Acquisition of Cambridge Meditech
4 November 2008
IIPSO Ventures plc (“IPSO” or the “Company”), the IP commercialisation specialist, is pleased to announce that, on Monday 3 November 2008, it acquired Cambridge Meditech Limited for a consideration of £50,000, payable by the issue of 76,923 ordinary shares (“new Ordinary Shares”), and the repayment of directors’ loans of £18,500 in cash.
Cambridge Meditech Limited has technology which detects infection in wounds. This patent protected technology will enable the development of a range of products for the healthcare market.
Simon Hunt, Executive Chairman of IPSO, said: “We are pleased to have the opportunity to acquire this interesting technology, which complements the work we are doing in our investee company, Medermica.”
Application has been made for the new Ordinary Shares, which will rank pari passu with existing shares in issue, to be admitted to trading on AIM, and it is expected that Admission will become effective at 08:00 on 7 November 2008.