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Imperial InnovationsAnnual Review 2008

Imperial Innovations Group plcLevel 12Electrical and Electronic Engineering BuildingImperial CollegeLondon SW7 2AZ

Tel +44 (0)20 7581 4949Fax +44 (0)20 7589 3553www.imperialinnovations.co.uk

Contents01 Valuing innovation02 Chairman’s statement04 Chief Executive’s report06 Our commercialisation process08 Our licensing activity12 Our portfolio companies23 Directors and Company Secretary24 Senior Management

About Imperial Innovations

Imperial Innovations combines the activities of technology transfer, company incubation and investment. Our goal is to bring valuable ideas to market either by building businesses or licensing to industry.

Imperial College London ranked sixth best University in the world (THES University rankings 2008) is our main partner and major source of ideas. We also provide a number of external research intensive organisations including both public and private sector ownership with our commercialisation services.

We are highly experienced in every stage of the route to commercialisation. The services we offer include:

> Technology sourcing> Intellectual property management> Commercial assessment of intellectual property> Market analysis> Licence negotiation> Incubation services and space> Investment

Imperial Innovations

Company information

DirectorsM. Knight (Chairman) S. Searle (Chief Executive Officer) R. Cummings (Chief Investment Officer) J. Smith (Chief Financial & Operations Officer) D. Allen (Non-Executive Director) P. Atherton (Non-Executive Director) M. Rowan (Non-Executive Director) Company Secretary J. Bowen Registered OfficeLevel 12, Electrical and Electronic Engineering Building Imperial College London SW7 2AZ AuditorsPricewaterhouseCoopers LLP Abacus House Castle Park Cambridge CB3 0AN Principal BankersNational Westminster Bank plc PO Box No 592 18 Cromwell Place London SW7 2LB SolicitorsMayer Brown International LLP 11 Pilgrim Street London EC4V 6RW Financial Advisers and NomadJPMorgan Cazenove Limited 20 Moorgate London EC2R 6DA Share RegistrarsEquiniti Limited Aspect House Spencer Road Lancing West Sussex BN99 6DA

Imperial Innovations Highlights

354Invention Disclosures2008: 354 2007: 366

£51.2mGross Fair Value of Investments2008: £51.2m2007: £55.8m £13.1m

RespiVert raises £13.1m from Advent Venture Partners, SV Life Sciences, Fidelity and Imperial innovations.

(see page 17)

£3mOSspray raises £3m from Capital Fund, NESTA and Imperial Innovations.

(see page 17)

£11mCircassia raises £11m from Goldman Sachs, Invesco, Lansdowne and Imperial Innovations and begins Phase II clinical study.

(see page 14)

Ceres Power begins £5m development and trials programme funded by British Gas.

Centrica plc buys 10% of Ceres Power.

(see page 19)

Cell Medica begins late stage clinical trial of adoptive cell therapy on patients.

(see page 16)

Thiakis begins Phase 1 clinical trials to investigate the effects of TKS1225 on appetite and food intake.

(see page 16)

15Technology Business added to the portfolio2008: 15 2007: 13

£43.1mCash balance2008: £43.1m2007: £19.5m

Portfolio Highlights

Highlights for 2008

Imperial Innovations | 01

“Imperial Innovations deliver solid propositions based on great science. We look forward to investing alongside them again.”

Raj Parekh, General Partner, Advent Ventures

“The technical and commercial expertise of Imperial Innovations in identifying and accessing market opportunities for our technology outside the aerospace and defence in the commercial sector is very impressive.”

James Baker, Director, Technology and Engineering Services, BAE Systems

“As the world’s most broadly-based healthcare company, Johnson & Johnson and its different businesses are always looking for innovative new ideas for products that hold the potential to improve human health, Imperial Innovations encourages a stream of opportunities for Johnson & Johnson and its different businesses to examine.”

Joni Catalano-Sherman, Johnson & Johnson Corporate Office of Science and Technology

Valuing innovation

02 | Imperial Innovations

Chairman’s statementDr Martin Knight

The year ended 31 July 2008 was one of consolidation for the Group, during which a number of important steps were taken to put the Group in a firm position to achieve its business objectives.

A major step was the completion of a third fundraising for the Group, through which £29.3 million net was raised in November 2007. The business had £43.1 million in the bank at 31 July 2008 – an enviable position in the light of the global credit environment – and is now funded to a level which is expected to enable it to reach the point where realisations more than cover investment requirements.

The flow of quality IP remains strong. Imperial College London, whose high status as an eminent research body in Science, Technology and Medicine was reconfirmed by the Times Higher Education Supplement ranking as the fifth best University in the world, remains the core source of IP to be exploited by Innovations: 354 inventions were disclosed; 55 patents were filed; the un-commercialised patent portfolio stands at 213; and 11 technology businesses were formed, making a total of 89. The Group does not lack for high quality IP to exploit.

Important steps were taken to improve the pool of management brought into these technology businesses. This has been a major driver in the Group: to seek out Board members and executives to take forward exploitable IP into the market to generate sustainable, profitable businesses.

The Group has established an FSA regulated subsidiary to carry out FSA regulated activities, such as leading investment rounds and providing corporate finance advice to portfolio companies, which will enhance the Group’s ability to provide expert assistance to its portfolio of investee companies.

The Group is still in the investment phase of its development. Its operating income – including licensing, royalty and fee income – does not match its administrative costs, nor will it for the foreseeable future. Additionally, the portfolio of companies is still dominated by early stage investments, when disappointments are at their most numerous. Major gains, which will produce profit and net asset value increase, will only come when this phase has in part, passed and exits are being achieved. That said, a material part of the Group’s holding in Ceres Power has been sold during the period and a number of the portfolio companies are making progress towards becoming mature businesses in their own right, with traction in the market place. In our Annual Review, details are given of a number of the most promising companies in the portfolio.

During the year, Dr Tidu Maini left the Board. As the nominated Imperial College Director, his role was invaluable in smoothing the path for the Group to move from being a College department to a fully fledged commercial enterprise. This transition was completed when, in April 2008, the interim arrangements between Imperial College London and the Group came to an end. The Board was delighted to welcome Dr David Allen as a Director from 1 August 2008. Dr Allen’s experience as a Director of BP plc, as Chief of Staff for five years, with responsibilities including technology development, will be of great assistance to his fellow Directors and to the Group as a whole.

