Biofusion extends Sheffield University agreement
BIOFUSION, the company that makes businesses out of academic research, has raised £2.11m through a share placing with institutional investors.
The Sheffield-based group has also expanded a 10-year agreement with the University of Sheffield to include non-life science research. Biofusion is also planning to change its name to Fusion IP.
The company said the name change would more accurately reflect its enlarged business, which includes more than 20 portfolio companies based on a spectrum of intellectual property ranging from clean technology energy and renewables to engineering and medical technology.
David Baynes, chief executive of Biofusion, said: “We are pleased to announce the expanded 10 year agreement with the University of Sheffield and the associated fundraising. The expanded and exclusive agreement with Sheffield gives Biofusion access to all of the university’s IP and especially the university’s world class research in areas such as energy, engineering and electronics.
“Biofusion is a leading university IP commercialisation business operating amongst a very strong peer group and this news endorses our current business model and reflects positively on the relationship that we have already built with the University of Sheffield. We are confident that Biofusion will continue to expand its business model across additional universities in the future.
“Biofusion has a portfolio of companies with potentially disruptive IP in some exciting new markets such as knee imaging, wind turbine motors, lensless microscopy and renewable energy.
“The expanded IP pipeline increases the potential for the development of new blockbuster companies in these growing markets. We look forward to working with our partners and creating value for investors.”
