PHILADELPHIA, Feb. 11, 2005 (PRIMEZONE) -- Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) announced today that it has formed a commercialization partnership with ANGLE Technology Group (a wholly-owned subsidiary of ANGLE plc), an international venture management and consulting company with U.S. operations in Virginia, to seek out new technology commercialization opportunities in Greater Philadelphia. The partnership was commemorated at a welcoming reception for ANGLE on Thursday, February 10, 2005, at Ben Franklin's Philadelphia office.
Under the terms of a Memorandum of Understanding signed this month, BFTP/SEP and ANGLE, a UK-based venture management and consulting company with U.S. operations in Virginia, will each commit no less than $5 million over five years to support the development and creation of companies whose technologies originate in regional universities and research institutions. The partnership also positions ANGLE as BFTP/SEP's preferred commercialization partner. As such, ANGLE will co-locate its Pennsylvania headquarters in Philadelphia at BFTP/SEP. Another component of the partnership will enable ANGLE to become the second international corporate member of the Nanotechnology Institute, an alliance of business, academia and government that is facilitating the research and development and commercialization of bio/nano advances.
"Our MOU and partnership with BFTP/SEP provides a unique opportunity to both extend our base of operation in the U.S. Mid-Atlantic region and to complement an already robust technology commercialization community," said Dr. Gary Evans, CEO of ANGLE's U.S. business operations. "In addition to its formidable research capabilities, and its pre-eminent pharmaceutical industry, the Southeastern Pennsylvania region also is highly regarded for developing new cutting edge research to commercialization models around nanotechnology and bio/nanotechnology."
The Greater Philadelphia region is home to many of the world's most renowned academic institutions. Collectively, the region's academic institutions attract more than $1 billion of research funding per year, generating more than 200 patent applications per year. The region also is well recognized as a global leader in the bio-pharma and medical research arena. The Ben Franklin/ANGLE agreement is intended to stimulate the development of select research, reduce the risks associated with early technology development and encourage its path toward a commercial outcome.
"We are excited about the impact our partnership with ANGLE will have on the region. It is indicative of the synergy that occurs when distinct entities share a common goal. Together, we will address the most critical capital need that supports the earliest points in the commercialization of new discoveries -- just past translational research to pre-seed, including pre-proof of concept, pre-prototype, pre-science/management team, pre-company formation," said RoseAnn B. Rosenthal, president and CEO of BFTP/SEP.
About ANGLE Technology
Founded in 1994, ANGLE is an international venture management and consulting company focusing on the commercialization of technology and the development of technology-based industry. ANGLE creates, develops and advises technology businesses on its own behalf and for its clients.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Since 1982, Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has helped grow the region through science, technology and entrepreneurship. BFTP/SEP provides entrepreneurs and established businesses the capital, talent, and expertise they need to compete in the global marketplace. Like its namesake, Ben Franklin invests in, builds upon and delivers solutions that grow communities and create wealth by supporting today's technological ideas and tomorrow's scientific discovery.