The University of Aberdeen today welcomed the announcement of a unique collaboration involving institutions from the North East of Scotland.
Sigma Capital Group PLC today announced a £1.3 million investment in B1 Medical Limited (“B1 Medical”). Sigma has been working closely with the three founding institutions: the University of Aberdeen, the Robert Gordon University, and NHS Grampian, represented by Scottish Health Innovations Ltd, (“the Institutions”) since the creation of B1 Medical which will focus on the commercialisation of technology in the field of medical devices for orthopaedics.
On completion of this investment all the Institutions exclusively licensed an initial set of eight patents to B1 Medical. These first licences cover products ranging from joint replacement devices to systems to speed up operations and promote faster recovery, as well as software to aid in the prediction of those who will develop osteoarthritis, osteoporosis and fractures.
Professor Stephen Logan, Senior Vice-Principal, University of Aberdeen, is delighted with today’s announcement and said: “The University of Aberdeen is recognised for its high quality research and is continuing to demonstrate the translation of such research into new spin-out companies.
“B1 Medical represents an exciting and unique model of commercialisation where the Institutions have recognised the value of working together to bundle intellectual property to create this new spin-out.
“The University of Aberdeen has an extremely close working relationship with NHS Grampian and the Robert Gordon University which facilitated B1 Medical.”
As part of this deal B1 Medical has also obtained an exclusive ten-year first option over all future medical devices for orthopaedics developed by the Institutions.
B1 Medical’s unique relationship with the Institutions means that it has access to a pool of first class scientists and clinicians who will both generate new intellectual property and assist with research and development of the existing projects.
Graham Barnet, Joint Managing Director of Sigma, said: “We were delighted to be involved in enabling this unique collaboration between three leading institutions. Sigma believes that there is a significant opportunity to enhance and accelerate the commercialisation of intellectual property emerging from universities and other institutions such as the NHS. We are committed to a range of initiatives in this field, of which B1 Medical is an excellent example.”
This initial funding round will be used to begin commercialisation of the current portfolio of projects. It is anticipated that further funding rounds will be undertaken during the next 12-18 months and an IPO is currently under consideration for 2007.
John Pool, Chairman of B1 Medical, said: “B1 Medical is a unique vehicle that is well positioned to rapidly bring to market innovative products in the field of medical devices for orthopaedics. Our initial portfolio of products is very strong and I look forward with great interest to further technologies emerging from the founding institutions.”
Professor Jim Penman, Vice Principal, Robert Gordon University, said: “The University’s research strategy is very much focused on working in partnership to find solutions to real problems. B1 Medical fits in very well with this ethos in that it will build on the expertise of RGU and its partners to generate ideas, provide access to excellent applied research and bring new products to market.”
Dr Liz Rattray, Deputy Director, Research & Innovation, University of Aberdeen, added: “This collaborative initiative offers enormous potential for us to contribute in a major way to helping safely introduce new technological developments in the field of medical devices for orthopaedics emerging from the Institutions.
“Translational research is an area of particular strength for the University of Aberdeen due to our wide range of internationally recognised health research. We look forward to using our excellent resources in clinical medicine and scientific research to play a major role in this new partnership.”