1986Imperial College creates technology transfer department (IMPEL)

1997Imperial Innovations is established as a business

2000Imperial spin-out company Turbo Genset floats on techMARK

2002Fleming Family & Partners and Gordon House Asset Management buy a 30% interest in a portfolio of 36 Imperial spin-out companies

Nikko Principal Investments establishes a £20 million co-investment fund

2003Higher Education Innovation Fund and Proof of Concept Funding are secured

First external commercialisation contract signed with the Carbon Trust

2004Ceres Power floats on Alternative Investment Market

The beginning Imperial Innovations – realising progress


£26m£10m £30m

Finally during the year a carried interest plan was put in place for all staff. Motivating them to act in a way which will deliver shareholder value is a key to satisfying shareholders’ aspirations and to producing a commercially successful business. It is all the more important to focus executive effort on the work which will deliver such value and such commercial success at a time when the global economic background is so uncertain.

Dr Martin KnightChairman

“Imperial Innovations has made significant progress in the last twelve months and has been successful in raising funds to drive several of its high quality spin-outs forward. This reflects well both on the calibre of these businesses and their management, and on Imperial Innovations’ ability to find funding and direct it to where it will have most impact.”

2005Private placement of shares in Imperial Innovations raises £10 million for the Company

2006Imperial College London Incubator opens

Contract signed with WRAP to run the Recycling Commercialisation Centre

2006Imperial Innovations Group plc floats on AIM raising £26 million

2007Led first major investment in Circassia Holdings Ltd

2007Raised £30 million through private placement of shares

Established international associate company, i2india

2008Created FSA regulated subsidiary, Imperial Innovations Investment Management Ltd


Chief Executive’s ReportSusan Searle

This year our focus has been on two areas; adding value to the technology products we will license and progressing our technology businesses (spin-outs). I am particularly pleased with the number and calibre of board members and executives recruited into our companies and expect to see their combined experience translated into success within our company portfolio.

We have continued to be highly active in sourcing technologies from Imperial College London’s academic inventors, whilst complementing this by obtaining ideas from non-Imperial research organisations through incubation and commercialisation contracts. In November 2007, we raised £29.3 million net of expenses from new and existing investors. We ended the financial year with net cash and short term liquid investments of £43.1 million and are now funded to a level expected to enable the Group to reach the point where realisations will more than cover investment requirements and to deliver on our core objectives.

Financial resultsTotal revenue was £5.3 million (2007: £5.1 million) with £0.5 million (2007: £0.8 million) of cash (after interest) being used to run the business. Licence and royalty income increased by 29% to £2.7 million (2007: £2.1 million) whilst other revenue declined by 13% to £2.6 million (2007: £3.0 million) primarily due to declining fees as responsibility for various service activities were handed back to Imperial College allowing the Company to focus on value creating activity.

Reported loss (before share based payments) was £2.7 million (2007 profit: £5.3 million), the largest component of which comprises £6.6 million fair value losses in our holding in Ceres Power. The actual loss for the period was £5.9 million (2007 profit: £0.9 million).

We realised £3.5 million at 308 pence per share from the sale of part of our shareholding in Ceres Power Holdings plc leaving us with a 6.3% interest. The original cost of this investment was zero. The Group invested £6.4 million (2007: £13.1 million) in its portfolio of companies. Additional commitments amounted to £3.2 million with the portfolio raising in total over £55 million. Net assets at the close of the year were £80.3 million (2007: £53.6 million).

The Technology PipelineTechnology opportunities continue to flow into the business with 354 invention disclosures received, of which 73% originated from Imperial College, and 55 new patents were filed. We continue to secure essential ‘proof of concept’ funding from external parties to support the demonstration of ideas. We are grateful for the support from the Higher Education Innovation Fund, Johnson and Johnson, Kuwait Petroleum Ltd, London Development Agency and Shapoorji Pallonji & Company.We have sourced inventions and spin-out opportunities from a range of universities, research organisations and corporatesincluding Edinburgh University, the National Physical Laboratory, BAE Systems and GlaxoSmithKline. Four companies were admitted to the Recycling Commercialisation Centre funded by WRAP and three new companies signed up to the Low Carbon Incubator programme managed in partnership with the Carbon Trust.

Licensing activityOur licensing activity is beginning to bear fruit. This year we signed 40 licenses and now have a total of 156 intellectualproperty agreements (licences, options and evaluation agreements) under management. Our two technology teamscover the fields of Healthcare (biopharma and medtech), Engineering, Energy and Environment, and Software and IT.Licences signed included:

Novartis Institutes for Biomedical Research Inc and Alcon Inc – licences to bioscience research tools;Emiliem Inc – option to an inhibitor of protein kinase B, a validated cancer target;Medtronic – algorithm for optimising pacemaker performance;Altana Nycomed and Invitrogen Corporation – non exclusive licences to eotaxin and antibodies;Eurodiagnostica – option to a test for rheumatoid arthritis;Medical Models Ltd – licence to anatomically accurate bone model designs;Syrinix Ltd – licence for a water sensor technology.

This year our licence fees totalled £1.8 million (2007: £1.4 million) and royalties totalled £0.9 million (2007: £0.7 million).

New Technology Businesses and incubationWe have currently 18 companies in incubation and have formed the following 11 new companies:

A-Sep Healthcare Ltd (infection control);Cortexica Vision Systems Ltd (bioinspired imaging);Duvas Technologies Ltd (air pollution monitoring);i2india Holdings Ltd (commercialising technology in India);Navion Pharma Ltd (cancer diagnosis and treatment – ion channels);Octam Ltd (cancer therapeutic developing improved versions of existing therapy);My Action Ltd (physical therapy and dietary advice to reduce heart disease);Plaxica Ltd (development of novel bioplastics);Permasonic Ltd (pipe monitoring);Validas Ltd (tools for respiratory disease clinical trials);Eostre Energy Systems Ltd (energy generation);

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“We are confident that we continue to lay the foundations for significant future value creation throughout our portfolio. One of our areas of focus during the last twelve months has been on strengthening the management of our technology businesses as our experience demonstrates that the best people will deliver the best businesses.”


The Imperial Incubator, the physical incubation facility we have managed for two years, remains close to full occupancy and represents a thriving business environment for our early stage companies. Four companies have ‘graduated’ from the Incubator and 18 companies are currently tenants.

