Technology transfer has been a tantalizing black hole for years. While the venture community has been able to pluck out technology to start biotech companies, entrepreneurs have tried - and failed - to figure out how to make money off the ongoing stream of discoveries coming out of universities.

Oxford Molecular Group plc believes it has come up with a solution that marries tech transfer to the virtual company concept. The company's goal is to be a "virtually integrated" research company specializing in the discovery of new chemical entities (NCEs).