Fusion IP (AIM: FIP), the university commercialisation company which turns university research into business, today announces that it has recently completed a licensing deal with a leading global orthopaedic company, for the use of orthopaedic planning software, that originated from the Medical Physics team at the University of Sheffield. The deal, which was worth just over £0.8m, resulted in a one-off licence fee income for Fusion of just over £0.4m.
Under Fusion’s expanded University of Sheffield IP agreement, signed in July last year, the Company has the right to license out any University originated intellectual property, with half the net income receivable by Fusion. This licensing deal is Fusion’s first major licence fee to be generated since the expanded agreement.
Commenting on the license fee, David Baynes, CEO of Fusion, said:
“This licence deal demonstrates the value of our pipeline and endorses our ability to extrapolate real value from university research. The one-off licence income for Fusion totalled just over £0.4m and we hope this will be the first of many licence deals in Sheffield, as we build towards our target of covering Fusion’s on-going overheads from licence income by 2011/12. This demonstrates that this is an achievable target. Well done to Rod Hose and David Barber of the Medical Physics team and Andrew Tingey, our licensing manager, on achieving the first step towards this goal.”