Core Oncology, Inc., Teams with Innovaro for IP Services

TAMPA, Fla.--(BUSINESS WIRE)--Innovaro (NYSE Amex: INV), a comprehensive innovation solutions company, today announced they have signed an ongoing IP services agreement with Core Oncology, Inc., an innovator in the field of radiation oncology, introduced by Verdant Ventures Advisors LLC.

“The cancer therapeutics market is growing rapidly, which means this will be both interesting and potentially very rewarding work for Innovaro and our client Core Oncology.”

Under this Agreement, Innovaro will provide technology search and evaluation services for Core Oncology, identifying new and complementary technologies to strengthen their portfolio of cancer treatment therapies. Working closely with Core Oncology’s leadership, Innovaro will identify new and complementary technologies for potential acquisition, conduct landscape and competitive analysis on a range of technology areas, and provide strategic recommendations related to their IP portfolio.

“The technology and research landscape in cancer therapies is vast and having an expert who can help us understand and navigate the possibilities is crucial to our business.” Travis Gay, CEO and President of Core Oncology continues, “With Innovaro as our partner, we will be able to accelerate our development and delivery of cancer therapies, while remaining focused on our core products and customers.”

“We’re excited about this opportunity to work with Core Oncology in the advancement of cancer therapies. Their early market success with prostate brachytherapy and their focus on the localization of cancer treatments provides challenging and meaningful work for us,” states Bill Cawley, Senior Vice President of Innovaro. “The cancer therapeutics market is growing rapidly, which means this will be both interesting and potentially very rewarding work for Innovaro and our client Core Oncology.”

“Verdant Ventures is excited about the opportunities presented by Core Oncology. We believe that combining the resources of Verdant Ventures and Innovaro will provide Core Oncology with the expertise to enable continued and expanded success moving forward,” states John Micek, Manager of Verdant Ventures. “We’re finding that the Innovaro and Verdant Venture team is resonating in the market and this deal demonstrates it.”

www.innovaro.com - www.coreoncology.com

About Innovaro

UTEK Corporation, doing business as Innovaro, is a comprehensive end-to-end innovation solution provider. With fully scalable solutions, whether for a global 1000 company or small R&D lab or university scientist, we help our clients create breakthrough innovation, realize latent value in their IP and accelerate their innovations to market. Leading companies trust us to create profitable growth, new revenue streams, enduring capabilities and lasting value through innovation. For more information about us, please visit our website at www.innovaro.com.

About Core Oncology

Core Oncology was founded on September 15, 2006 by Compass Capital and the existing management of the brachytherapy business owned by Coloplast, formerly Mentor, for the sole purpose of enhancing the levels of service and continuing our pursuit of innovation within the field of radiation oncology. Our philosophy is to make our customers and their trusted patients the focus of our business. Initially formed in 1997, Mentor’s brachytherapy division entered the radiation oncology market as the first company to offer both iodine and palladium brachytherapy sources. Since then the division has developed and successfully launched numerous innovative delivery technologies and services, including the Isoloader^® workstation, prescription loaded needle services and the C20™ proprietary cartridge systems for the Mick^® applicator. The management team that has facilitated the growth and development of the brachytherapy division is the same team that now manages Core Oncology. For more information about us, please visit our website at www.coreoncology.com.

About Verdant Ventures

Verdant Ventures Advisors LLC strives to create investor value based on its unique global access to breakthrough technologies through its relationships with universities, national labs, and companies. It adds value by continuing the development of the acquired science, while formulating and implementing market strategies, which may include out-licensing, selling or incorporating a new dedicated company. Verdant Ventures seeks to reduce the risk of investing in early stage opportunities by utilizing its relationships with companies which specialize in technology-transfers and a cadre of science advisors with industry specific knowledge. Innovaro owns a minority equity stake in Verdant Ventures.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements.” These forward looking statements can generally be identified as such because the context of the statement will include words such as “expects,” “should,” “believes,” “anticipates” or words of similar import. Certain factors could cause actual results to differ materially from those projected in these forward looking statements and some of these factors are identified in the Company’s Form 10-K for the year ended December 31, 2009, and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.