imperial innovations group plc · 2016. 6. 16. · 2010 private £10m placement 2005 £26m aim...

Creating, building and investing in ground-breaking technology opportunities addressing large international markets

Imperial Innovations Group plc

• Imperial Innovations creates, builds and invests in pioneering technology opportunities

• Addressing the gap between scientific research and successful commercialisation in the UK

• Focused on four universities: Oxford, Cambridge, Imperial College London and University College London

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£140m Equity raise

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£10m Private placement

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£26m AIM listing

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£30m Share placing

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• Founded in 1986 as Imperial College London’s Technology Transfer Office – remains a key function of the business

• Investment capability increased after AIM listing

• £140m equity raise in 2010: – Greater ambition: growth of later stage Imperial businesses

– Broader scope: invest in new companies from Oxford, Cambridge, Imperial and UCL

• Major shareholders: Invesco, Imperial College London and Lansdowne Partners

History


• Lack of early stage finance and continuity of finance, venture capital constrained

• Criticism that UK does not exploit its science and enable scale

• Research concentrated in research intensive universities - >25% of funding for four universities

• Universities: top four universities in Europe and combined annual research income >£1bn

• Local established technology transfer and spinout capability which can be leveraged

– Cambridge Enterprise, UCL Business and OSEM

The UK environment


Integrated Business Model

Technology sourcing and

protection

Market research, product validation, patent searching, industry partners

Company formation, incubation, support and investment

Commercial Support: • Validation of opportunities by assessing market need and competition • Identify potential licensees and industry partners

Ventures & Investment: • Create and support new

businesses based on IP • Source new opportunities

from Oxford, Cambridge and UCL

• Incubation services • Recruit experienced

management • Provide investment and

continued support throughout company life

• Exit at optimum stage in company development

• Evergreen investment fund

Technology Transfer: • Source and assess technologies

from Imperial College London • IP protection and strategy • Funds to deploy for technology

Proof of Concept to demonstrate performance and commercial potential

• Responsible for licensing technology to industry


Building businesses

Technology and the

university environment

Management teams recruited, hand

picked with specific expertise

Capital to invest at all

stages securing deal

flow and capturing

value

Management: • Funded businesses attracting talented management • Building boards and experienced management teams using executive search firms

Capital: • Capital to invest from pre-

seed to exit • Ability to invest at all stages

to maintain influence and significant stakes

• Companies with high potential not constrained by capital or exit timetable

Technology: • Access to world class research

in ground breaking technology

• Know how to deal with universities and academics

• Access to incubator (laboratory and commercial space) for start-ups

• Collaborations with Cambridge Enterprise, OSEM and UCL Business

• Imperial TTO


Accelerated growth • 29 companies • Active role, seat on

board • High calibre

management

Support • 24 companies • Support to promote

organic growth and revenue generation

Low involvement • 25 companies • Smaller assets • No further funding

expected

Our portfolio

Healthcare

Technology


• £83m invested since 2006; over £300m raised by portfolio

Substantial exits

Other trade sale exits

Track Record

• Developing treatments for obesity and diabetes • Invested £1.5m in 2006 as part of £10m round • Trade sale to Pfizer for up to £100m realising £3.1m; further milestones due

up to £16.1m

Sold to Stanmore Implants Worldwide Sold to Evonik Sold to Technip Sold to IDBS

• Developing treatments for COPD, severe asthma & Cystic Fibrosis • Invested £2m in 2007 as part of £13m round • Trade sale to Centocor realising £9.5m

• AIM-listed UK fuel cell manufacturer • Invested £0.65m in 2005 • Sale of shares - £7.7m with 2.8% stake retained


• Portfolio of licences from Imperial College London technology

• Part of our model – building long term revenue streams

• Technology

– Bob Martin: licence for novel cat litter made from quarry fines

– Halls: technology for measuring fruit ripeness

• Healthcare

– Novartis Vaccines and Diagnostics: licence of novel meningitis B vaccine candidate

– EuroImmun: technology for diagnosis and treatment of rheumatoid arthritis

– Stanmore Implants Worldwide: orthopaedic knee implant

Licensing

£2.2 million Licence & royalty revenue

FY2010

27 IP agreements FY2010


Unique silicon anode technology for lithium ion batteries

World’s highest capacity Li-ion cells – 30-40% increase

Market will reach $43 billion by 2017

Raised £55m

Innovations investment £22.3m, holding 40%

“Through our world class technology team, Nexeon is set to make a major contribution in shaping the future of rechargeable batteries.”