International activity – i2indiaWe founded i2india to replicate Imperial Innovations’ business model in India and to commercialise ideas from Indian research organisations. The company has raised £1.5 million seed finance from a group of Indian business investors, the TATA group, and from Imperial Innovations, whose shareholding is 32.8%. i2india will also act as a vehicle through which our portfolio of technologies can be introduced to partners and customers in India.

Progress in the existing company portfolioAt the end of the year there were 47 companies in the portfolio in which we actively manage our interest. Eighteen are managed by New Ventures currently in incubation, and 29 are under active management by the Investment Team. In addition we have smaller equity holdings in a further 42 companies for which we take a more passive management role.

Ceres Power Holdings plc, our largest quoted holding, represents 6.3% of the gross portfolio and closed the year at a gross value of £8.9 million. In January 2008, British Gas agreed to fund a £5 million development and trials programme for Combined Heat and Power units and to purchase at least 37,500 CHP units over a four-year period. Centrica plc (owner of British Gas) subscribed for 9.999% of the issued share capital of Ceres Power at 300 pence per share – equivalent to a cash investment of about £20 million.

We were successful in securing funds from the Technology Strategy Board for a number of companies:

BioCeramic Therapeutics is leading a £1.3 million project (with partners Plasticell and Finsbury Orthopaedics)PolyTherics (with partners Glycoform and Aston University) secured £685,000 and (with Avecia) £350,000; Southside Thermal Sciences (with partners RWE, NPower and Land Instruments) secured £374,000.

The Technology Strategy Board promotes innovation by bringing together partners and providing funds to aid development.

Investment activity in our Technology BusinessesWe completed three large investments.

£2 million in RespiVert as part of a £13 million funding round alongside Advent Venture Partners, SV Life Sciences and Fidelity;£1.75 million in Circassia as part of an £11 million round alongside new investors Goldman Sachs and Invesco and existing investor Lansdowne;£2 million in OSspray as part of a £3 million funding round, alongside investors NESTA and the Capital Fund.

We have created Imperial Innovations Investment Management Ltd, a wholly owned subsidiary within the Group, to carry out FSA regulated activities such as leading investment rounds and providing corporate finance advice to portfolio companies.

An important factor in the success of early stage businesses is the quality of the people that are put in place to run them, particularly the Chairman, as they work with the New Ventures team to build the commercial team and the rest of the board. As a result, we have significantly driven the recruitment of highly experienced individuals into our technology businesses

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and have recruited 14 chairmen and 11 CEOs and Non-Executive Directors into our technology businesses.

New staff at Imperial InnovationsWe have seen an increasing number of healthcare opportunities from Imperial College, mirroring the College’s growth in activity in this area. Accordingly, to strengthen the New Ventures team, we have appointed Mark Wyatt as Bioscience Ventures Manager and Simon Kerr as Director of Biosciences Ventures, both of whom have highly technical and commercial bioscience experience.

We are continuing with our Entrepreneur in Residence programme and during the year appointed three people:

John Beadle, formerly VP Global Medical Operations at GSK, then VP Medical and Product development at Powderject and CMO of PowderMed; John Hamlin, formerly general manager at BP and corporate technology manager for BP Chemicals;Nick Brooks, formerly general manager at Shell, recently CEO of Sun Biofuels and CEO Europe of Bioverda.

OutlookThe value of the Group continues to be demonstrated by the quality of its companies, the management teams and boards running them and the co-investors in these businesses. In addition, some of the products we are developing will be licensed and progressed to a stage where market size, and potentially substantial royalties, are more visible.

Fundamental to our success is the wide range of skills available across our team of 45 people and Imperial College; the quality of its science and the continued support of its management and inventors.

Susan SearleChief Executive Officer

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Our strategyThrough innovation we create valuable commercial opportunities

We support commercially viable technologies that benefit business and society

We seek to understand market needs which we use to source and develop technologies which satisfy them effectively

We build and invest in businesses based on Intellectual Property created at Imperial College London and other research intensive sources

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Our commercialisation processImperial Innovations has an established process for translating research into marketable and beneficial products.

This is how we work stage by stage:

We source and assess technologies from Imperial College London and a number of external research intensive organisations to meet the needs of industry.

We carry out market research to identify product and market opportunity, assess market need and the competition.

We construct a proof of concept strategy to demonstrate the performance and commercial potential. Working with inventors and our industry partners, we determine the right commercialisation strategy for a new technology. Our thorough research helps us to decide whether to license it or form a company.

We advise on how to protect inventions and develop an appropriate IP protection strategy.

Intellectual Property Sourcing Product Validation

Intellectual Property Strategy


Company formation and Investment

Licensing and Licence negotiation

LicensingWe carry out further research to find the right partner to license the technology giving a greater chance of getting the product to market.

Licence negotiationWe negotiate appropriate terms and conditions. Our agreements generate upfront fees, milestone payments and royalties.

Company formationWe form new companies and recruit experienced entrepreneurs to run them. Our range of incubation resources help to increase the survival and financial security of early-stage companies. We monitor our companies closely and guide them as they prepare for investment.

InvestmentWe invest in businesses either leading or co-investing in investment rounds to accelerate development and increase value. We are one of the most prolific early stage investors in the UK.


Our licensing activityImperial Innovations licenses a wide-range of technologies stemming from research at Imperial College London. We find the appropriate industry partner to develop academic ideas and inventions into commercial products and ultimately to sell them to customers.

We invest time in the development of technologies. With schemes to provide Proof of Concept funds, we test ideas and create prototypes so that we can approach potential licensees with validated concepts.

Licensing is a beneficial route to commercialisation. It enables products to be taken to market with the resources of an already established company and provides income for the College that can be reinvested in the academic mission. The inventors also benefit from a share of the College’s income and pioneering research is translated into valuable tools that help society.

For Imperial Innovations licensing represents a growing income stream. Licenses typically comprise of a small upfront fee demonstrating some financial commitment from the licensee to progress the product, milestones at key points in product development and then a royalty (share of revenue) when the product is sold by the licensee. This year our licence and royalty income totalled £2.7m (2007: £2.1m)

Introduction

Healthcare

Treatment for double vision

Clinical neuroscientists Dr Parashkev Nachev and Dr Matthieu Robert have developed a novel form of contact lens that may assist people with double vision. With the support of Proof of Concept funds, the idea is currently being worked up into prototypes which will potentially undergo initial clinical testing at an Imperial College Healthcare NHS Trust hospital site. If successful, this invention should translate well into a new product for the ophthalmology market.

