BTG Sells Teleshuttle Patent Rights To Twintech E.U.
London, UK, 31 March 2006: BTG plc (LSE: BGC), the medical innovations company, today announces the sale of its rights to Teleshuttle Technologies LLC's web-enabled software updating, active desktop and offline browsing patents to TwinTech E.U., LLC, a US company, based in Delaware. BTG will receive an immediate down payment of $35 million, the gross payment before revenue sharing and costs, plus a share of future profits earned by TwinTech E.U. from commercialising these patents.
BTG launched suits in 2004 against Microsoft and Apple for infringement of the Teleshuttle patents. BTG and Teleshuttle will not pursue these suits and any further activity relating to them and the patents will be the responsibility of TwinTech E.U.
Louise Makin, BTG's Chief Executive Officer, said:
“We're delighted with this transaction, generating a significant immediate gain with the potential for upside from future licensing of the patents and drawing a line under the uncertainties that inevitably arise in litigation. TwinTech E.U. has the skills and resource to create value from these patents which we believe should be licensed by a range of software application providers.
This deal on the Teleshuttle patents continues the excellent progress we are making in realising value from our physical sciences assets in order to focus resources on our medical business.”
Andy Burrows, Director of Investor Relations
+44 (0)20 7575 1741
+44 (0)20 7831 3113
BTG in-licenses, develops and commercialises pharmaceuticals and other medical technologies. With a substantial and growing revenue stream of royalties and milestone payments from out-licensed products, BTG continues to strengthen its pipeline of preclinical and clinical development programmes. Active in the fields of oncology, diseases of ageing, neuroscience, drug repositioning and medical devices, BTG works from offices in London, Philadelphia and Osaka through a global partner network of healthcare companies and research organisations. For further information, visit: www.btgplc.com.
Teleshuttle develops new media and business technologies and provides strategic consulting services. Teleshuttle has multiple patent portfolios in development, and commercialises technologies both directly and through strategic partners. Current developments relate to CoTV, coactive TV, which links Web browsing with TV viewing, and to search technologies. Teleshuttle was founded by Richard Reisman in the early 1990s as an innovative online software/service provider. Teleshuttle began its partnership with BTG in 1998. For further information, visit www.teleshuttle.com.Back to press releases