Dr Scott Brown, CEO


Stepped up investment in Imperial businesses

Team Progress Funding

2005 Proof of Concept, Incubator Seed (2006) £0.5m

2007 Anode material proof of concept Series A (2007) £4.25m

2009 Pilot plant Material samples to customers

Series B (2009) Series C (2011)

£10m £40m

2010 500 charge/discharge cycles World’s highest capacity Li-ion cells


• Allergy T-cell Vaccine platform designed to treat a broad range of allergies, and therapies to combat autoimmune conditions such as rheumatoid arthritis and psoriasis

• Raised total £93m. Innovations’ investment £14m (commitment to further 8.3m), holding 18%

• £60m funding round in April 2011 led by Innovations and supported by Invesco and other shareholders

• Third largest fundraising for private European biotech company in the last 15 years

• Experienced management team:

– Sir Richard Sykes (Chairman): Formerly Chairman of GSK and Chairman and CEO, GlaxoWellcome

– Steve Harris (CEO): Strong record of leadership in biotech and specialty pharma sectors; ex Zeneus Pharma (CEO) and PowderJect (CFO)

– Charles Swingland (Deputy Chairman): 30 years corporate legal experience in the City and biopharma; Managed legal aspects of major transactions and fundraisings, including sale of PowderJect to Chiron for $1bn

– Rod Hafner (VP R&D): 15+ years international experience in life sciences industry; Ex-PowderJect and OptiNose

– James Shannon (NED): formerly Global Head of Development at Novartis Pharma AG.


Stepped up investment in Imperial businesses

Market and pipeline

10 product portfolio; 9 phase II studies; proof-of-concept established; lead products set for phase III

• Four lead allergy products with combined US market of over $2.5bn. • Unique technology with patient, manufacturing and regulatory advantages

2008 2009 2010 2011

Ragweed

House Dust Mite

Grass

Cat

Funding £60m £15m £11m

>450 subjects in cat allergy trials, >325 in ragweed studies

Exposure chamber n=120

Dose finding n=88 Asthmatics n=48

1 year follow up

Commercial formulation n=200

Dose finding n=50

Exposure chamber n=275

Dose finding n=50

Dose finding n=50


• Autifony – £5m investment as part of £10m round alongside SV Life Sciences; 33.6% stake

– Spinout from GSK: pre-clinical assets targeting voltage-gated ion channels to treat hearing disorders

– Experienced founding team including senior GSK scientists

– Collaboration with UCL Ear Institute, leading experts Professor David McAlpine and Jennifer Linden; UCL Business founding shareholder

• MISSION Therapeutics

– £1.3m investment in £6m seed round alongside Sofinnova Partners, SR ONE and Roche Venture Fund; 15.7% stake

– First investment in Cambridge company; building drug discovery platform against enzymes in the ubiquitin pathways that control cellular responses to DNA damage – targeting oncology & other applications

– Experienced founding team with strong track record from KuDOS Pharmaceuticals (sold to AstraZeneca in 2006 for $210m)

• Stanmore Implants Worldwide

– £4m investment for substantial stake in the business; spinout from UCL

– Specialists in design and manufacture of patient specific implants for complex orthopaedic reconstruction

– Intellectual property behind ‘Savile Row’, the world’s first fully personalised knee replacement system, based on Acrobot, Innovations spinout acquired by Stanmore in 2010.

Investments in Cambridge- and UCL-linked companies


David Allen Non Executive Director Dr Allen joined the Group after nearly 30 years with BP plc, one of the world's leading energy firms, where he was chief of staff from 2000 to 2007.

Directors and Board

WEDNESDAY, 19 OCTOBER 2011 15

Martin Knight Chairman Martin became Chairman of the Group in July 2003. He joined Morgan Grenfell & Co Ltd in 1974, becoming a director in 1982. Since 1988, he has advised, worked with and served on the boards of private and public companies. He was most recently COO of Imperial

Susan Searle Chief Executive Officer Susan Searle has been Chief Executive Officer since January 2002. Susan has served on the boards of several companies including Thiakis Ltd and currently serves on the boards of Plaxica and EVO Electric. Susan has an MA in Chemistry from Oxford University.

Julian Smith Chief Financial & Operating Officer Julian Smith was appointed as Chief Financial and Operations Officer in January 2006. Julian is a Chartered Accountant. He currently serves on the Board of Cortexica , a Group technology company. Julian has an MA in Engineering Science from Oxford University.

Russ Cummings Chief Investment Officer Russ Cummings joined from Scottish Equity Partners Limited where he was responsible for investment in high growth technology companies. Russ manages the investment portfolio and decision-making process, and serves on the boards of Circassia and Nexeon. Russ has a BSc in Mechanical Engineering from Imperial.

Mark Rowan Non Executive Director Mark Rowan is a partner of Comvest Limited which specialises in early stage technology investment, and was previously president of Banque AIG.G

Paul Atherton Non Executive Director Paul co-founded Queensgate Instruments and was Managing Director until its sale. He is an active angel investor, focusing on nanotechnology and photonics.

