Vastox: Successful £15m fundraising and admission to AIM

11 Oct 2004

IP2IPO Group plc (AIM: IPO), the intellectual property company that commercialises university technology, is pleased to announce that VASTox plc ("VASTox" or the "Company"), the Oxford-based drug discovery and services business focused on chemical genomics, has today published its prospectus for the Admission of its Ordinary Shares to the Alternative Investment Market ("AIM") of the London Stock Exchange. The Company has raised £15 million (gross) and it is expected that dealings in the Ordinary Shares will commence on 14 October 2004. KBC Peel Hunt Ltd, on behalf of VASTox, raised £15 million (before expenses) via a Placing at the Placing Price of 135p per ordinary share (the "Placing Price"). VASTox's market capitalisation on admission, at the Placing Price, is £42.3 million.

David Norwood, Chief Executive Officer of IP2IPO, commenting on today's announcement, said: "VASTox is another great triumph for Oxford Chemistry department, Professor Steve Davies and the other founders, the team at VASTox and IP2IPO. This is our second IPO of a spin out company this year. Again it is a business of great quality in terms of people, resources and potential. I congratulate all involved and look forward to VASTox's progress as a public company."

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