XL TechGroup, Inc. (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, is pleased to announce the creation of QuoNova LLC, the fifth company to reach the development stage of XL TechGroup's proven methodology for value creation. QuoNova follows AgCert International plc, which was created by XL TechGroup in May 2002 and listed on the London Stock Exchange in June 2005, TyraTech LLC which was created in July 2004, DxTech LLC which was created in July 2005, and PetroAlgae LLC which was created in September 2006.
QuoNova is commercialising a novel Quorum Sensing Blocker (“QSB”) technology which affects signalling between bacteria and has permitted the identification of substances which influence bacterial growth and colonisation (biofilm). This breakthrough technology offers approaches to bacterial control which will avoid resistance development and toxicity, and in addition opens completely new application avenues in a broad range of high value markets. The breadth of the technology base puts QuoNova in a leading position to achieve a breakthrough in addressing an ever increasing need and multi billion dollar markets for safer, efficacious agents in the global fight against infection and the damage caused by bacterial biofilms.
QuoNova's business plan addresses multiple markets, such as treatments for lung infections, medical device coatings, oral and optical care products, domestic or industrial cleaners, anti-fouling paints, agrochemicals and large scale industrial applications in the water and petroleum industries. Proof of concept for the technology has already been established, and commercialisation is envisaged within two years for the most advanced applications. Discussions with a number of potential development partners and end users are already well advanced.
QuoNova has acquired its intellectual property relating to proprietary QSB compounds from 4SC AG, a drug discovery and development company based in Germany. In addition to this broad patent and patent application portfolio, QuoNova has obtained an exclusive license from 4SC to software and related intellectual property useful for the creation and development of additional compounds in the field of quorum sensing or biofilm inhibitors and activators. In return, 4SC has received a 10% equity interest in QuoNova and will receive payments totalling US$2 million and research funding spread over a four year period. The research funding relates to agreements for 4SC to provide additional research and development activities on behalf of QuoNova directed towards compound optimization and support.
John Scott, Chief Executive Officer of XL TechGroup, said: “The global human and economic costs of infection and biofilm damage are enormous, and we are very excited about the treatments that the QuoNova technology has the potential to provide. QuoNova is the second company that we have started in 2006 and the fifth overall within the last five years that has come out of our systematic approach to creating truly disruptive technology businesses.”
For further information:
| XL TechGroup Inc. |
|
| John Scott / Harold Gubnitsky | Tel: +1 321 409 7403 |
| hgubnitsky@xltg.com | www.xltechgroup.com |
| Chris Munden, Director of Investor Relations | Tel: +44 (0) 20 7398 7720 |
| cmunden@xltg.com |
For media enquiries:
| Abchurch Communications | |
| Heather Salmond / Gareth Mead | Tel: +44 (0) 20 7398 7700 |
| gareth.mead@abchurch-group.com | www.abchurch-group.com |
QuoNova™ LLC was established in December 2006 by XL Tech Group, Inc.