Technology Pioneer 2007
RENOVO SELECTED BY THE WORLD ECONOMIC FORUM AS A TECHNOLOGY PIONEER FOR 2007
Renovo Group plc (LSE: RNVO), the biopharmaceutical company developing drugs for the prevention and reduction of scarring at multiple body sites, is pleased to announce that it has been selected by the World Economic Forum as one of the Technology Pioneers for 2007.
The Company is initially focused on developing drugs for the prevention and reduction of scarring in the skin. Renovo will then look to extend its drug candidates to other body sites, such as the eye, tendons and nerves.
Renovo receives this award having been recognised as developing and applying innovative technologies in the areas of biotechnology and health. This year’s class of companies were selected not only because of the cutting-edge work, but also because their work has potential long-term impact on business and society.
The final selection of the 47 Technology Pioneers was made by a panel of world leading technology and venture capital experts appointed by the World Economic Forum. The winners were selected from a group of 225 nominees.
Commenting on the award, Professor Mark W J Ferguson, Chief Executive Officer of Renovo, said: “We are delighted to be recognised by the World Economic Forum as a Technology Pioneer and believe that this endorsement will serve to boost our profile and reputation across the world as an innovative company developing first-in-class drugs. I look forward to participating in the World Economic Forum meeting in Davos next January.”
Peter Torreele, Managing Director of the World Economic Forum. said: “The competition to become a Technology Pioneer has been more intense than ever. It is evident that technology and innovation is playing a key role in the shifting power equation at a global level. Driving this shift is the tremendous amount of innovation taking place outside of traditional hubs. The wide geographic spread of this year’s Technology Pioneers is a testament to this trend. We are pleased to welcome these exciting companies to our Community of Technology Pioneers, and look forward to engaging these industry leaders of the future into the community of the World Economic Forum.”
For further information please contact:
Renovo Group plc
Professor Mark Ferguson, Chief Executive Officer
+44 (0) 161 606 7222
Simon Bielecki, Head of Communications
+44 (0) 161 606 7328
Tim Anderson/Lisa Baderoon/Mary-Jane Johnson
+44 (0) 20 7466 5000
About Renovo Group plc
Renovo is a biopharmaceutical product company and is the world leader in scar prevention and reduction research, and the development of drugs to prevent and reduce scarring. The Company has a highly skilled management team with over 30 years of research in the field of scarring, and significant pharmaceutical industry experience.
Renovo has a portfolio of drugs which exploit different novel mechanisms of action to prevent and reduce scarring at multiple body sites and to accelerate healing. The Company’s deep pipeline includes four drugs in phase II clinical development, a further four advanced pre-clinical candidates and nine other pre-clinical candidates.
Scarring can result from acute injury in, or surgery to, the skin, blood vessels, eyes, nerves, internal organs, tendons and ligaments. These are high value markets of significant unmet medical need.
Renovo aims to be first to market with a pharmaceutical drug in the US and Europe to prevent and reduce scarring. Current demand is inadequately met and there is no near term competition.
According to external research conducted by The Mattson Jack Group, the potential commercial market for prevention and reduction of scarring in the skin is worth in the order of US$4 billion per annum in the US alone.
About the World Economic Forum
The World Economic Forum (http://www.weforum.org), based in Geneva, Switzerland, is an independent organization committed to improving the state of the world. Funded by the contributions of 1,000 of the world's foremost corporations, the Forum acts in the spirit of entrepreneurship in the global public interest to further economic growth and social progress. The Forum serves its members and society by creating partnerships between and among business, political, intellectual and other leaders of society to define, discuss and advance key issues on the global agenda. Incorporated in 1971 as a foundation, the World Economic Forum is impartial and not-for-profit, and is tied to no political, partisan or national interests. In 1995 the Forum was awarded NGO consultative status with the Economic and Social Council of the United Nations.
About the Technology Pioneers
To be selected as a Technology Pioneer, a company must be involved in the development of life-changing technology innovation and have the potential for long-term impact on business and society. In addition, it must demonstrate visionary leadership, show all the signs of being a long-standing market leader – and its technology must be proven. Previous Technology Pioneers have included Autonomy, Cambridge Silicon Radio, Encore Software, Google, Millennium Pharmaceuticals and Napster.
The pioneering companies’ products include microscopic pill cameras, bio sensors that localize landmines, implantable medical devices for the treatment of brain tumours, mobile television service, anti-scarring drugs, open source webrowsers, video headsets, thin-film diamond coatings, solar air-conditioner equipment, paper batteries for music-playing greeting cards, and even an automatic and compacting trash bin powered by solar energy.
The selection criteria include:
1) Innovation. The company’s technology must be truly innovative. A new version or repackaging of an already well-accepted technological solution does not qualify as an innovation. The innovation should be recent – not more than two years old. The company should invest significantly in R&D.
2) Potential Impact. This company’s technology must have the potential to have a substantial long-term impact on business and society in the future.
3) Growth and Sustainability. The company should have all the signs of being a long-term market leader and should have well-formulated plans for future development and growth.
4) Proof of Concept. The company must have a product on the market or have proven practical applications of the technology. Companies in “stealth” mode and companies with untested ideas or models will not qualify.
5) Leadership. The company must have visionary leadership that plays a critical role in driving the company towards reaching its goals.
6) Status. The company must not currently be a Member of the World Economic Forum. This criterion applies to the parent company – thus wholly-owned subsidiaries of large firms are not eligible.
Go to www.weforum.org/techpioneers/2007 for the entire list of Technology Pioneers and interviews with the CEOs of the selected companies. For more specific information, please e-mail: email@example.com
Download print-quality high resolution photographs of the CEOs of the selected companies at: www.pbase.com/forumweb/techpioneers2007