Fusion IP plc (AIM: FIP), the university IP commercialisation company that turns world class research into business, is pleased to announce that it has signed a license deal with a pharmaceutical company utilising IP out of the University of Sheffield (details withheld for commercial reasons), for the development of a known drug, in the area of certain endocrine diseases, a market worth over $500m per annum.

The agreement is royalty-based, with limited milestone payments. The drug is already being marketed for a different treatment and as such the probability of a successful launch is considered to be high.

The drug is currently at Phase II (efficacy) stage and is expected to make its first sales in 2015/16, with royalties to Fusion expected to peak at £1m per annum.

Dr Andrew Tingey, Head of Licensing at Fusion said:

"This is an excellent licence for Fusion and demonstrates the value that can be unlocked through licensing the non spin-out opportunities within the Fusion pipeline."

David Baynes, CEO of Fusion IP, commented:

"This is more excellent news for Fusion. At peak sales the revenue generated from this single agreement will cover most of Fusion's net annual overheads and is a great example of the tremendous value within our pipeline agreements with Sheffield and Cardiff."

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