Oxford scientists in the money

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The Independent Online
Two Oxford scientists could make a paper profit of pounds 500,000 when the science group they founded comes to the stock market.

Oxford GlycoSciences was founded 10 years ago by Raymond Dwek and Raj Parekh, in collaboration with Oxford University. The university also stands to make a healthy profit from the flotation.

The group specialises in producing technology used by drug companies to help identify proteins that cause diseases. The group has recently signed a deal with Incyte to develop databases for the world's biggest pharmaceutical companies. The group is also carrying out clinical studies on two liver cancer treatments.

Oxford GlycoSciences is looking to raise pounds 25m-pounds 30m which will value the group at between pounds 75m and pounds 100m. It has already raised pounds 30m from equity backers, such as Warburg Pincus and The Wellcome Trust.

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