White Rose Technology Seedcorn Fund


The White Rose Technology Seedcorn Fund finances medical advancement

The White Rose Technology Seedcorn Fund (WRTSF) has invested £245,000 in the development of new drugs that have the potential to alleviate a whole range of hormone-related illnesses.

The WRTSF is backing the establishment of Asterion Limited, a new company which will own the Intellectual Property arising from the research of Professors Richard Ross and Peter Artymiuk, and Dr Jon Sayers at the University of Sheffield. Asterion was set up by Sheffield University Enterprises Limited (SUEL), the University's wholly owned technology transfer subsidiary.

The trio have developed what they believe is a platform technology to allow them to generate specific drugs to block the action of hormones. Excess hormone secretion occurs in many diseases. The Asterion approach, using naturally occurring proteins, provides a new method of drug development, with the production of specific hormone antagonists. These drugs have low dosage requirement and can be used in the treatment of diseases including growth disorders, inflammatory disorders, obesity, diabetes and cancer.

WRTSF is managed by Murray Johnstone Ltd which merged with Aberdeen Asset Management plc at the end of last year. The combined private equity teams now operate under the name Aberdeen Murray Johnstone Private Equity.

Gerry White, Associate Director, Aberdeen Murray Johnstone Private Equity, said:

"We are impressed by the major impact this research could have on treating the thousands of people who are affected by hormone-related illnesses. Furthermore, the Asterion technology is expected to have major advantages over current competitors including a lower dose requirement, therefore making it more economical, and is a platform technology, that is, it can be used to develop a larger number of drugs for the therapy of a wide variety of diseases including rare pituitary tumours, diabetes and cancer."

Professor Richard Ross of Asterion, commented:

"We are delighted that we have the support of the WRTSF, together with the backing and encouragement of SUEL who helped us through the funding process. We believe that our technology will have a major impact on healthcare in the 3rd millenium."

For further information, please contact:

Gerry White 0113 242 2644 Aberdeen Murray Johnstone Private Equity

Shona Prendergast 020 7786 4888 Penrose Financial

Richard Ross 0114 2714007 Asterion Limited

Notes to Editor:
Aberdeen Murray Johnstone Private Equity
Aberdeen Murray Johnstone Private Equity (AMJPE) is a division of Aberdeen Asset Managers Limited, regulated by IMRO. AMJPE arranges equity finance for expansions, MBOs, MBIs, acquisition finance, refinancing bank debt, rescue/ turnaround, secondary purchase/ replacement capital and occasionally, start-ups.

Investments are made in a wide range of industry sectors, primarily in the UK, seeking to invest from £500,000 to £15 million in small and medium-sized companies, up to a market capitalisation of £50 million.

Aberdeen Asset Management PLC
Aberdeen Asset Management PLC purchased Murray Johnstone Holdings Limited on 1st December 2000. Murray Johnstone Limited (regulated by IMRO), and Aberdeen Asset Managers Limited are both members of the Aberdeen Asset Management Group of Companies. The combined private equity teams have funds under management of over £450 million (as at 31 December 2000), comprising Limited Partnerships, Venture Capital Trusts (VCTs) and several segregated portfolios. In addition, funds are managed on behalf of an Asean private equity fund management company in Singapore, Murray Goh Private Equity Pte Ltd., a joint venture between Murray Johnstone, GK Goh and BancBoston Capital. The combined team of 30 executives operates from seven regional offices in Aberdeen, Birmingham, Glasgow, Inverness, Leeds, London, and Manchester.

Aberdeen Asset Management is a leading independently owned UK based investment management business based in London and Aberdeen. Aberdeen manages funds for a number of large institutions together with a wide range of unit trusts, investment trusts, ISAs, pension funds and offshore funds for institutions and private investors. The total assets managed by Aberdeen, including the Murray Johnstone Group are approximately £29.3 billion ( as at 29 December 2000) and is quoted on both the London and Singapore stock exchanges.

White Rose
The White Rose Technology Seedcorn Fund is a consortium of Leeds, Sheffield and York Universities set up March 1999. The £6 million fund attracted £4.5 million from the Government's new University Challenge fund, with the White Rose consortium adding a further £1.5 million. The aim of the Fund is to create jobs by turning university research into real business opportunities.

The Fund will consider investment opportunities that meet the following criteria:

  • Research with protectable IPR;
  • Significant market opportunity;
  • Committed management team.
2 March 2001