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Imperial Innovations Release: Leading Portfolio Companies Developing Strongly as Investment Momentum Across Group Maintained


10/5/2012 10:56:18 AM

5 October 2012 -- Imperial Innovations Group plc (AIM: IVO, “Innovations”, “the Group”), a leading technology commercialisation and investment group, has published its results for the year ended 31 July 2012.

Business highlights

• £37.9 million (2011: £35.1 million) invested in 29 companies (2011: 23 companies)

• Portfolio companies raised a total of £147 million in cash and investment commitments (2011: £129 million)

• 11 new investments in companies associated with, or based on, research from the UK’s four leading Universities

• Leading investments Circassia and Nexeon continue to make strong progress and made key management appointments

o Nexeon, a battery materials company, has demonstrated cells that meet commercial consumer application targets and has recently been named in the 2012 Global Cleantech 100 (by Cleantech Group)

o Circassia, a developer of allergy treatments, has achieved positive results in phase II ragweed trials and has just initiated pivotal large-scale phase III clinical study of its ToleroMune® cat allergy treatment

• Significant investments in next tier portfolio companies PsiOxus, Cell Medica, PolyTherics, Veryan and Plaxica

• 377 inventions appraised (2011: 351) and 51 new Imperial College patent filings (2011: 52)

• Over 200 opportunities assessed across Cambridge, Oxford and University College London

Financial highlights

• Pre-tax profit of £5.1 million (2011: £0.6 million) up by £4.5 million on prior year

• Cash and short term liquidity investments at 31 July 2012: £43.9 million (2011: £48.8 million), which in addition to the undiscounted deferred £37 million receivable from the January 2011 fundraising, totals £80.9 million

• Net assets £228.2 million at 31 July 2012 (2011: £224.1 million)

• Total revenues at £4.3 million (2011: £4.5 million)

• Portfolio value increased to £155.6 million (2011: £104.5 million)

• Fair value gains of £21.6 million offset by impairments of £6.9 million and £2.3 million impairment of Thiakis contingent consideration resulting in a £14.7 million (2011: £3.3 million) net increase in the fair value of investments and a £3.5 million revised carrying value of the Thiakis contingent consideration

Martin Knight, Chairman of Imperial Innovations, said

“This past financial year has been one of good progress. We are proving that our business model is sound; that our pipeline of opportunities from the UK’s leading research intensive universities is full of promise; and that our portfolio of investee companies, particularly our larger holdings, has developed well, in line with our expectations.

“We have invested more capital in the last year than in any other financial year: £37.9 million, in 29 companies. This is consistent with our view that early stage technology companies need to be funded properly to attract strong management and build businesses of scale and significance. It is worth noting that some £94.2 million has been invested by us in our top 15 investee companies. Some of these are significant businesses in their own right, far removed from the “spin-out” tag.

“We are committed to building substantial businesses based on intellectual property emanating from the UK’s leading research intensive universities. We are not investors distracted from this goal by one eye permanently on the door marked ‘exit’.

“We remain confident that our progress will be maintained, with continuing value being built in our portfolio of companies.”

A complete copy of the Annual Report and Accounts for the year ended 31 July 2012 can be found at http://www.imperialinnovations.co.uk/annualreport2012.pdf

Enquiries:

Imperial Innovations (www.imperialinnovations.co.uk)

020 7594 6589

Susan Searle, Chief Executive Officer

Julian Smith, Chief Financial and Operations Officer

Diana Crisp, PR Manager

College Hill 020 7457 2020

Adrian Duffield/Mel Toyne-Sewell/Rozi Morris

J.P. Morgan Cazenove 020 7588 2828

Michael Wentworth Stanley/Paul Park


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