IP Group news 0

IP Group plc (LSE: IPO) ('IP Group'), the intellectual property commercialisation company, is delighted to note that Modern Biosciences plc  ('Modern Biosciences', 'MBS', 'the Group' or 'the Company'), its in-licensing and drug development subsidiary, has announced that Dr Clive Dix has agreed to join the Company as Non-Executive Chairman with effect from 1st September 2007.

Clive, aged 52, was previously the Chief Executive Officer of PowderMed Ltd  ('PowderMed'), the Oxford-based vaccines company. In 2004, he led the spin-out of PowderMed from Chiron Vaccines, a business unit of Chiron Corporation, backed by £20 million in venture capital from a syndicate of leading life science investors. Clive oversaw the sale of PowderMed to Pfizer Inc in October 2006.

Prior to running PowderMed, Clive was Senior Vice President, Research and Development and a Board member of PowderJect Pharmaceuticals plc ('PowderJect'),
the world-leading independent vaccines company that was acquired by Chiron for £550 million in 2003. Clive worked at PowderJect and Chiron from 2001 until 2004 and was previously Glaxo Wellcome's UK Research Director where his role included co-chairing the management group that oversaw all of the company's research projects worldwide.

Clive has more than 22 years' experience in the pharmaceutical and biotechnology industries, encompassing business leadership, project management and drug development. Clive has an in-depth understanding of all facets of the drug discovery and development process, having led projects and portfolios from conception through to Phase III in a range of therapeutic areas including cardiovascular, respiratory, inflammatory and infectious diseases.

Clive's skills are ideally suited to MBS' business model of sourcing development stage projects from academia and start-up companies, performing early proof-of-concept studies in man and licensing the projects on to the pharmaceutical industry. His experience in fundraising and building shareholder value through corporate growth and strategic development is perfectly aligned with MBS' goal of becoming a significant drug development company over the coming years.

Commenting on this announcement, Dr Clive Dix said: "I am delighted to be taking up the post of Non-Executive Chairman of MBS. I strongly believe that the pharmaceutical industry has a significant appetite for novel, early-stage programmes that can provide the blockbuster drugs of tomorrow. MBS' management, with its first-rate drug development expertise, is helping to meet that demand. I am looking forward to working with the MBS team."

Dr Sam Williams, Chief Executive Officer of Modern Biosciences, said: "Clive's experience in drug development, his proven ability to identify programmes of value to the pharmaceutical industry and his track record in building significant life science businesses will be invaluable to MBS. We are very pleased that Clive is joining our Board."

For further information, please contact:

IP Group plc                                                       020 7489 5200
Alan Aubrey, Chief Executive Officer
Liz Vaughan-Adams (Communications)                     020 7489 5206/07979853802

Buchanan Communications
Tim Anderson, Mary-Jane Johnson, Mark Court                        020 7466 5000

Modern Biosciences plc                                             020 7002 1529
Dr Sam Williams

Notes for Editors

About IP Group

IP Group Plc is an intellectual property (IP) commercialisation company that specialises in commercialising university technology. Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006. It has made two acquisitions to date - Techtran, a company set up to commercialise university intellectual property under a long term contract with the University of Leeds, in 2005 and Top Technology Ventures, an investment adviser to early stage technology venture capital funds, in 2004.

IP Group has formed long-term partnerships with ten universities - the University of Oxford, King's College London, CNAP/University of York, the University of Leeds, the University of Bristol, the University of Surrey, the University of Southampton, Queen Mary (University of London), the University of Bath and the University of Glasgow.

As at 31 December 2006, 53 spin-out companies had been created among IP Group's university partners. Of those, eight have listed on the AIM market of the London Stock Exchange, one on PLUS Markets and there have been two trade sales. IP Group also has three 'Modern-themed' subsidiaries - Modern Biosciences, Modern Water and Modern Waste. Modern Water was the first of these subsidiaries to float on AIM in June 2007.

For more information, please visit our website at www.ipgroupplc.com.

About Modern Biosciences

Modern Biosciences plc is a subsidiary of IP Group plc that was established in 2005 as a specialist drug in-licensing and development company. MBS' business model provides a channel for exciting early-stage drug candidates to reach industry. MBS sources drug candidates from partner organisations, funds and manages their development through to proof-of-concept and licenses the resulting programmes to industry for later stage development and marketing.

For more information, please visit our website at www.modernbiosciences.com.