Shell of Oxford University company reverses into Manchester spin-out

Acquisition

The shell of the failed Evolutec Group plc is reversing into Nanoco Tech plc, giving the Manchester University spin-out a listing on the Alternative Investment Market (AIM) in London.

On completion the enlarged group, to be known as Nanoco Group plc, will have a market capitalisation of approximately £38.6 million.  Nanoco specialises in the development and manufacture of fluorescent semi-conducting quantum dots, with applications ranging from life sciences to solid state lighting, solar energy and computer displays. Using quantum dots will offer significant improvements in performance and energy savings compared to the materials currently in use.

Nanoco’s chief executive Michael Edelman said, “Nanoco has grown by focusing its efforts on the development and mass production of high performance quantum dots and working to get these […] materials into the market by partnering with strategic quantum dot application developers around the world.”

“Admission to AIM allows the company to continue to further strengthen its shareholder base and balance sheet and gives Nanoco the resources needed to meet the growing demand for its products.”

Nanoco was founded in 2001 by two academics, Paul O'Brien and Nigel Pickett. Its strategy is to work in partnership with quantum dot application developers to incorporate quantum dots into a specific end use application. Examples include quantum dot containing LEDs, displays and solar cells.

Evolutec Group plc threw in the towel in June 2007, six months after its lead product failed its second Phase II trial in the treatment of inflammation following cataract surgery. That followed the failure of the compound, a recombinant version of a naturally occurring anti-inflammatory protein extracted from tick saliva, in the much larger indication of allergic rhinitis a month earlier

The company was originally set up to commercialise anti-inflammatory and anti-coagulant compounds originally discovered by scientists at Oxford University in the saliva of ticks and other biting insects.