Case Studies

We have licensed a wide range of technologies that improve healthcare provision and services, including medical devices, information systems, tools for effective diagnostics, and innovations for the successful development and delivery of pioneering therapies.


Therapies for Alzheimer’s disease and nerve fibre repair

Biochemist Dr Jane Saffell discovered that certain small peptide molecules derived from NCAM, a cell-surface protein important for learning and memory, can enhance memory in mice. The potential for these molecules to be developed as new drugs for the treatment of neurodegenerative diseases is currently being explored. A further discovery from Dr Saffell’s NCAM studies is being developed with the assistance of Proof of Concept funding with possible application in the repair of damaged spinal cord.

Potential treatment for cancer

A new small molecule drug aimed at combating cancer has been developed by Dr Rudiger Woscholski and his research group in cell and molecular biology, in collaboration with Dr Helen Hailes from University College London. The drug targets the enzyme Protein Kinase B (PKB), a well known target for cancer treatments. However the new molecule targets a different site on PKB from other cancer drugs, which differentiates this project and may eventually enable more successful treatment of the disease. Initial pre-clinical results are promising.

Anatomical hip re-surfacing implants

Professor of Orthopaedic Biomechanics, Andrew Amis, and Professor Justin Cobb, Chair in Orthopaedic Surgery, created a hip resurfacing implant which is shaped and contoured to reflect accurately human anatomy. The revolutionary implant could improve the outcome of hip replacement surgery especially for active middle-aged people who can wear out implants quickly. We have funded a Proof of Concept project which suggests the invention could deliver dramatically improved joint function.


Energy and Environment

Eco-friendly cat litter

Civil Engineers Dr Chris Cheeseman and Dr Nikolaos Vlasopoulos have invented a new absorbent granular product made entirely from waste materials that currently have no use. It can be used in a range of applications including pet litter and industrial absorbents. Development is in its formulation stage with a pilot plant scale-up planned in autumn 2009.

Mercury sensing and scavenging

Professor of Photochemistry James Durrant has developed a unique sensor which can easily detect mercury in soil, water, food and similar environments. It could be used for diagnosing mercury poisoning in blood, monitoring of susceptible individuals (e.g. pregnant women), measuring mercury levels in food (e.g. fish), or for environmental monitoring. It is expected to cost approximately one tenth of current devices and related scavenging technology is available to remove the mercury detected. A prototype is currently in development.

We have delivered an array of leading edge inventions that benefit the environment, licensing technologies that cover clean energy generation, more efficient energy use, mineral extraction, and equipment for the oil and gas industry.

Engineering

Low voltage electrowetting

Professor Alexei Kornyshev of Theoretical Chemistry, has invented a novel system for electrowetting – the effect of changing the shape of a liquid interface by applying a voltage. Electrowetting is currently used in applications such as microfluidic devices and variable-focus lenses for webcams, barcode readers, mobile phones and medical applications such as endoscopes. The new system requires lower voltages than existing technology and exhibits a faster response, which will improve longevity, reliability and efficiency and could increase the range of application of the effect. Proof of principle has been demonstrated and technical development is rapidly continuing.

We have provided novel tools and advanced processes to revolutionise areas of the mechanical, electrical and process engineering industries, and emerging areas such as nanotechnology and Micro Electro Mechanical Systems (MEMS).


Software and IT

Space Invader

Software has been developed by Dr Cristiano Calcagno from Imperial College London and engineers, Dino Distefano, Peter O’Hearn and Hongseok Yang, from Queen Mary, University of London which automates the detection of software bugs and can suggest how to fix them. It has been tested on commercially developed driver software and automatically uncovered a significant number of bugs which had gone un-detected by the driver software developer. The software is being tested on bigger programs, and it is being upgraded to tackle any sized program quickly and easily.

We have licensed a number of first-class technologies in this globally important sector. We are commercialising technologies for the media and security industries and novel techniques and products for data-mining, control, modelling and monitoring.

Engineering

Sat-nav software

Researchers in the Centre for Transport Studies led by Professor Michael Bell have been testing unique satellite-navigation system software in-car across London. The software provides the driver with different route options depending on what time of day it is, and can build up a picture of driver preferences, allowing the system to provide routes that suit different drivers.

Industrial mixing technology

Engineers led by Professor Christos Vassilicos have pioneered the use of fractal grid structures for the mixing of fluids. They can be used in a number of industrial processes spanning a range of sectors such as chemicals, petrochemicals, pharmaceuticals and waste and water treatment. Fractals provide an elegant, economical and adaptable alternative to current mixing technology and will increase mixing efficiency and controllability. A Proof of Concept project development programme is under way to test the technology in a variety of different operations.


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Our portfolio companies

Our broad healthcare portfolio contains a range of high potential value, but capital hungry drug development companies, from medical devices and instrumentation to those medical services and products which have a shorter path to revenues. A number of our drug and device companies in the fields of allergy, obesity and cell therapy have made significant progress in clinical trials this year. Our service companies have also performed well, and the high calibre of management that we have attracted to work with us to develop these technologies is testament to the good progress we have made.

Healthcare

> Diagnostics

Molecular Vision www.molecularvision.co.uk

Overview:Molecular Vision develops low-cost, hand-held sized devices to test urine, blood, or saliva for on-the-spot quantitative diagnosis for use in the doctor’s surgery or home. The technology is being developed to allow near patient quantitative diagnosis, and is currently focusing on key areas of high disease burden, including kidney function and cardiovascular disease. Initially such devices will eliminate the need for patients to make repeat visits, thereby expediting the initiation of treatment, freeing up clinician time, reducing diagnostics cost and improving treatment efficiency and patient prognosis. The lab-on-a-chip device could even help control or reduce the spread of sexually transmitted infection (STI) by providing point of care diagnostics and rapid results. Its proprietary devices combine microfluidic chips with organic-semiconductor light-sources and photodetectors to provide lab-quality diagnostic tests in a miniaturised, easy-to-use, disposable format.

21.02%Imperial Innovations’ shareholding

£850kTotal amount raised

Market:As well as diagnostics the technology has additional applications for example, forensic science, homeland security and environmental monitoring.

People:Ian Campbell, CEO of Molecular Vision has over 15 years experience in a variety of commercial and business development roles at Biacore, Corning, The Automation Partnership and Akubio Ltd.


