Thursday 7th April 2005
Clifford Gross
UTEK takes AIM
Floridian technology transfer business UTEK Corporation, which acquires new university technologies and develops them into practical applications, is poised for an AIM launch on Monday 11 April.With the help of its nominated adviser and broker Shore Capital, UTEK, presently quoted in New York on the small cap-focused American Stock Exchange, is looking to pull in £7.5 million, at a price of 610p, giving the company a market cap of £44.82 million.
The company, led by chief executive Clifford Gross, obtains and commercialises university research projects, providing the resulting technology: marks a significant improvement on existing concepts, has the potential to be marketed globally and is socially responsible. UTEK believes it stands out from the crowd (similar business models are operated by fellow AIM concerns IP2IPO and ANGLE) on account of its ‘unique’ market-driven approach. Gross and his team look to secure contracts with publicly quoted companies to identify and acquire external technologies from universities and research laboratories. Payment is then satisfied by the issue of new equity in the client company. In order to access the best new technologies, UTEK has entered into alliances with research centres in the USA, Canada, UK, Europe and Japan. The California Institute of Technology, Oxford University and the US Department of Agriculture are among those already associated with the company.
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