BTG Co-Leads $6.5 Million Private Equity Investment in Xention Discovery Limited.Business Editors WEST CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Sept. 24, 2003 BTG BTG BIT (Built-In Test) Target Generator BTG Bridging the Gap BTG British Technology Group BtG Betreuungsgesetz (Germany) BTG Biomass Technology Group BV BTG Begbies Traynor Group (LSE LSE - Language Sensitive Editor :BGC), the global technology commercialization company, today announced an investment in Xention Discovery Limited (Cambridge, UK) as part of a $6.5 million (GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 4 million) private equity financing. Xention is using its unique technology to discover and develop drug candidates which act on ion channels, an important yet under-exploited class of targets. The company's approach is based on collecting the functional electrophysiological data recognized as being essential for the exploitation of this important class of drug targets. Commenting on the deal, Anthony Lando, BTG's Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. said: "BTG's investment in Xention demonstrates our commitment to securing equity positions in early stage, technology-based companies with high growth potential. We look forward to working with the company and our fellow investors and contributing to the company's future success." "We are delighted to have the support of such a broad investor group in what has undoubtedly been a very difficult financing environment" commented Tim Brears, Xention's Chief Executive Officer. "We look forward to working closely with our new investors and to making full use of their experience and expertise". The new funds will be used to develop and advance Xention's drug screening programs in the cardiovascular and neurology areas. In addition to BTG, new investors in the Company include Quester of London, Albany Ventures of Edinburgh and Enterprise Venture Capital Trust plc advised by Noble Fund Managers Ltd also of Edinburgh who join existing investors MVM Ltd and Isis Equity Partners plc. The financing was co-led by BTG and Quester. About BTG BTG finds, develops and commercializes emerging technologies in the life and physical sciences. These innovations are protected by a strong portfolio of intellectual property that BTG develops and enhances. BTG then captures the value in these technologies through licensing and venturing activities. From the origins of its business in 1949, BTG has commercialized major innovations such as Magnetic Resonance Imaging magnetic resonance imaging (MRI), noninvasive diagnostic technique that uses nuclear magnetic resonance to produce cross-sectional images of organs and other internal body structures. (MRI 1. (application) MRI - Magnetic Resonance Imaging. 2. MRI - Measurement Requirements and Interface. ), recombinant factor IX blood-clotting protein, Campath(R) (alemtuzumab) and Multilevel Cell (MLC (MultiLevel Cell) A flash memory technology that stores more than one bit per cell. Traditional flash memory defines a 0 or 1 bit based on a single voltage threshold. ) memory. BTG is quoted on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. under the symbol "BGC" and operates from offices in London and Philadelphia, with representation in Tokyo. BTG operates through wholly owned subsidiaries, BTG International Ltd. and BTG International Inc. in the UK and USA, respectively. Further information on BTG can be found at www.btgplc.com. |
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