Acrobot www.acrobot.co.uk

> Medical Devices

Overview:Acrobot® provides surgical systems for computer-assisted 3D planning, surgical navigation and surgeon-controlled robotic surgery. Its aim is to provide speed, accuracy and reproducibility, enhancing clinical outcomes, whilst augmenting surgeon skills and facilitating bone conservation and increasing productivity. Acrobot’s current products include Acrobot Planner™ which offers 3D surgical planning and visualisation software and Acrobot Navigator™ which uses a unique mechanical method to track conventional surgical instruments to achieve high surgical accuracy. The company is also developing the Acrobot Sculptor® Robotic System, a motorised programmable device, which uses ‘active constraint’ technology to prevent a surgeon accidentally moving outside a specified area. This cutting edge robotic solution is at an advanced development stage, undergoing final clinical evaluation prior to commercial release in 2008.

In May 2008, an exclusive agreement was signed with Corin Group plc who will distribute the Acrobot Navigator™ in markets including the UK, Germany and Australia. Corin will purchase systems from Acrobot and market them through its own sales infrastructure.

Market:The worldwide orthopaedic market is growing at about 9% and approximates US$29 billion, of which the US accounts for 64%.


£3.92mTotal amount raised

Overview:BioCeramic Therapeutics (BCT) is developing implants which aim to promote the body’s natural tissue regeneration capabilities. BCT’s biologically active materials can be implanted on their own or with other products. Initial markets are orthopaedics and dentistry and BCT’s goal is to be able to regenerate all soft tissues. BCT is developing two generations of products. The first is a series of modified bioactive ceramics that promote tissue growth. The initial markets for these products are bone grafting, surfaces for orthopaedic implants, and oral care. The second generation is a series of materials which address vastly larger markets in soft tissue repair. BCT is leading a consortium, including Imperial College London, which won grant support for a £1.3 million project focused on tissue regeneration in knee injuries.

Market:Demand for regenerative medical products is likely to increase as life expectancy continues to rise. The US HHS forecasts US$500 billion a year market by 2010.

BioCeramic Therapeutics www.bioceramictherapeutics.com



> Diagnostics


Overview:Circassia is developing allergy treatments using its proprietary ToleroMune® technology. This novel approach involves administering sections of the molecules that cause allergic reactions in order to desensitise sufferers quickly with minimal side effects. Circassia’s first product, a vaccine to treat cat allergy, has generated positive results from a Phase II clinical study of its anti-allergy technology, ToleroMune®, in the field of cat allergy. The trial showed that ToleroMune® treatment can substantially reduce allergic reactions to the allergen that causes most cat allergies, and importantly was well tolerated by all patients. Additionally, the company is developing complementary technologies, which it has in-licensed, focused on immune system control for transplant rejection and post surgery care.

Market:Circassia’s anti-allergy products have the potential to help over 150 million allergic rhinitis sufferers in the US and Europe.

Circassia www.circassia.co.uk

> Therapeutics

> Diagnostics

IXICO www.ixico.com

Overview:IXICO is providing major pharmaceutical and biotech companies with state-of-the art image analysis solutions to obtain the greatest possible information from images acquired during clinical trials. Imaging has the potential to assess the effectiveness of new drugs, and can also detect possible side effects early in the development process. For imaging to fulfil this potential, it needs to be performed in a standardised and quantitative way. As IXICO’s service and technology is scalable, it can be used to analyse thousands of images in very early drug tests or in late phase trials. IXICO’s technology and expertise provide its customers with fast and accurate results about the impact of potential new drug molecules on disease symptoms including brain volume changes in dementia, tumour progression in oncology and bone degeneration in arthritis. The end result for patients is the faster development of new, more effective treatments for painful or life threatening conditions.

Market:The global market for image analysis during clinical trials is currently estimated to be worth US$200 million and is set to grow rapidly.

> Diagnostics





People:Sir Richard Sykes, formerly Chairman of GlaxoSmithKline plc is Chairman.


> Therapeutics

> Therapeutics

Polytherics www.polytherics.co.uk

Overview:PolyTherics has developed a technology which can significantly change the future of biological drugs. Its TheraPEG™ technology modifies the natural properties of protein drugs including fragment antibodies. Consequently, proteins stay in the body longer allowing them to reach diseased tissue more effectively. Patients therefore may need fewer treatments and hence experience fewer side effects, while production and regulatory processes are simpler and cheaper. PolyTherics signed collaboration agreements this year with three biopharmaceutical companies: Alligator Bioscience AB, Biocompatibles International plc and Celtic Pharma plc to explore the effect of its technology on pharmaceutical products. Polytherics also received grants totalling £935,000 into two consortium projects; the first is in partnership with Avecia Ltd to speed up antibody fragment drug development, potentially leading to more widespread availability of effective drugs for diseases such as, cancer, rheumatoid arthritis, irritable bowel syndrome and

macular degeneration. The second is with Glycoform and Aston University to help accelerate the development of a treatment for anaemia.

Market:PolyTherics estimates that about 50% of therapeutic proteins will be amenable to TheraPEG™ development.

Veryan Medical www.veryanmed.com

Overview:Veryan Medical is developing products which address vascular diseases caused by restricted blood flow to critical organs. Standard vascular stents and grafts used to alleviate vascular disease are currently straight tubular devices which generate unstable, non-swirling blood flow. Veryan’s platform of vascular technologies re-introduces natural swirling blood flow that mimics the body’s natural defence against the development of vascular disease through a unique 3D helical geometry design Significant progress is being made in the development of two key products. A randomised study has been completed in the US to determine the performance of the SwirlGraft™ vascular prosthesis against a leading competitor in haemodialysis patients; results are expected in 2009. Veryan’s BioMimics 3D™ vascular stent has demonstrated in recent evaluations that it reduces the formation of new disease in an artery and improves the bio-mechanical performance of existing stent platforms.





Market:The stent market is estimated at £3 billion.

People:Geoffrey Vernon, Executive Chairman of Ziggus Holdings Ltd a firm specialising in advising fast growing life science and biopharmaceutical companies, has recently been appointed as Chairman.


