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IP Group funds Retroscreen
By Elaine Rigoli
Tampa, Fla., Aug. 24 - IP Group plc said it has invested £1 million for 51,133 ordinary shares in Retroscreen Virology Ltd., a spin-out company from Queen Mary, University of London. Following the investment, IP Group will have a 25% stake in Retroscreen.
Retroscreen's turnover for the year ended July 31, 2005 was £1.1 million and profits after taxes were £0.1 million. Unaudited turnover and profits after taxes for the year were £2.4 million and £0.5 million, respectively.
The investment by IP Group in Retroscreen represents the first investment as part of the partnership with Queen Mary, University of London announced in July. Bruce Campbell, chief scientific officer of IP Group, will become a non-executive director of Retroscreen.
IP Group, based in London, is an intellectual property commercialization company.
Retroscreen is a contract virology research company based in London.
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