AION Diagnostics LtdNew Spin Out Company for pSivida Hi All,OK...

AION Diagnostics Ltd
New Spin Out Company for pSivida

Hi All,

OK we are starting to see the Non-core assets being spun-off to capitalize on their strenght. By spinning out these non-core assets the company can better focus on each platform. A very positive move IMHO.

It also looks like us long time holders will benefit as well. see below.

It will be interesting to see how the market reacts. The US listing is looking very good with this movement IMHO.

Cheers,
Brantley

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QUOTE

At the time of an IPO, pSivida shareholders will receive a free distribution in specie of AION Diagnostics shares. The timing of an IPO will be subsequent to pSivida listing in the United States and after additional value has been built in AION Diagnostics through additional intellectual property and products.
QUOTE
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AION Diagnostics Ltd
New Spin Out Company for pSivida

Global nanotechnology company pSivida Limited (ASX: PSD), is pleased to announce that it has created a wholly owned spin off diagnostics company, AION
Diagnostics Limited (AION Diagnostics) which will be based in Australia.

pSivida has seed funded AION Diagnostics through an investment of AUD 1,200,000 and has licensed diagnostic and sensor applications of the BioSiliconTM platform technology to AION Diagnostics.

Development of diagnostics within pSivida has demonstrated significant potential for diagnostic products utilizing the biodegradable, optical, semi conductor and micro machining properties of BioSiliconTM. By adopting the biocompatible and
biodegradable properties of BioSiliconTM, AION Diagnostics will be commercialising diagnostic products that will provide real time continuous measurement of important diagnostic markers. The move to spin out diagnostics will enable a separate team to focus on leveraging the technological opportunities in BioSiliconTM to develop and commercialise a diagnostics product portfolio, while pSivida and its staff remain focused on the core areas of slow release drug delivery and brachytherapy.

During the past four years, pSivida has validated and positioned, product concepts based on BioSilicon’sTM unique reporting properties and biocompatibility. Building on this research, AION Diagnostics will have the funding, skills and product potential to create a strong market presence in the diagnostics sector.

At an early stage, AION Diagnostics will develop products through strategic collaborations with Universities and research institutions in Australia and with overseas industry partners. AION Diagnostics will seek grant funding in Australia and the United States as part of this collaborative research structure. It is expected that second round funding for AION Diagnostics will be provided by industry partners and or venture capitalists prior to an initial public offering (IPO) in Australia. At the time of an IPO, pSivida shareholders will receive a free distribution in specie of AION Diagnostics shares. The timing of an IPO will be subsequent to pSivida listing in the United States and after additional value has been built in AION Diagnostics through additional intellectual property and products.

To spearhead the new company, [b]pSivida has appointed Dr Anna Kluczewska as Managing Director of AION Diagnostics. Dr Kluczewska is currently pSivida’s Head of Diagnostics and formally managed a global product portfolio for Baxter Healthcare’s BioSurgery division where she gained considerable experience in
product development and management. Dr Anna Kluczewska has played an integral part in pSivida initially involved in marketing and product development to latterly, business development, creation of intellectual property and general management.
Dr Roger Aston, Director Strategy in pSivida will undertake a similar role in AION Diagnostics as an executive director and will be based in Australia. Dr Aston will continue to build the product portfolio for AION Diagnostics and facilitate the establishment of key strategic alliances within this rapidly growing sector. Dr Aston will remain a Director of pSivida.

pSivida Managing Director, Mr Gavin Rezos said “This is an important milestone in the development of the BioSiliconTM platform and one which may be repeated in the future with spin outs in other areas such as food and nutraceuticals. AION Diagnostics is starting with a valuable intellectual property portfolio and the ability to
leverage off pSivida’s technical knowledge in BioSiliconTM together with that of our partners including QinetiQ Limited, one of the largest research institutions in Europe and Forschungszentrum, Neuss, one of the largest research institutions in Germany.”

-ENDS-
Released by:
Josh Mann
Investor Relations
pSivida Limited
Tel: + 61 8 9226 5099
[email protected]
NOTES TO EDITORS:
pSivida Limited
pSivida is a global biotechnology company committed to biomedical applications of
nano-technology and has as its core focus the development and commercialisation of
a modified form of the silicon chip (porosified or nano-structured silicon) known as
BioSilicon™. As a new and exciting biocompatible and biodegradable material,
BioSiliconTM offers multiple potential applications across the high growth healthcare
sector, including controlled slow release drug delivery, brachytherapy, tissue
engineering and orthopaedics.
pSivida has a strong management team with a powerful blend of international
experience in biotechnology commercialization, the pharmaceutical industry,
licensing and capital markets:
· Mr Gavin Rezos, Managing Director - former Investment Banking Director of the
HSBC Group.
· Dr Roger Brimblecombe, Non Executive Chairman - former Chairman of
SmithKline & French Research and Chairman of MVM Ventures.
· Dr Roger Aston, Director Strategy – former CEO PepTech Ltd and Director of
Cambridge Antibody Technology Ltd (UK).
· Professor Leigh Canham, Chief Scientific Officer – a DERA fellow and the
world’s foremost authority on porous silicon and the inventor of BioSilicon™.
· Dr Anna Kluczewska, Head of Diagnostics – a former Global Product Manager
with Baxter Healthcare Inc, based in Munich and Vienna.
The Company’s strategic partner and largest shareholder is the QinetiQ group, the
largest science and technology company in Europe. QinetiQ is the former UK
government Defence Evaluation Research Agency and was instrumental in
discovering BioSiliconTM. pSivida enjoys a strong partnership with QinetiQ having
access to its cutting edge research and development facilities and is represented on
the board by its Investment Director, Mr Stephen Lake. For more information on
QinetiQ visit www.qinetiq.com
pSivida owns the worldwide intellectual property rights to BioSilicon™, royalty free for
use in or on humans and animals. The IP portfolio consists of 21 patent families, 21
granted patents and over 80 patent applications. The core patent, which recognises
BioSiliconTM as a biomaterial was granted in the UK in 2000 and in the US in 2001.
pSivida is listed on the Australian Stock Exchange (ASX Code: PSD) and in
Germany on the Frankfurt Stock Exchange on the XETRA system (German Symbol:
PSI. Securities Code (WKN) 358705). pSivida’s shares also trade in the United
Kingdom on the OFEX International Market Service (IMS) under the ticker symbol
PSD.
For more information visit www.psivida.com