
Certain matters discussed in this press release are “forward-looking statements.” These forward-looking statements can generally be identified as such because the context of the statement will include words such as “expects,” “should,” “believes,” “anticipates” or words of similar import. Certain factors could cause actual results to differ materially from those projected in these forward looking statements and these factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release is available at www.innovaro.com.
Terresa Zimmerman, 813-754-4330 x 247
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