Thiakis www.thiakis.com

> Therapeutics

Cell Medica www.cellmedica.co.uk

> Diagnostics

Overview:Thiakis is focused on the development of peptide hormones for the treatment of obesity. The company commenced a clinical trial of TKS1225 earlier this year, TKS1225 is a potent, long acting analogue of oxyntomodulin, a naturally occurring peptide hormone involved in regulating food intake. Preclinical models have demonstrated TKS1225 to be highly efficacious, ameliorating glucose intolerance as well as causing a significant reduction in body weight. Research has shown that administration of oxyntomodulin to human volunteers not only leads to significant weight loss but also increases energy expenditure. The trial is focusing on safety and tolerability as well as investigating the effects of TKS1225 on appetite and food intake. The trials are progressing satisfactorily and Thiakis is now actively planning further Phase I multiple-dose studies.

Market:The World Health Organisation estimates that there are more than one billion overweight adults globally, of which at least 300 million are clinically obese.


£10mTotal amount raised

Overview:Cell Medica is a cell therapy company working on new techniques to cure human diseases based upon a treatment method called cellular immunotherapy. Cell therapy is an exciting new area of medical science which involves using either patient-derived or donor-derived cells to restore damaged or deficient cells which cause many forms of human diseases. Cell therapies are being developed to treat patients with such diverse problems as infections, diabetes, spinal injury, cardiac damage and cancer. Cell Medica is focused on the applications of cell therapies within the context of the immune system. Research has shown that a properly functioning immune system will not only target and eliminate cells infected by pathogens but also aberrant cells which cause cancer and autoimmunity (e.g. diabetes, multiple sclerosis, psoriasis). Cell Medica’s technology will allow hospitals to utilise T cell immunotherapy in a convenient and cost-effective manner. Its first clinical application is currently undergoing testing in a randomised confirmatory trial.

Market:The estimated market size for its first anti-viral product alone is £150 million. However Cell Medica’s technology has the potential to address a number of products.

People:Nigel Burns, recently joined as Chairman. He has over twenty years of experience in the biotech industry, most recently as a senior executive of Cambridge Antibody Technology.




> Therapeutics

> Therapeutics

OSspray www.osspray.com

RespiVert www.respivert.com

Overview:OSspray’s revolutionary products use bioactive glass for air polishing and air abrasion in dental procedures. Air polishing is an increasingly integral part of regular dental hygiene, performed by dentists and hygienists and involves spraying a fine powder at the tooth using a high pressure air stream. OSspray’s novel forms of bioactive glass can be used in the same way as existing powders but offer significantly enhanced benefits to the patient’s teeth, such as desensitising, better cleaning and whitening. Furthermore, the procedure is quicker for the dentist to perform.

Market:OSspray’s products can be used on people with sensitive teeth, opening up air polishing to a wider audience. The company is also exploring the potential for its range of products to re-mineralise teeth by rebuilding the enamel.

People:Jacqueline Walker, CEO, has over 20 years experience in the North American dental products market, including 13 years with Dentsply International, the leading manufacturer of dental products. Roland Schmidt has been appointed CFO and European Business Development Director. Previously, he was CFO of Kavo Dental and latterly MD of their UK subsidiary.



Overview:RespiVert is focusing on new approaches to the treatment of cystic fibrosis, severe asthma and chronic obstructive pulmonary disease (COPD). RespiVert aims to discover a new generation of inhaled medicines which will transform the management of severe COPD. As most of the severe forms of the disease are poorly responsive to inhaled corticosteroids, a completely new approach is required for these patients. Market: COPD is predicted to be the third leading cause of death in the world by 2010. Currently there is no effective disease modifying treatment for COPD and there is a significant gap in treatment for patients with severe asthma.

People:Rudi Pauwels (Chairman) is the co-founder, ex-chairman and a current non-executive director of Galapagos NV. Previously, he was a co-founder, CSO and CEO of



Tibotec, a leading player in the field of anti-HIV drug development. Garth Rapeport (CEO) was formerly Head of the Centre of Excellence in Drug Discovery for Respiratory diseases at GlaxoSmithKline plc. Garth is also an Honorary Principal Research Fellow at the NHLI and non-executive director of Galapagos NV.


Investment trends come and go, but Imperial College London’s enduring strengths in environmental and material science has helped place Imperial Innovations at the forefront of CleanTech investing. Our investments in fuel cells and solar power technology originate from research projects dating back over 10 and 15 years respectively, but the importance of energy efficiency and renewables is now much more evident. Illustrating the diversity of our technology base, this year we have added a company developing a cement binder that has the potential to save significant amounts of manmade CO

2.

Energy andEnvironment

Overview:Novacem scientists have invented and are developing a revolutionary new cement that uses widely-available magnesium oxide, proprietary additives and a new manufacturing process. This process uses less energy than Portland Cement, the most common type of cement in general usage around the world. Furthermore, Novacem’s cement absorbs atmospheric carbon dioxide (CO

2) unlike Portland

Cement, which is responsible for around 5% of all man-made CO

2 emissions.

Novacem is the lead partner in a £1.5 million Technology Strategy Board project to develop and prove the technology. The other partners are Rio Tinto Minerals, Laing O’Rourke, WSP Group and Imperial College.

Market:Worldwide sales for Portland Cement are nearly US$150 billion. Novacem’s patented technology has the potential to replace this in many applications as consumers, societies and governments demand ever more carbon reductions.

Novacem www.novacem.com

> Energy and Environment

50%Imperial Innovations’ shareholding

People:Stuart Evans has been appointed Executive Chairman after a career as CEO in high tech start-ups such as Plastic Logic and Cotag International.


QuantaSol www.quantasol.com

Overview:QuantaSol is a developer of photovoltaic cells (PV), solar power technology that converts sunlight directly to electricity. Flat panel PVs are usually made from silicon, however QuantaSol’s PV cells are manufactured from gallium arsenide which has double the PV efficiency of silicon. Through concentrator solar power systems which use a combination of mirrors and lenses to gather and concentrate solar energy onto a small cell area the company is able to achieve a much higher conversion efficiency than flat plate silicon PV systems. QuantaSol’s gallium arsenide PV cell is believed to be the highest performing single-junction concentrator cell in the world.

Market:The Solar PV market is currently the fastest expanding segment of the semiconductor industry, with total sales increasing by 15% year on year.



Ceres Power www.cerespower.com

Overview:Ceres Power’s fuel cell systems can generate heat and electricity quietly and efficiently using existing hydrocarbon fuels such as natural gas and LPG, and are compatible with next generation biofuels and hydrogen, producing lower emissions than traditional centralised power stations or internal combustion engines. With its residential Combined Heat and Power (CHP) unit, Ceres Power addresses the worldwide boiler mass market. In January 2008, British Gas agreed to fund a £5 million development and trials programme for CHP units and to purchase at least 37,500 CHP units over a four-year period. Centrica plc (owner of British Gas) subscribed for 9.999% of the issued share capital of Ceres Power at 300 pence per share – equivalent to a cash investment of about £20 million.

