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Imperial Innovations Release: Over £35 Million Invested in 23 Companies


10/5/2011 10:53:25 AM

5 October 2011 -- 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 2011.

Business highlights

• Completed £140 million equity raise (before issue costs) in January 2011:

- To increase and accelerate investment in the existing Imperial College London portfolio

- To invest in companies founded by, or based on technologies from, Cambridge University, Oxford University and University College London (“UCL”) as well as Imperial College London

• Led £60 million funding round in Circassia – third largest financing of private European biotech company for 15 years

• Led £40 million funding round in Nexeon

• Invested £4 million in Stanmore Implants Worldwide (UCL)

• £35.1 million (FY 2010: £14 million) invested in 23 companies

- Group’s portfolio raised £129 million in cash and investment commitments

• Strong pipeline: 351 inventions appraised (FY 2010: 344) and 52 patents filed (FY 2010: 48)

• Since 31 July 2011, invested £6.3 million in nine companies, including £1.2 million in Mission Therapeutics (Cambridge) and committed £5 million to Autifony (UCL)

Financial highlights

• Gross realisations (proceeds from the sale of investments before revenue share) £2.4 million (FY 2010: £10.4 million)

• Total revenues at £4.5 million (FY 2010: £4.3 million)

• Cash and short term liquidity investments at 31 July 2011: £48.8 million (FY 2010: £23.7 million)

• Net assets £224.1 million at 31 July 2011 (FY 2010: £91.1 million) including equity raise proceeds of which £74 million has been deferred and will be paid in two equal instalments of £37 million in January 2012 and January 2013

Martin Knight, Chairman of Imperial Innovations, said:

“This financial year has been an exciting and fulfilling one for the Group with the £140 million fundraising completed and the investment programme stepped up.

“In the second half, we invested substantial capital in our two most significant businesses from the Imperial portfolio, Nexeon and Circassia, leading funding rounds of £40 million and £60 million respectively. We also invested in three companies that have grown out of Cambridge University and UCL.

“In total we invested £35.1 million during the year - a significantly larger figure than before. Since the year end, we have maintained our momentum, with investments and prospects from all of the four research intensive universities on which we focus - Cambridge, Oxford, UCL and Imperial College London.

“The year has laid the foundations for the next stage of the Group’s progress. We look forward with confidence to delivering good value from the portfolio of exciting businesses that we have and continue to support.”

A complete copy of the Annual Report and Accounts for the year ended 31 July 2011 can be found at http://www.imperialinnovations.co.uk/annualreport2011.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/Rozi Morris/Tim Watson

J.P. Morgan Cazenove

020 7588 2828

Michael Wentworth-Stanley/Paul Park


Read at BioSpace.com


   

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