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Imperial Innovations Group plcHalf year results presentation 2012/201322nd March 2013

• Three leading assets have potential to become highly valuable businesses and are making strong progress towards commercialisation

• Circassia commenced phase III, multinational, 1,200 patient trial for cat allergy therapy and received positive phase II follow-up data

– FDA confirm single phase III trial sufficient for registration

– Product sales following end of phase III trial in 2015

• Nexeon signed development deal with WACKER to progress 250 tonne p.a. plant

– 20 tonne p.a. materials manufacturing plant due July 2013

– First sales expected Autumn 2013

• Veryan achieved CE Mark for helical stent product

– Strategic review underway to determine future direction of company which could include sales, licensing or exit

• Next five also making good progress

Strategic overview

FRIDAY, 22 MARCH 2013 2Imperial Innovations Group plc Half Year results 12/13

Value developing in portfolio companies

3

• Direct investments alongside supportive co-investors• Securing non-dilutive funding

Funding• Expert strategic partners brought on• Enables acceleration of technologies

Strategic Partners

Strengthening Management• Introducing key management• Strengthening Boards

External Validation & Milestones• External validation and other milestones

demonstrating technologies

Phase III trialsCircassia: Stewart Sharpe, Brett Haumann, Jean-Jacques Garaud

Cell Medica: Kurt Gunter, Jeff Hammel, Ross Durland

Imperial Innovations Group plc Half Year results 12/13 FRIDAY, 22 MARCH 2013

• £14m invested in portfolio companies in current financial year

– Portfolio raised £36.7m to date this financial year

• Net investment portfolio value increased from £150m by 12% to £167.8m

• Net assets £227.6m

• Total cash available for investment £63m

• Total revenues of £1.6m & Pre-tax profit: £0.9m

• Key investments:

– Acunu – £1.3m in data monitoring and analytics provider

– Semetric – £1.5m in ‘big data’ marketing analytics software business

– Autifony – £3.5m drawdown for tinnitus and CND disorder therapeutics business

– Oxford Immunotec – $3.7m drawdown to support medical diagnostics business

Half year financial overview

4

6.3

28.7

37.935.1

10.4

27.5

14.0

2011 20132012

14

First half investment

Second half investment

Investment rate

(£m)


Key components of value

52.8% portfolio value

4.4% portfolio

value

Total portfolio: 73.8% NAV

Other Net asset value

Cash availableto invest

PolyTherics PsiOxus Oxford Immunotec Cortexica Cell Medica

37.2Next five

22.2% portfolio

value

7.3Other

167.8

Portfolio Value

227.6

34.7

Plaxica Autifony Stanmore Topivert EVO Electric Abingdon PSE Semetric Mission Therapeutics ACUNU Nascient IXICO

Next 12

20.6% portfolio

value

Top 20 assets:£160.5m 95.6% portfolio value

63.0Total Cash

for investment

38.2Circassia

34.1Nexeon

£net

5Imperial Innovations Group plc Half Year results 12/13

16.3Veryan

FRIDAY, 22 MARCH 2013

(3.2)

Movement in top 15 company asset value

6Imperial Innovations Group plc Half Year results 12/13

Circassia 38.2 36.7

Nexeon 34.1 34.1

Veryan Medical 16.3 16.3

Polytherics 8.7 6.4

PsiOxus Therapeutics 7.9 7.9

Oxford Immunotec 7.5 4.6

Cortexica 6.7 6.4

Cell Medica 6.5 6.5

Plaxica 5.6 4.6

Autifony 5.0 1.6

Stanmore 4.5 4.3

Topivert 4.1 2.1

EVO Electric 3.8 3.0

Abingdon 3.7 2.0

Process Systems Enterprise 1.8 1.8

Total 154.4 138.3

Company Net investment carrying value at 31 Jan 2013 (£m)

Net investment carrying value at 31 Jan 2012 (£m) Carrying value change

FRIDAY, 22 MARCH 2013

• PolyTherics: licence deals signed with pharma and biotech partners and London office expanded to meet demand– licence and collaboration deals signed covering TheraPEG, PolyPEG and other PEGylation

technologies

• PsiOxus Therapeutics: two phase I/II trials launched for ColoAD1 in metastatic colorectal cancer and ovarian cancer– Received £1.7 million Biomedical Catalyst funding for trial of ColoAd1 in ovarian cancer– Awarded $3.3 million contract by US DTRA to develop agents to enhance the body’s

immune response to vaccines

• Oxford Immunotec – Leading diagnostic test T-SPOT .TB received regulatory approval in Japan; T-SPOT .TB now

on sale in more than 40 countries worldwide

• Cortexica– Further developed relationship with eBay & provided technology for eBay motors app on

iPhone & Android

• Cell Medica – US operation expanded with offices now open in Texas and senior appointments made