Market:Ceres Power’s CHP units replace residential boilers, total sales of which exceeded 11 million units per annum worldwide in 2006 (source: BSRIA).

People:Dr. Brian Count (Chairman) was previously the CEO of Innogy plc. Alan Wood, Non-Executive Chairman of Siemens Holdings plc and Sir David Brown, the former Chairman of Motorola Ltd were appointed Non-Executive Directors in February 2008.






Industry is constantly seeking smaller, and efficient products as well as effective solutions. Whether the application is in extending the lifetime of oilfields, developing electric vehicle power systems or delivering tools to scientists’ bench tops, we have investments which are taking innovative products to the relevant customers. Understanding how those industries operate is key, and we may decide to license a technology or product to a large established manufacturer, rather than form a separate company, if it is the most effective way to maximise value for our investments.

Engineering

HeliSwirl

Overview:HeliSwirl’s small amplitude helical tubing (SMAHT) technology platform generates highly efficient in-line mixing or separation of fluids, depending on the application. Out of the many potential applications, HeliSwirl is currently focused on exploiting the technology in the petrochemical and oil and gas industries. SMAHT petrochemical reactor tubes generate improved mixing and heat transfer, which has been demonstrated to offer improved tubing life and increased process yield. For petroleum production applications involving multiphase flows of oil and gas, the technology is being used to address the long standing problem of flow stability, which could unlock a new paradigm of offshore production and export without a need for high cost and high risk surface facilities.

Market:HeliSwirl’s innovative fluid flow technology has the potential to improve process yield and reduce energy costs across a number of other industrial sectors.

People:Marco Fabbri joined the Board as Chairman earlier in the year. He was formerly CEO of Kvaener Oilfield Products Ltd, and is a senior adviser to a number of major companies with oil activities.

> Engineering





EVO Electric www.evo-electric.com

Overview:EVO Electric develops electric drive-trains for hybrid and electric vehicles, based on a proprietary ‘axial flux’ motor/generator design. This design enables lighter and smaller electric drive-trains than what is currently available on the market. Compared with conventional ‘radial flux’ machines, EVO’s motors/generators offer a substantial gain in power and torque densities. This results in hybrid and electric vehicles with higher fuel economy, lower emissions and extra space for passengers and cargo. Having successfully completed a third party evaluation of the performance of the machines, EVO is in discussions with potential customers, including bus, taxi and commercial vehicle manufacturers.

Market:According to a recent report, all new vehicles will have some level of hybridisation by 2020. The combined value of EVO’s key markets will be in the range of several billion pounds within a few years.

People:Michael Howell, Chairman of EVO, has a wealth of experience in the transport and electrical machines industry from his previous roles at Cummins Engine Company, Inc., General Electric Company, Inc., Fenner plc, FPT Group Ltd and Railtrack Group plc.

Microsaic www.microsaic.com

Overview:Microsaic Systems develops highly deployable, chip-scale analysers capable of identifying trace compounds such as drugs, explosives, chemical weapons, pollutants and narcotics. Mass spectrometers are sophisticated systems used in everything from forensic analysis to drug discovery, but today’s mass spectrometers are large, heavy and expensive. Microsaic’s patented ionchip® technology integrates the mass spectrometer’s ‘analytical engine’ onto a single silicon chip leading to big improvements in system size, cost of ownership, performance and reliability. The company’s ionchip® is a universal analyser which can identify a wide variety of chemicals – applications include analysis of explosives and explosive pre-cursors, toxic industrial chemicals and chemical agents, forensic analysis, patient monitoring, environmental monitoring and process analysis.

Market:Microsaic is working with blue-chip customers from a broad range of markets who are looking for compact, reliable solutions with a lower cost of ownership.

> Engineering

> Engineering




We have several great examples of companies built around world class expert solutions, which require significantly less capital and which generate consulting then product revenues. It is very encouraging to see the level of international interest that these companies are attracting.

Software and IT

Overview:Process Systems Enterprise Limited (‘PSE’) provides advanced modelling technology and model-based services to the process industries around the world. Its industry-unique software is used to accelerate process and product innovation and manage the associated risk through the application of high-accuracy models for decision support in design and operations. PSE operates from a head office in London and offices in the US, Japan, Korea and Germany, with a worldwide complement of about 60 personnel. This year PSE had revenues in excess of £5 million and moved into profitability while growing revenues by over 60%.

Market:PSE’s technology is used by Fortune 500 companies in all key process industry sectors: chemicals, fine chemicals, petrochemical, oil & gas, refining, polymers & plastics, pharmaceutical, biotechnology, power (including fuel cell), mining, food & beverage, pulp & paper.

Process Systems Enterprise www.psenterprise.com

> Therapeutics 26%Imperial Innovations’ shareholding



Directors and Company Secretary

1 Dr Martin Knight (aged 59) Chairman Dr Martin Knight is Chief Operating Officer of Imperial College London, where he has been a Governor and Council member for 14 years and Chairman of the Finance Committee for seven years. Martin joined and became Chairman of the Group in July 2003. Martin joined Morgan Grenfell & Co Ltd in 1974, becoming a director in 1982, having responsibility for five years for Project and Export Finance. Since 1988, he has advised, worked with and served on the boards of a number of private and public companies, focusing on strategic and capital raising matters.

2 Susan Searle (aged 45) Chief Executive Officer Susan Searle joined the Group in 1994 and has been instrumental in the growth and transformation of the business. Susan was appointed to the position of Chief Executive Officer in January 2002. Susan previously worked at Montech (Australia), Signet Group plc, Bank of Nova Scotia and Shell Chemicals Limited in the United Kingdom and internationally in a variety of business development and commercial roles. Susan has over 20 years’ commercial experience. Susan has served on the boards of 15 companies including TurboGenset Inc. Susan currently serves on the boards of Thiakis Limited, EVO Electric Limited and i2india Holdings Limited.

