Plasso
East Hill Management Company, White Rose Technology Seedcorn Fund and Biofusion plc jointly announced the sale of all shares in Sheffield-based Plasso Technology (UK) to BD.
East Hill Management Company, White Rose Technology Seedcorn Fund and Biofusion plc jointly announced today the sale of all shares in Plasso Technology (UK) to BD (Becton, Dickinson and Company). Financial terms of the deal were not disclosed.
“BD's acquisition of Plasso is a welcome move in bringing our company's research and development to market globally,” said Sameer Kothari (right), outgoing CEO of Plasso Technology.
Dr. Alan Folwell, chairman of Plasso on behalf of the shareholders says, “We are delighted that Plasso's value in the market place has been fully realised, having seen its potential from the start.”
Incorporated in 2003, Plasso Technology was spun out from the Department of Engineering Materials, University of Sheffield. The company develops next-generation surface-critical research tools utilising functional coating technology for applications in glycomics and cell culture.
Editor notes:
About Plasso Technology
Plasso is developing the next generation of surface-critical research tools utilising functional coating technology. Its coated products are based on the latest developments in advanced surface chemistry enabling applications in glycomics, and cell culture.
Incorporated in 2003, Plasso Technology, a spin out from the Department of Engineering Materials, University of Sheffield received early stage funding from the White Rose Technology Seedcorn Fund.
About White Rose Technology Seedcorn Fund
The White Rose Technology Seedcorn Fund is an early stage seedcorn fund, which invests in exciting new technology emerging from the universities of York, Leeds and Sheffield.
The £9 million Fund provides venture capital funding of up to £250,000 (and above for exceptional opportunities) to enable the transition from promising research work to commercial reality.
Its portfolio of investee companies represent the commercialisation of high quality science and technology combined with professional management teams to produce investor-ready and partner-ready opportunities.
The Fund is owned by the Universities of York, Leeds and Sheffield, and managed by Aberdeen Asset Managers.
About East Hill Management
East Hill Management Company of Boston, USA was founded as an investment advisory firm in 2000 to manage alternative assets for high net worth investors and non-profit endowments. East Hill's University Spinouts Funds have invested over $108 million in fourteen early stage companies spun-out of academic institutions largely in the United Kingdom, most often as the lead investor playing an active role in the growth of each company. East Hill focuses its investments on discoveries in the life sciences and physical sciences with strong intellectual property and a clear path to commercialization. In 2005 East Hill led a Series A investment in Plasso.
About Biofusion plc
An AIM listed company, Biofusion was founded in 2002 to commercialise university intellectual property. Biofusion has exclusive IP pipeline agreements with two of the UK's top 10 research intensive universities - the University of Sheffield and Cardiff University and currently has 24 companies in its portfolio.
For more information, contact:
Hannah Griffiths
White Rose Technology Seedcorn Fund PRO
Tel: 01904 610077
Email: hannah@partners-group.co.uk
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8 May 2007 |