Industrial Biotechnology expands agreement with Oxford University

Jul 21 2006

Industrial Biotechnology Corporation has announced the expansion of their License Agreement with Isis Innovation Limited, the technology transfer company of Oxford University.

The new agreement now incorporates IBC's exclusive use of the Cytochrome P-450 technology to the majority of all industries and applications worldwide and includes two additional patented technologies that substantially strengthen IBC's marketing and development capabilities.

The Cytochrome P-450 Designer Enzyme Technology, developed by Oxford University Chemistry academic and IBC Scientific Advisory Board Member Dr. Luet Wong, applies to the application of specific enzymes as biocatalysts to efficiently carry out the necessary molecular transformation to enable relatively low-value substrates to be converted into high-value chemicals, often in a single step. The technology provides a cost-effective, environmentally friendly method for existing chemical companies to streamline production steps while also decreasing or eliminating toxic byproducts and emissions. Preliminary market analysis shows that this technology can biologically manufacture over 15,000 commercially available chemicals. These include a variety of alcohols, aldehydes, ketones, and carboxylic acids with certain characteristics.

IBC now retains the exclusive rights to utilize this advanced technology for all applications and industries, worldwide, for the life of the patents, with the exclusion of one non-core application that is being retained by the University. Through their ALCHEMx Production Platforms, which incorporate the Cytochrome P-450 Biocatalytic and FPP Biosynthesis science, IBC can biologically produce chemicals for the flavors and fragrances, fine chemicals, bio-fuel, pharmaceuticals, agricultural, bio-pesticides, cosmeceuticals, bio- materials and bio-polymer industries.

Additionally, the new agreement incorporates two new complementary patented technologies: Oxidizing Aromatic Compounds, which is effective in the production of pharmaceutical intermediates and detoxification of bio-hazardous materials (including PCBs), and Oxidation by Hydrogen Peroxide, which enhances core technology, allowing for more efficient production by the Cytochrome P- 450 Designer Enzyme.

"This license expansion provides IBC with tremendous additional value by expanding our capability to increase partner and customer relationships well beyond our previous potential. The new agreement also includes additional licensed technology that further strengthens IBC's ability to lower costs, increase margins and provide our chemical industry partners with additional compounds to include in their product line, therefore giving them a significant competitive advantage in the marketplace," said Andy Badolato, CEO of IBC.

Mr. Badolato continued, "We now have a core treasure chest of intellectual property and patents that can be applied to successfully develop and commercialize biologically derived compounds that are applicable to all industries. With the transformation now taking place to seek out and convert to biological production methods, we are well positioned to become a leading solutions provider to the chemical industry."

"Oxford Scientists have spent many years developing these technologies and believe IBC has the foundation, team and relationships in place to successfully commercialize and implement them across a broad range of industries and applications. We are excited to expand and grow our relationship with this company," said Dr. David Churchman, Project Manager, Physical Sciences at Isis Innovation Limited, the technology transfer company of Oxford University.