Progress in the next five companies

7Imperial Innovations Group plc Half Year results 12/13 FRIDAY, 22 MARCH 2013

• In the past 12 months the Group has developed a small and growing portfolio of software companies from across the universities

• Featurespace: a predictive analytics business delivering fraud prevention and customer retention platforms– Led £1.5 million funding round in June 2012 alongside NESTA, Cambridge Angels and

Cambridge Capital Group

• Acunu: a ‘big data’ company with technology that enables customers to form large, fast databases on cheap commodity hardware allowing real-time analysis– Invested £1.25 million in September 2012 as part of a £3.6 million round alongside

Eden Ventures, Pentech Ventures and Oxford Technology Management

• Semetric: a data aggregation and analytics company providing marketing solutions to the music industry– Invested £1.5 million in January 2013 as part of £3 million round alongside Pentech

Ventures

Software companies – growing the portfolio


• Technology Transfer Office (TTO) focuses on protecting and commercialising inventions from Imperial College London

• TTO is important source of deal-flow leveraging strong links with Imperial College to gain early, proprietary access to new technologies

• 187 inventions were assessed for commercial viability up from 165 last half year

• 19 patents were filed up from 16 last half year

• Nine new licence deals were signed up from seven last half year

• A Partnership Board was founded during the period to maintain and improve the relationship between Imperial College and the Group

Technology Transfer Office


10

Platform to treat world’s most common allergies

Phase II

Phase II

Phase IIICat Launch

Dust Mite

Grass

• Cat (the first of four products) peak sales estimated up to $1 billion in US alone (Kantar)

• End of phase II meeting with FDA and formal advice from EMA confirmed single phase III trial sufficient for registration – clarifying regulatory path for next three products

• Phase II follow up for cat product showed treatment effect maintained for two years after short course of four injections – announced at AAAAI conference in March

2012 2013 2014 2015 2016


Unique silicon anode technology for lithium ion batteries

EXISTING PILOT PLANT

- BATCH PROCESS

CONTINUOUS PROCESS OPERATION

COMMERCIAL SCALE UP

• WACKER Chemie provides engineering resource, expertise and credibility as materials supplier

• Experience and know-how will be carried forward to the main plant investment

• JDAs now in place with automotive and consumer electronics OEMs

• Materials in increasing quantities under customer evaluation

250tpaplanned for 2014

July 2013

20tpa

1tpa

• Mobile visual search technology using principles of human visual cortex to power find-me-similar and other visual search technologies

• Open API in use by more than 200 companies– Numerous asset classes including Logos, wine labels, vehicles, book covers and film posters

• Cortexica technology used in Ebay Motors iPhone and Android app available in UK, US and Germany

• Joint initiative with NVIDA to use Cortexica’s technology with its graphics processing units (GPUs) to provide advanced search for consumer and commercial applications

Cortexica


Veryan - background

13

Natural 3d geometry Swirling flow in iliac region

Damped by straight SFA artery

CFD predicts atheroma

Wal

l She

arSt

ress

(Pa)

0 Pa

0.5 Pa

1.5 Pa

7 Pa

Pathogenic

Suboptimal

Protective

Malek et al., JAMA, 1999.

• Founded 2003 - Spin out from Imperial College

• £17 million invested

• Original concept - Professor Colin Caro– Emeritus Professor of Physiological Mechanics– Relationship between flow and vascular disease


Market size


• Peripheral vascular market– €8 billion overall– €2 billion stents– High growth ~10%– Undifferentiated technology– Unmet clinical needs

Veryan – improved clinical outcomes

15

Native artery shortens on flexion Straight stents inhibit shortening, creating risk of kinking and vessel injury

Veryan’s BioMIMICs 3D stent facilitates arterial shortening, reducing risk of fracture, kinking and vessel injury

13.85 cm 12.74 cm

Straight leg Knee bent @ 90˚

9.6 % stent compression


Veryan’s value proposition

16

Unique 3D Geometry

Enhanced Biomechanical Performance

Improved Durability

Improved Patency

Active Shortening

Less Kinking

Reduced Injury

Increased Swirling Flow

Increased Wall Shear Stress

Less intimal hyperplasia

Effect on Stent

Effect on Vessel

Design Intent

Improved Clinical Outcomes

Effect on Limb


Veryan - summary

17

• Highly differentiated platform

• Excellent clinical performance

• Superior fracture resistance

• Superior vessel management

• Prospect of enhanced flow benefit

• Applicable to any NiTi stent

• Zero additional cost

• Uncomplicated regulatory position

• IP security – overlay of granted claims

• Strategic alternatives– License technology for application on

other stent platform(s)– Sell Veryan– Market release OUS– US PMA

• Appointed Houlihan Lokey– Investigate alternate strategies– Approach strategic buyers


Acunu – New Data Sources are Driving Big Data Analytics

18

Machine Generated

Query Speed Query Complexity

Acunu Analytics addresses real-time/low-latency requirements for Operational Intelligence and Big Data analysis.

