Innovative University scheme wins licensing deal
4th June 2009
ProspectIP, a De Montfort University initiative that helps commercialise novel business ideas and inventions has secured its first two licensing agreements and attracted a further £400,000 in funding.
De Montfort University (DMU), Leicester, set up ProspectIP following a £2 million pilot funding award from the Higher Education Funding Council for England (HEFCE) in 2006. The project has already resulted in the launch of new products under direct contracts with entrepreneurs.
Now ProspectIP has agreed licensing deals for two inventors and their products, a device that aims to prevent Deep Vein Thrombosis (DVT) and a safety opener for glass vials.
The University has also secured £400,000 from the European Regional Development Fund to help support the scheme for the next two and a half years.
The licensing deals for both products have been agreed with British company Wallace Cameron Ltd. Based in Wishaw near Glasgow, the company provides first aid solutions for the travel, home and leisure industries and has established links with the healthcare, medical and consumer markets.
Inventor Noel McKenzie worked with ProspectIP to develop the Under-Foot Oscillator (U-FO) which aims to prevent Deep Vein Thrombosis in people seated for long periods of time by ensuring sufficient movement of blood up the legs.
Dr Anant Ghelani approached DMU to help with his invention for the safe opening of glass vials, widely used to store small amounts of medicines, drugs and other chemicals.
DMU experts created a commercialisation strategy for each product, working with the inventors on issues such as intellectual property, prototyping and market analysis before identifying and negotiating with the best licence partner.
Under the licensing agreements Wallace Cameron has exclusive rights to manufacture, distribute and sell the two products worldwide. The inventors will receive royalties on sales of the products.
Both inventions are expected to be on sale in late 2009.
Derek Palmer, Head of ProspectIP at DMU, said: “We are delighted to secure licence agreements for these inventors. Wallace Cameron is the ideal partner with the contacts and experience to help these products reach their full potential.
Giovanni Benedetti, Group Chairman of Benedetti International Ltd, the holding company of Wallace Cameron, said: “Our product design division is delighted to work in conjunction with DMU and both inventors. The combination of DMU, the resource facilities of Benedetti International, shared product knowledge, innovative design and Wallace Cameron’s network of sales and marketing resource will lead to a successful commercial launch of these new products.”