Imperial Innovations Release: £25 Million Invested to Commercialize Opportunities from UK’s Four Leading Research Universities Year to Date & £109.5 Million Funds Available
Business highlights
• £25.7 million invested in portfolio companies year to date:
o £10.4 million invested in 14 portfolio companies during the period (H1 2011: £6.3 million), portfolio raised a total of £24.6 million.
o Post period end invested a further £15.3 million in eight companies, taking the total invested by the Group to £25.7 million with the portfolio raising £76.2 million so far this financial year.
• Investment portfolio value increased by £12.9 million to £117.4 million (31 July 2011: £104.5 million).
• Investments made in University of Cambridge associated companies MISSION Therapeutics and Cambridge Communications Systems.
• £5 million commitment in Autifony Therapeutics, a new spin-out from GlaxoSmithKline (GSK) collaborating with the University College London (“UCL”) Ear Institute.
• Imperial College London (“Imperial”) technology pipeline remains strong: 165 invention disclosures (H1 2011: 165), seven commercial agreements signed (H1 2011: 12) and 16 patents filed (H1 2011: 23).
• Post period end investment in Circassia of £11.75 million, being the second tranche of the April 2011 funding round, which has increased the investment in Circassia to £72 million from £60 million. In March 2012, led a £3.3 million investment round in Abingdon Health - the Group invested £2 million.
Portfolio developments
• Nexeon signed a joint development agreement with a global tier one automotive OEM to optimise its battery anode technology for electric cars and produced laptop battery cells with 50% more energy storage than typical commercial Li-ion battery cells on the market.
• Circassia successfully completed a Phase II ragweed allergy vaccine trial and had positive one year follow up data from Phase II cat allergy vaccine trial.
• In April 2012 Pfizer gave notice they are seeking an acquirer for, and discontinuing R&D of, products relating to Thiakis.
• Good operational progress made with the next eight accelerated growth companies: Veryan Medical, Plaxica, PsiOxus Therapeutics, PolyTherics, Cell Medica, Stanmore Implants Worldwide, EVO Electric and TopiVert.
Financial highlights
• Cash and short term liquidity investments at 31 January 2012 of £72.5 million (H1 2011: £76.2 million).
• Total funds available of £109.5 million, including the remaining equity raise instalment of £37 million.
• Net assets £225 million (H1 2011: £224.7 million) and pre-tax profit £0.9 million (H1 2011: £1.3 million).
Martin Knight, Chairman of the Group, said:
“We have invested over £25m in our portfolio companies already this year. Significantly, we have over £100m available to back further our top companies, as well as maintaining our very active programme of investing in new enterprises from the four leading research-based universities.
“At a time when energy storage and power capacity is so critical in a number of consumer and automotive markets, Nexeon’s battery technology couldn’t be better positioned. Meanwhile, Circassia’s novel approach to the huge allergy market is making excellent progress with its proprietary Tolermune technology which tolerises the body to the allergen, such as cat, ragweed, house dust mite or grass.
“Behind these two front runners, we have another eight exciting and fast developing businesses, encompassing a wide range of healthcare and technology markets.”
Enquiries:
Imperial Innovations Group Plc 020 7594 6506
Martin Knight, Chairman
Susan Searle, Chief Executive Officer
Julian Smith, Chief Finance and Operations Officer
College Hill 020 7457 2020
Adrian Duffield/Tim Watson/Rozi Morris
J.P. Morgan Cazenove 020 7588 2828
Michael Wentworth Stanley/Paul Park