The deal was alluded to by CEO Peter Taylor when the new Minister for Trade and Investment, Mervyn Davies CBE visited TTP recently. The new company has acquired technology and assets from Plasmon Ltd which went into administration last year. The establishment of the new company secures the jobs of seven former employees of Plasmon and retains in Cambridgeshire some key technologies related to optical devices and materials.
TTP’s Peter Taylor said “We are pleased to be able to retain this important world class technology base in the region and to secure the jobs and key skills of the employees in these difficult times. When Mervyn Davies CBE, the Minister for Trade and Industry, visited us we informed him that although the current climate is uncertain, TTP still sees opportunities for growth and this deal was one that was just coming to fruition. We are also hopeful of further expansion and job creation in our core business and subsidiaries.”
Bob Longman, CEO of the new venture said “I am delighted that we have been able to secure funding in these very difficult times to continue the successful consultancy business of Plasmon. Our employees have a track record of successful product development built over the last fifteen years and I expect to broaden the application of the skills through our association with TTP”.
Richard Stratford, Head of Business Development at LingVitae Holding AS, commented “We are extremely pleased to be able to maintain our relationship with Bob and his talented team and look forward to continuing to exploit this technology in the development of LingVitae’s proprietary low cost optical disc based DNA sequencing platform”.
Plarion will be supplying consultancy and product development services based on their experience of optical media manufacturing and test systems and will be looking for other opportunities to apply these skills in optical surfaces, microstructure manufacturing and testing in other industries.
About TTP Group plc
TTP Group plc is Europe’s leading independent technology development and incubation company and its primary objective is to create new business based on advances in technology. TTP specialises in clean tech, communications, medical products, digital printing, microdevices, optics, vision, consumer and industrial products. The company, established in 1987, is headquartered on Melbourn Science Park which it owns (near Cambridge, UK) and employs over 300 scientists and engineers.
About LingVitae Inc
LingVitae Holding AS is a Scandinavian based genomic company founded in 2002 headquartered in Oslo with a subsidiary in Stockholm. The Company is developing a low cost DNA sequencing instrument based on optical disk technology, which has the potential to democratize the field making powerful DNA analysis affordable to researchers with limited means. The technology will also be ideal for exploitation in the field of diagnostics and will help usher in the personal medicine revolution.LingVitae currently employs 20 people and is funded by Norwegian private investors and a variety of national and international grants.