short introduction to imperial innovations
DESCRIPTION
A brief overview of Imperial Innovations activities, covering technology transfer, company formation, investment and incubationTRANSCRIPT
Imperial Innovations
The business of innovation
Innovations bridges the gap between scientific research
and successful commercialisation
Overview of Innovations’ model
Scientific research Incubation Commercialisation
• Provides IP protection, licensing and business building services for Imperial College London
• Very early access to research outputs
• Creates, builds and invests in pioneering technology opportunities and companies based on IP from
– Cambridge– Oxford– UCL– Imperial College London
• Provides growth capital
• Provides commercialisation expertise and continuum of support to portfolio companies
• Investments not constrained by capital required or artificial exit timetable
Innovations Track Record
~650patents filed
>100proof of concept projects funded
150licences under management
£143.1minvested in portfolio
£206mraised for investment
Since 2006:
£188.2mcurrent investment portfolio value
£25mRealisations since IPO
Management skills and expertise
Highly qualified team with expertise in relevant fields
100% 48%52%
Commercial teamand executive directors
Innovation science credentials
Combination of technical and commercial skills
Eight investment directors, with ca. 80 years combined experience
Entrepreneurial and investment experienceNigel PitchfordChief Investment Officer
Russ CummingsChief Executive Officer
• Joined as CIO in 2006, appointed CEO in July 2013• Responsible for building portfolio and Ventures team• Previously Director at SEP and 3i• Prior to Innovations, track record includes Oxford Asymmetry,
Zeus Technology, Searchspace and Queensgate Instruments, all >$100m spinouts from the 4U
• BSc in Mechanical Engineering from Imperial College London
• Joined Imperial Innovations in 2012• Previously Partner at DFJ Esprit; prior to that spent 12 years
at 3i, becoming a Partner in 2006, leading venture healthcare activities across Europe and the US.
• Responsible for leading investment rounds into Domantis (sold to GSK for $454m), Apatech (sold to Baxter for $330m), Arakis (sold to Sosei Pharma for $187m).
• Studied chemistry at the University of Oxford• PhD from University of Durham and an MBA from Warwick.
Focused on building portfolio value through management, not just scale
Management Team
Tony HicksonManaging DirectorTechnology Transfer
• Joined Imperial Innovations in 2002• Over 20 years commercial IP & licensing experience in
bioscience companies including Wellcome Group R&D, Murex Biotech, Abbott Laboratories and Kalibrant
• Held board positions on start-ups including Emcision, Polytherics, Acublate and RespiVert and is Chair of the IP Board for the European Climate KIC
• Holds an MBA and is a Chartered Licensing Professional
Anjum AhmadTreasury & Finance Director
• Joined Imperial Innovations in 2003• Prior to joining Innovations was finance director at a VC-
backed start-up having previously held roles at GSK, BBC Worldwide and the British Red Cross.
• Fellow of the Association of Chartered Certified Accountants, holds an MBA and has Treasury qualifications
Degreeor Masters PhD
MBA
Linked to one of the four universities:• Cambridge, Oxford, UCL and Imperial College London
Large market opportunity (>£1bn)
Strength and depth of research expertise
Differentiated and protectable intellectual property
Team – experienced commercial lead with industry experience alongside world-class science
Three different sources for investments:• Spinout based on university IP• Entrepreneur-in-residence / Venture Partner market-led opportunity
partnered with one of the four universities• Early-stage existing company working closely with one of the four
universities and involving academic advisers
4U
IP
Investment Criteria
More Than Just Investment
Funding
Syndicates
Management
Validation
• Providing finance alone or with partner investors with shared objectives.
• Businesses have the scope to grow and we invest efficiently
• Strategic partnerships with industry to reduce time to market,reduce risk and access industrial expertise
• Appointing skilled management teams into key positions in our portfolio companies according to their stage of development
• Endorsement from third parties e.g. FDA approval, CE marking.
• Evidence of real progress towards commercialisation
Innovations is an active partner to all its portfolio companies, supporting and adding value
IP from Leading Research Universities
25%of UK
£1.3bn research spend
Four universities account for
• Strongest research concentration in Europe
• Global top university rankings
2013
Current QS World University Rankings
Source: http://www.topuniversities.com/university-rankings/world-university-rankings/2013
Investment approach
Continuity of funding with deep knowledge of assets
£25k-1m £1m-5m £5m-25m+
Seed investment Stake building
PO
TE
NT
IAL
OP
PO
RT
UN
ITY
CO
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ER
CIA
LIS
AT
ION
EX
IT
Understand the opportunity and
market
Exit at most opportune time
Build organisational
strength
Develop relevant partnerships
‘Live with’ the technology
Accelerated investment in best
opportunities
Seat on Board
Portfolio Overview
Chart TitlePortfolio by subsector
TherapeuticsMedtech / DevicesEngineering / MaterialsICT / Digital
Chart TitlePortfolio by university
Imperial (20 cos.)Cambridge (four cos.)Oxford (three cos.)UCL (three cos.)
Chart TitlePortfolio concentration
CircassiaNexeonVeryanNext fiveNext 12Remainder of top 30
Net value of the top 30 companies at 31 July 2013
£179.5m £179.5m £179.5m
Portfolio companies with international presence and global ambition
Four of the top sixworld-ranked universities
A broad base of technologiesin areas of UK strength
Broad Sector Strength (Top 30)
sector cos. in top 30xx
Therapeutics
10
- Strong global demand - Can be long
development cycles- Regulatory control
£83.6m
Medtech and Devices
8
- Ageing population- Some regulatory
control
£35.8m
ICT / Digital
6
- Very fast moving- Strong consumer pull- Convergence of
technologies
£14.0m
Engineering / Materials
- Renewable energy a strong driver
- Manufacturing may have significant capital requirement
6
£46.1m
Circassia
£25.5mInnovations investment
£79.6mExternal investment
£105.1mTotal investment
Imperial Innovations Group plc
Circassia is focused on developing world-class immunotherapies for the treatment of
common allergies
Its most advanced product, for cat allergies, entered phase III clinical trials in Europe and
North America in late 2012 and it has seen positive phase II results for Grass & House
Dust mite allergy treatments
19.7%
Innovations ownership
Nexeon
£22.4mInnovations investment
£36.7mExternal investment
£59.1mTotal investment
Imperial Innovations Group plc
Nexeon is a battery materials and licensing company developing novel silicon anodes for lithium-ion batteries. Nexeon’s silicon materials enable the creation of cells with
much higher energy density, leading to longer battery life between charges
Strategic partnership with Wacker Chemie working well in commissioning continuous
operation pilot plant
Hatazawa-san appointed as CTO from Sony
36.3%
Innovations ownership
• Very early access to research outputs from Cambridge, Imperial, Oxford & UCL– Golden triangle of world-class universities– Committed to long-term relationships with universities
• Building a broad base of technology investment in ‘fundamental’ enabling technologies – UK strengths in future global markets:– advanced materials– biosciences– electronics– information and communication technology
• High quality investments: protected technology, excellent science & proven management
• Resources to invest, alone or with others, throughout company lifecycles
What’s Different About Innovations?