Cardiff University Issues £300 Million Bonds Due 2055
Feb 1 16
Cardiff University announced that it has priced the issue of £300 million, 3% bonds due 2055. The University will use the net proceeds from the bond for general corporate purposes, including investment in research and teaching facilities, as well as other University assets. HSBC, Lloyds Bank and Morgan Stanley acted as Joint Bookrunners. Rothschild provided independent debt advice to the University and Mills & Reeve provided legal advice.
Tiziana Life Sciences plc Announces Research Agreement with Cardiff University
Jan 8 16
Tiziana Life Sciences plc announced that its research agreement with Cardiff University has led to the identification of a first-in-class lead clinical candidate, CB1, with potent anti-metastatic activity, and with an impressive in vivo efficacy and safety profile. The company intends to file an Investigational New Drug (IND) application on CB1 in 2016, and expects to move this drug candidate into clinical trials before the end of the year. The original research agreement between Tiziana Life Sciences and Cardiff University, focused on pioneering the development of Bcl-3 inhibitors as potential drugs to treat cancer, has been expanded to include an additional research program focused on eradication of breast cancer stem cells through inhibition of a protein known as c-FLIP, which is also being supported by the company.
IQE plc Establishes Joint Venture with Cardiff University to Lead the Development and Commercialization of Compound Semiconductor Technologies in Europe
Jul 9 15
IQE plc announced that it has established a Joint Venture (JV) with Cardiff University to lead the development and commercialization of Compound Semiconductor (CS) technologies in Europe. The establishment of this JV is a key milestone towards the creation of a European CS cluster centred in Wales, which is increasingly seen as a strategic enabler for the UK and European electronics industries. Compound Semiconductors are a Key Enabling Technology (KET) for the economic growth drivers identified in the European Commission's ‘Horizon 2020’ economic growth strategy, aimed at the re-industrialization of the EU. The JV will work closely with Cardiff University's Institute of Compound Semiconductors (ICS), which in itself establishes world class CS research, development and innovation in Wales, with over 29 million of funding from the Welsh and UK governments. The ICS forms part of Cardiff University's 300 million investment in new research and innovation centres. Collectively, the ICS, the JV, and IQE's existing world class CS operation in Cardiff establishes the core elements of a CS ecosystem in Wales to bridge early stage research, product development, prototyping, and pilot production, through to high volume manufacturing. This clustering also enables the Region to continue to attract, develop and retain world class talent in the CS field, including CS research posts, industry placements, and CS graduate employment. Notably, Cardiff University recently announced the appointment of Professor Huffaker, a leading CS researcher from UCLA. By working closely with the Alacrity Foundation, a unique entrepreneurs training camp, the National Software University, Cardiff University and other UK and European Semiconductor companies, a complete range of KETs skills development will be facilitated by the CS Cluster. The JV will be jointly owned and jointly controlled by Cardiff University and IQE plc. To establish the JV, IQE will contribute equipment with a market value of 12 million, which will be matched by a 12 million cash contribution from Cardiff University. IQE will also license certain intellectual property (IP) to the JV. The JV will be established effective from August 1, 2015, which will create a non-cash exceptional gain of approximately 4.7 million in IQE's accounts due to the difference between the book value and market value of the equipment contributed by IQE. Also, on that date, IQE will receive and recognise revenue of 2 million relating to the IP license. Both partners see very significant benefits accruing from the JV. Cardiff University will now have a very clear and effective route to commercialise the World Class R&D to be carried out at the ICS, and will be able to attract significant Corporate and other R&D funding, whilst IQE will be able to take the technologies developed at ICS and the JV directly into large scale mass production.