Stephen Richardson Non Executive Director Appointed to the Board on 21 December 2009, Professor Richardson is Deputy Rector of Imperial College London, and, since 2008, Principal of the Faculty of Engineering.

Ventures and Investment: Healthcare


Kathryn Owen Healthcare Ventures Associate Kathryn supports licensing and spin-out opportunities in the bioscience and medical devices sector. Prior to joining, she spent four years at AstraZeneca. Kathryn has a PhD in Matrix Biology from Imperial College London.

Jonathan Tobin Investment Associate Jonathan has a 1st class degree from Oxford in Biological Science, and a PhD in Molecular Medicine from UCL. He joined from MRC Technology where he sourced and evaluated novel drug targets.

Tony Hickson Managing Director Technology Transfer Tony Hickson joined the Group in early 2002. He has over 16 years of commercial IP and licensing experience in bioscience companies and has sat on the boards of Emcision, Polytherics and Respivert.

Maina Bhaman Director Healthcare Investments Maina has over 10 years’ start-up experience in biotechnology ventures. Previously she worked as a Senior Scientist at Celltech. Maina is currently a director of Psioxus Therapeutics, Cell Medica, Molecular Vision and IXICO.

Simon Kerr Director Bioscience Ventures Simon has extensive experience of emerging bioscience businesses. Prior to joining the Group, he was Commercial Director of CeNeS. Simon has a BA (Economics) from the University of Exeter and an MSC from London Business School

Rebecca Todd Director Bioscience Ventures Rebecca joined from Oxford Capital Partners, where she managed the healthcare investment portfolio. She has an MBA from the Said Business School, a PhD in Genetics from Nottingham University and a first degree in biology from the University of York

Dayle Hogg Healthcare Ventures Manager Dayle joined Innovations from Lectus Therapeutics where he was commercial VP. Dayle holds a DPhil in Pharmacology from the University of Oxford.

Ventures and Investment: Technology


Jon Edington Director Engineering Ventures Jon joined the group in 2010 from Sovereign Capital. Previously, Jon spent seven years at 3i where he was a director in the venture capital business. Jon has a BEng from Imperial College and an MBA from INSEAD.

John Holden Director Investments Prior to joining the group John was a Director at ANGLE plc. John has a BA in Economics and Politics from Durham and a MBA from Cranfield School of Management. He sits on the boards of Veryan, OSspray, Repregen and Cortexica.

Robert Bahns Director Investments Robert Bahns has spent over 20 years in industry and finance. Before joining the Group, he was a director at Nomura International. He has an MBA from Insead and an Electrical Sciences degree from Cambridge

Jon Page Director Ventures Team Jon joined Innovations in 2001. Prior to joining Innovations, Jon worked in a variety of roles for PwC and Natwest. Jon sits on the board of Novacem Limited, one of the Groups technology companies.

Govind Pindoria Technology Ventures Manager Prior to joining the group, Govind worked as a Director for Novellus Systems. Govind has a BSc in Chemical Physics from University of Sussex, PhD in Semiconductor Physics from University of Warwick and an MBA from Imperial College business school.

Amit Chakrabarti Investment Associate Amit joined the Group from Oxford Capital Partners. Previously, he worked at Credit Suisse and Saltrock Advisers. Amit has an MBA from Oxford and Degree in Electronics Engineering from University of Poona.

Paul May Director Technology Ventures Paul joined the Group after completing a spell as Entrepreneur in Residence. Paul was founding Technical Director of Cambridge Display Technologies, and was founding CEO of Kamelian. Paul has a PhD in Laser Physics & MSC Bioinformatics & Systems Biology from Imperial.

Healthcare Investments

http://cellmedica.co.uk/

http://polytherics.co.uk/

http://www.molecularvision.co.uk/show.php

http://www.ixico.com/

http://www.circassia.co.uk/

http://www.psioxus.com/

http://veryanmed.com/

http://respivert.com/

http://www.missiontherapeutics.com

http://www.stanmoreimplants.com/


http://cellmedica.co.uk/

http://polytherics.co.uk/




http://www.psioxus.com/

http://veryanmed.com/





Technology Investments

http://www.nexeon.co.uk/

http://plaxica.com

http://www.permasense.com

http://www.quantasol.com/

http://cortexica.com/

http://www.mycologix.co.uk/

http://www.evo-electric.com/

http://www.cerespower.com/


http://www.nexeon.co.uk/

http://plaxica.com/

http://www.permasense.com/




http://www.mycologix.co.uk/







imperial innovations group plc · 2016. 6. 16. · 2010 private £10m placement 2005 £26m aim...

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