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Imperial Innovations: Balance Sheet Strengthened to Commercialise Opportunities from UK's Four Leading Research Universities


4/19/2011 9:31:28 AM

19 April 2011 -- Imperial Innovations Group plc (AIM: IVO, “Innovations”, “the Group”), a leading technology commercialisation and investment group, has published its results for the six months ended 31 January 2011. Innovations has also led a £60 million funding round for one of its accelerated growth portfolio companies, Circassia – see separate release.

Operational highlights

- Completed a £140 million equity fund raise (before issue costs)

- to accelerate and increase investment in selected companies from its existing pipeline with Imperial College London.

- to invest in companies founded by or based on technology from the universities of Oxford, Cambridge and University College London.

- Invested £6.3 million (H1 2010: £6.2 million) in 12 companies with the portfolio raising over £14 million.

- Led £3.6 million funding round in PsiOxus Therapeutics, investing £1.7 million facilitating the merger of Myotech Therapeutics and Hybrid Biosystems.

- Continued flow of intellectual property from Imperial College London with 165 invention disclosures (H1 2010: 178) and 23 patents filed (H1 2010: 24).

- Post period end

- led £60 million funding round in Circassia; Innovations committed £15 million alongside co-investors Invesco Perpetual and other existing investors. The change in fair value will be reflected in the results for the second half of the year.

- invested further £8.4 million in nine companies and committed a further £8.7 million.

Financial highlights

- Pre-tax profit £1.3 million (H1 2010: £0.1 million).

- Cash and short term liquidity investments at 31 January 2011 £76.2 million (H1 2010: £24.4 million).

- Cash invested in portfolio companies £6.3 million (H1 2010: £6.2 million) in 12 companies.

- Net assets £224.7 million (H1 2010: £85.8 million) including equity raise proceeds. Of the equity raise proceeds, £74 million has been deferred and will be paid in two equal instalments of £37 million in January 2012 and January 2013.

- Post period end realisations of £1.5 million, taking realisations for the financial year to £2.0 million as at 18 April 2011.

Martin Knight, Chairman of Imperial Innovations, said:

“The first half of the current financial year was, for Innovations, dominated by the raising of £140m in new equity. This was a very significant step for the Group, for its investee companies, and for the academic community whose ideas and work can now be more quickly translated, with appropriate funding, into marketable products.

“Innovations combines experienced venture capital expertise with the softer skills required to work successfully with the scientific community. With its substantially increased financial resource, Innovations now has ample opportunity to support its investee companies properly and attract top quality management capable of building highly successful businesses.

“This outstanding opportunity will enable Innovations to take full advantage of the good progress being made in a number of the already well established businesses in which it has invested. The recently announced £60m fundraising for Circassia gives confidence that shareholders will see this opportunity being energetically exploited.

“Furthermore, by working with the academic communities of the Universities of Oxford, Cambridge and University College London, as well as Imperial College, the Group is building a world class early stage venture business based on the scientific research excellence of the United Kingdom.”

A pdf copy of the results is available at http://www.imperialinnovations.co.uk/interim2011.pdf

Enquiries:

Imperial Innovations

020 7594 6506

Martin Knight, Chairman

Susan Searle, Chief Executive Officer

Julian Smith, Finance Director

College Hill

020 7457 2020

Adrian Duffield/Kay Larsen/Rozi Morris

J.P. Morgan Cazenove

020 7588 2828

Michael Wentworth Stanley/Paul Park



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