Imperial Innovations Group plc (AIM: IVO, “Innovations” or “the Group”), a leading technology commercialisation and investment group, has published its results for the six months ended 31 January 2016.
Strategic developments
• Broadened access to high quality IP
o Formal agreement with UCL Technology Fund
o Participation in Apollo Therapeutics linking university IP from UCL and University of Cambridge with three global pharmaceutical partners – AstraZeneca, GlaxoSmithKline and Johnson & Johnson
• Raised £100.0 million before costs via a placing in February 2016
Portfolio developments
• £27.5 million invested in 17 companies (H1 2015: £22.4 million in 13 companies)
• Led three major private funding rounds as the unquoted portfolio continues to mature
o £19.0 million Kesios Therapeutics Limited
o £31.5 million Inivata Limited
o Post period end £60.0 million MISSION Therapeutics Limited
• Six new companies added to unquoted investment portfolio with a total investment of £10.0 million
• Post period end invested £11.4 million taking the total invested in this financial year to £38.9 million
Financial highlights
• Net portfolio value up by £27.9 million to £355.1 million (FY 2015: £327.2 million)
• Pre-tax loss of £5.9 million (H1 2015: pre-tax loss of £7.0 million) primarily as a result of a £9.8 million decrease in the net fair value of quoted portfolio
• Net assets of £415.9 million (FY 2015: £420.1 million). Pro forma net assets of £512.9 million including the net proceeds of the placing
Martin Knight, Chairman of Imperial Innovations, said:
“Since the end of December, the Group has accomplished three key developments; two strategic agreements and post period-end a £100.0 million fund raising, which have notably strengthened our position.
“The agreements with the UCL Technology Fund and Apollo Therapeutics have significantly increased our visibility of technology coming from UCL and the University of Cambridge, as well as both broadening and deepening our existing relationships with three of the world’s leading pharma companies.
“We also delivered on our promise to increase our investment focus on technology. All six of the new companies added to our portfolio during the first half were technology companies, with all but one in the ICT and digital sectors.
“Overall, we have continued to deploy our capital at speed, investing £27.5 million across 17 companies, including £10.0 million invested in the new additions in the period. Collectively the portfolio has raised £76.0 million of total investment in the first six months of the year.
“We now have £238.6 million available for investment and operations, which puts us in a very strong position with ample capital to continue to scale investment within our maturing portfolio as well as maximise the opportunities expected from the new alliances with UCL Technology Fund and Apollo Therapeutics.”
A pdf copy of the results is available at http://www.imperialinnovations.co.uk/interim2016.pdf
Strategic developments
• Broadened access to high quality IP
o Formal agreement with UCL Technology Fund
o Participation in Apollo Therapeutics linking university IP from UCL and University of Cambridge with three global pharmaceutical partners – AstraZeneca, GlaxoSmithKline and Johnson & Johnson
• Raised £100.0 million before costs via a placing in February 2016
Portfolio developments
• £27.5 million invested in 17 companies (H1 2015: £22.4 million in 13 companies)
• Led three major private funding rounds as the unquoted portfolio continues to mature
o £19.0 million Kesios Therapeutics Limited
o £31.5 million Inivata Limited
o Post period end £60.0 million MISSION Therapeutics Limited
• Six new companies added to unquoted investment portfolio with a total investment of £10.0 million
• Post period end invested £11.4 million taking the total invested in this financial year to £38.9 million
Financial highlights
• Net portfolio value up by £27.9 million to £355.1 million (FY 2015: £327.2 million)
• Pre-tax loss of £5.9 million (H1 2015: pre-tax loss of £7.0 million) primarily as a result of a £9.8 million decrease in the net fair value of quoted portfolio
• Net assets of £415.9 million (FY 2015: £420.1 million). Pro forma net assets of £512.9 million including the net proceeds of the placing
Martin Knight, Chairman of Imperial Innovations, said:
“Since the end of December, the Group has accomplished three key developments; two strategic agreements and post period-end a £100.0 million fund raising, which have notably strengthened our position.
“The agreements with the UCL Technology Fund and Apollo Therapeutics have significantly increased our visibility of technology coming from UCL and the University of Cambridge, as well as both broadening and deepening our existing relationships with three of the world’s leading pharma companies.
“We also delivered on our promise to increase our investment focus on technology. All six of the new companies added to our portfolio during the first half were technology companies, with all but one in the ICT and digital sectors.
“Overall, we have continued to deploy our capital at speed, investing £27.5 million across 17 companies, including £10.0 million invested in the new additions in the period. Collectively the portfolio has raised £76.0 million of total investment in the first six months of the year.
“We now have £238.6 million available for investment and operations, which puts us in a very strong position with ample capital to continue to scale investment within our maturing portfolio as well as maximise the opportunities expected from the new alliances with UCL Technology Fund and Apollo Therapeutics.”
A pdf copy of the results is available at http://www.imperialinnovations.co.uk/interim2016.pdf
