Interim results for the period ended 31st Jan 2010

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Fusion IP plc (AIM: FIP), the university IP commercialisation company that turns world class research into business, is pleased to announce its Interim Results for the six months ended 31 January 2010.

Highlights:

–                 Generated our first profit, £0.9m (Jan 09: loss of £0.5m), excluding subsidiary spin-out costs and amortisation. Loss for the period including the cost of subsidiary spin-outs and amortisation amounted to £1.2m (Jan 09: loss of £2.2m)

–                 Raised £3.0m (net of expenses) in November 2009 and signed a co-investment agreement with IP Group in which they also took a 19.8% equity stake in the Company

–                 Increased revenues to £0.8m (Jan 09: £0.1m) by signing our first major IP licensing deal from the Sheffield agreement

–                 Increase in fair value of investments of £0.8m (Jan 09 increase of £0.5m)

–                 Continued to maintain a strong cash position, with funds of £6.8m at 31 Jan 2010 (31 Jan 09: £6.5m)

–                 Dr Alison Fielding, currently Chief Technology Officer at IP Group plc, joined the Board as Non-Executive Director

–                 Created three new spin-out companies Asalus Medical InstrumentsSeren Photonics and Progenteq

Commenting on these Preliminary Results, David Baynes, Chief Executive Officer of Fusion, said: “This has been a good period for the Company, one in which we have raised funds, broadly progressed the portfolio, signed agreements with key new investors and importantly moved towards profitability.  Our relationships with our universities remain as positive as ever and our IP pipelines continue to look very strong. We look forward to the rest of the financial year.”

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