3 Russ Cummings (aged 44) Chief Investment Officer Russ Cummings joined the Group from Scottish Equity Partners Limited where as director in the Information Technology Group he was responsible for investment in high growth technology companies. Russ worked at 3i Group plc where he was a director in their UK Technology Group (and previously worked at Rolls-Royce Motors as a development engineer). Russ manages the investment portfolio and decision-making process. Russ sits on the boards of Circassia Holdings Limited and Nexeon Limited.

4 Julian Smith (aged 43)Chief Financial and Operations OfficerJulian Smith was appointed to the Group as Chief Financial and Operations Officer in January 2006. He joined the Group from RadioScape Limited where he spent six years as Chief Financial Officer and a member of the board of directors. Julian’s other previous roles include Director of Treasury Operations and Company Secretary at Metapath Software International Group (MSI), Financial Controller at MSI and nine years at Arthur Andersen. Julian is a Chartered Accountant.

5 Dr David Allen (aged 54) Non-Executive Director Dr David Allen was appointed as a Non-Executive Director with effect from 1 August 2008. Dr Allen joins the Group after nearly 30 years with BP plc, one of the world’s leading energy firms. During his career with BP he held various posts within the group, including five years as a main board director, and was Chief of Staff from 2000 until 2007. Dr Allen has a D.Phil. in physical chemistry from Hertford College, Oxford.

6 Dr Paul Atherton (aged 55) Non-Executive Director Dr Paul Atherton co-founded Queensgate Instruments while working for his PhD at Imperial College London and was Managing Director until its sale in March 2000. Paul is an active angel investor, focusing on nanotechnology and photonics, and is a board member for a number of companies. Paul is a shareholder in and chairman of two Group technology companies, Nexeon Limited and Midaz Lasers Limited. Paul also sits on the board of Sussex Place Ventures and is a governor of the London Business School.

7 Mark Rowan (aged 50) Non-Executive Director Mark Rowan is a partner of Comvest Limited which specialises in early stage technology investment. Mark previously worked at both JPMorgan and American International Group, Inc. where he was President of Banque AIG and in charge of European Corporate Finance. Since 1997 Mark has concentrated on the small business sector providing advice on strategic and structural issues to a broad spectrum of companies. Mark is a shareholder in and a Non-Executive Director of one Group technology company, BioCeramic Therapeutics Limited.

8 Justin Bowen General Counsel and Company Secretary Justin Bowen joined the Group in January 2004 having previously held legal positions at GEC/Marconi plc and at RAC plc for eight years. Justin is a qualified barrister. Justin manages the Legal department of the Group and is also the Company Secretary.

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Senior Management Team

A number of other senior members of staff are key to the success of the Group.

9 Brian Graves Head of Engineering Technology Transfer Brian Graves joined the Group in 2001 as head of the Engineering Technology Transfer team. Brian has 20 years’ experience in business development, product development and marketing in the engineering industry and previously worked for John Crane Limited, a division of Smiths Group plc.

10 Tony Hickson Head of Bioscience Technology Transfer Tony Hickson joined the Group in early 2002 and is head of the Bioscience Technology Transfer team. Tony has 16 years of varied commercial experience in bioscience companies including Wellcome, Murex Biotech, Abbott Laboratories and Kalibrant Limited.

11 Jon Page Director of New Ventures Jon Page worked for PwC & NatWest Bank, initially in their internal consultancy divisions and later in their e-commerce teams where he developed the strategy for e-payments. He has over 19 years experience in the consulting and finance sector and joined the Group in 2001 initially to head the Engineering team. Jon created the New Ventures team in 2004. Jon sits on the board of QuantaSol Limited, one of the Group’s technology companies.

12 John HoldenDirector - InvestmentsJohn Holden joined Imperial Innovations in 2007. He spent the first six years of his career as a corporate financier in the City. Following an MBA he spent eight years with venture capital house 3i, latterly as an Investment Director with the UK Technology Group in London. Most recently he was a Director and Joint Head of the UK Ventures team at ANGLE plc with responsibility for setting up and developing early stage technology based companies.

13 Simon KerrDirector of Bioscience Ventures Simon Kerr joined the Group in September 2008. Having worked initially in marketing and business development roles in Beecham Pharmaceuticals and Wellcome plc, Simon moved into the biotechnology sector during the mid-90s. He has extensive experience of emerging bioscience businesses, has held board-level positions in four unlisted companies and has led over 25 licensing, financing and M&A transactions. He was most recently Commercial Director of CeNeS plc until its acquisition by Paion AG in June 2008.

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Imperial InnovationsAnnual Review 2008

Imperial Innovations Group plcLevel 12Electrical and Electronic Engineering BuildingImperial CollegeLondon SW7 2AZ

Tel +44 (0)20 7581 4949Fax +44 (0)20 7589 3553www.imperialinnovations.co.uk

Contents01 Valuing innovation02 Chairman’s statement04 Chief Executive’s report06 Our commercialisation process08 Our licensing activity12 Our portfolio companies23 Directors and Company Secretary24 Senior Management

About Imperial Innovations

Imperial Innovations combines the activities of technology transfer, company incubation and investment. Our goal is to bring valuable ideas to market either by building businesses or licensing to industry.

Imperial College London ranked sixth best University in the world (THES University rankings 2008) is our main partner and major source of ideas. We also provide a number of external research intensive organisations including both public and private sector ownership with our commercialisation services.

We are highly experienced in every stage of the route to commercialisation. The services we offer include:

> Technology sourcing> Intellectual property management> Commercial assessment of intellectual property> Market analysis> Licence negotiation> Incubation services and space> Investment

Imperial Innovations

Company information

DirectorsM. Knight (Chairman) S. Searle (Chief Executive Officer) R. Cummings (Chief Investment Officer) J. Smith (Chief Financial & Operations Officer) D. Allen (Non-Executive Director) P. Atherton (Non-Executive Director) M. Rowan (Non-Executive Director) Company Secretary J. Bowen Registered OfficeLevel 12, Electrical and Electronic Engineering Building Imperial College London SW7 2AZ AuditorsPricewaterhouseCoopers LLP Abacus House Castle Park Cambridge CB3 0AN Principal BankersNational Westminster Bank plc PO Box No 592 18 Cromwell Place London SW7 2LB SolicitorsMayer Brown International LLP 11 Pilgrim Street London EC4V 6RW Financial Advisers and NomadJPMorgan Cazenove Limited 20 Moorgate London EC2R 6DA Share RegistrarsEquiniti Limited Aspect House Spencer Road Lancing West Sussex BN99 6DA

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