Braveheart (AIM: BRH), the technology commercialisation and investment management company has signed an agreement with the University of Aberdeen.
The University of Aberdeen was founded in 1495 making it the third oldest University in Scotland and the fifth oldest in the UK. It educates close to 14,000 students and has attracted research awards of up to £50 million to date. The University has particularly strong commercialisation expertise in the area of life science and medicine and engineering and geosciences.
The University has been awarded 22 Proof of Concept awards and a further seven awards from the Nestech Fund to date, and its Research and Innovation department has been involved in a number of spin-outs including Brinker Technology, Haptogen and B1 Medical.
Under the terms of the agreement Braveheart will provide funding to finance spin-outs and will have the mechanism to fund projects leading to licensing deals arising from University IP, as well as sponsoring the University's annual "Blue Skies" business plan competition. In return, the University will grant Braveheart a time limited exclusive right of first refusal in respect of all those commercial investment opportunities in relevant defined areas.
The agreement constitutes a 'two phased' approach; Phase one will involve the two parties working together to further stimulate and increase the commercialisation of IP within the University. Braveheart will provide support in both financial and resource terms; funding will be made available via its existing Alpha EIS Fund, as well as private client monies.
The total funding package is anticipated to be around £5 million. It will also use its network of experienced investors to provide crucial mentoring support to investee companies on corporate development issues.
Phase two of the agreement will involve Braveheart setting up and managing a dedicated fund or resource for the future commercialisation of University technology with funds being provided from Braveheart, the University and other sources.
It is anticipated that Phase one will last between two and five years, depending on the results achieved, whilst Phase two would have an initial investment period of five years with a subsequent follow-on investment and management period of five years, giving the agreement a total lifespan of 15 years.
Commenting on the investment, Geoffrey Thomson, Chief Executive of Braveheart said: "Our close relationships with universities form the cornerstone of our strategy of identifying the most exciting early stage technologies for our investors. We are delighted to have signed our third university partnership agreement and are confident that Aberdeen will remain a stronghold of research and development over the course of our partnership."
Professor Dominic Houlihan, Vice-Principal for Research and Commercialisation of the University of Aberdeen added: "The University has a strong track record of high quality research and the translation of that research into commercialisation opportunities. In Braveheart we believe we now have a partner with proven ability to help us to strengthen our commercialisation success and we look forward to working with them."
For further information please visit www.braveheart-ventures.co.uk or contact:
Braveheart Investment Group: Geoffrey Thomson, Chief Executive, Tel: 01738 587555, href="mailto:gthomson@braveheart-ventures.co.uk">gthomson@braveheart-ventures.co.uk</a></p>
Tavistock Communications (for Braveheart): Clemmie Carr / James Midmer, Tel: 020 7920 3150 href="mailto:carr@tavistock.co.uk">carr@tavistock.co.uk</a></p>
The University of Aberdeen: Jennifer Phillips, Tel: 01224 273174, href="mailto:j.phillips@abdn.ac.uk">j.phillips@abdn.ac.uk</a></p>