Operational Intelligence Batch Analytics

Dashboards Real-time Applications

Alerts ETL Data Mining UnstructuredQueries

Mobile Phones

RFID Tags Web Logs


• Continuous and real-time analytics

• Reduces outages

• Minimises waste and ‘re-manufacture

Acunu - Case studies

19

Manufacturing Infrastructure

• Support for commercial render farm

• Reducing loss of CPU cycles

• “Acunu is the new way to do things”


• Acunu offers advanced Cassandra support to leading Fortune 1000 IT organisations

• Cassandra committer organisation

• 24x7 support

• Cassandra cluster healthcheck

• Reference architecutres

• Performance services

• Access to Acunu Analytics

Acunu – Enterprise Cassandra Support


• World-class engineering and product talent:

• 18 engineers; 8 PhDs; 7 Cambridge, Stanford alumni

• Ex- XenSource, Red Hat, RackSpace, Intel, HP, Sun, Netezza

• Commercial team recruited Q2 2012:

• Chris Gomersall, CEO – Quest, ServiceNow, Polyserve, Oracle

• Chris Smith, VP Sales – IBM/Netezza, iXL, Oracle

• Dai Clegg, VP Marketing - Netezza

• Karen Slatford, Chairperson - ex SVP WW Sales, HP

• Business Update - July 2012-present:

• zero to 12 customers

• advanced discussions with Strategic Partners

• business doubling quarter-on-quarter

Acunu

21

Wenlock Building, 50-52 Wharf Rd, London N1 7EU +44 (0)203 176 0143

LONDON HQ

181 Fremont St, San Francisco, CA 1-866-487-2650

[email protected]

SAN FRANCISCO


mailto:[email protected]

• Annually renewable Subscriptions (ACV = Annual Contract Value)

• One-off services (training, consulting)

• Typically 12 months contracts

• Largest contract to date - $100,000pa, smallest is $7,000pa

• Largest in pipeline - $800,000 (perpetual)

Acunu - Business model

22

Cumulative ACV


• Three leading assets making notable progress– Circassia phase III trials– Nexeon-Wacker deal– Veryan CE Mark

• Value created in portfolio through co-investors, strategic partners and management teams

• Top companies increased or maintained value– Value uplifts will follow achievement of milestones

• Potential to grow major global businesses

• Strong pipeline of new opportunities from all four universities

Summary


Appendix

Circassia

25

IVO

Other

£25.5 millionImperial Innovations Investment

£79.5 millionExternal Investment

£105 millionTotal funds raised

10-20Jobs created

Steve Harris, CEOBioscience entrepreneur, founder of Zeneus Pharma (sold $390m) and formerly CFO of PowderJect (sold for $1 billion).

Dr Rod Hafner, VP R&DMore than 20 years international experience in life sciences gained at multinational pharmaand biotechnology companies.

Charles Swingland, Dep. ChairFormer Executive Director and Company Secretary of PowderJect, and formerly Director and General Counsel of Zeneus Pharma

Key Team

Dr Brett Hauman, CMOMore than 15 years’ experience in pharmaceutical development gained at Glaxo Wellcome and GSK.

Stewart Sharpe, VP Commercial OperationsOver 25 years’ commercial and marketing experience in pharmaceuticals, having spent time at OSI/Prosidion, Takeda, J&J, Novartis, Roche and GlaxoWellcome


Nexeon

26

IVOOther

£22.3 millionImperial Innovations Investment

£32.7 millionExternal Investment

£55.0 millionTotal funds raised

40-50Jobs created

Scott Brown, CEOStrong track record of intellectual property management and licensing, having held senior positions at CDT, Sumation and Dow Corning.

Michael Black, CFOJoined Nexeon from AlertMe, following time at NASDAQ-listed CDT, both as CFO, having spent his early career at DuPont Pharmaceuticals.

Bill Macklin, CTOExtensive experience with Li-ion batteries having worked with them throughout a career encompassing AEA Technology and ABSL Power Solutions, Bill also holds numerous patents in the field.

Key Team

David Bent, Production DirectorFormerly Global Capital Engineering Manager Europe & Asia for Dow Corning,.

Paul Atherton, ChairmanSuccessful serial technology entrepreneur, co-founder and Managing Director of Queensgate Instruments until its 2000 sale for $200m

Mino Green, CSOFounder of Nexeon’s technology and Emeritus Professor at the Department of Electrical & Electronic Engineering, Imperial College London


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