Imperial Innovations Group plc Creating, building and investing in ground-breaking technology opportunities addressing large international markets
• 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 THURSDAY, 08 SEPTEMBER 2011 2
History FSA £140m £30m £26m £10m November 2007 Subsidiary December 2010 Equity raise Share AIM listing Private created placing August 2008 placement April 2005 July 2006 • 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 THURSDAY, 08 SEPTEMBER 2011 3
The UK environment • 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 THURSDAY, 08 SEPTEMBER 2011 4
Integrated Business Model Ventures & Investment : Technology Transfer : • Create and support new • Source and assess technologies businesses based on IP • Source new opportunities from Imperial College London Company • IP protection and strategy from Oxford, Cambridge and formation, Technology • Funds to deploy for technology UCL incubation, sourcing and • Incubation services Proof of Concept to support and protection • Recruit experienced demonstrate performance and investment management commercial potential • Provide investment and • Responsible for licensing continued support technology to industry throughout company life • Exit at optimum stage in Market research, company development • Evergreen investment fund product validation, patent searching, industry partners Commercial Support : • Validation of opportunities by assessing market need and competition • Identify potential licensees and industry partners THURSDAY, 08 SEPTEMBER 2011 5
Building businesses Capital : Technology : • Capital to invest from pre- • Access to world class research Capital to seed to exit in ground breaking • Ability to invest at all stages technology invest at all Technology • Know how to deal with to maintain influence and stages and the significant stakes universities and academics securing deal • Companies with high • Access to incubator university flow and potential not constrained by (laboratory and commercial environment capturing capital or exit timetable space) for start-ups • Collaborations with value Cambridge Enterprise, OSEM and UCL Business • Imperial TTO Management teams recruited, hand picked with specific expertise Management : • Funded businesses attracting talented management • Building boards and experienced management teams using executive search firms THURSDAY, 08 SEPTEMBER 2011 6
Our portfolio Accelerated growth Healthcare • 29 companies • Active role, seat on board • High calibre management Support • 24 companies • Support to promote organic growth and revenue generation Technology Low involvement • 25 companies • Smaller assets • No further funding expected THURSDAY, 08 SEPTEMBER 2011 7
Track Record • £83m invested since 2006; over £300m raised by portfolio Substantial exits • 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 • 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 Other trade sale exits Sold to Evonik Sold to IDBS Sold to Technip Sold to Stanmore Implants Worldwide THURSDAY, 08 SEPTEMBER 2011 8
Licensing • Portfolio of licences from Imperial College London technology £2.2 million Licence & royalty revenue • Part of our model – building long term revenue streams FY2010 27 IP agreements FY2010 • 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 THURSDAY, 08 SEPTEMBER 2011 9
Stepped up investment in Imperial businesses 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 THURSDAY, 08 SEPTEMBER 2011 10
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 Series B (2009) £10m Material samples to customers 2010 500 charge/discharge cycles World’s highest capacity Li -ion cells Series C (2011) £40m THURSDAY, 08 SEPTEMBER 2011 11
Stepped up investment in Imperial businesses • 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. THURSDAY, 08 SEPTEMBER 2011 12
Market and pipeline • Four lead allergy products with combined US market of over $2.5bn. • Unique technology with patient, manufacturing and regulatory advantages 2008 2009 2010 2011 Funding £11m £15m £60m Dose finding n=88 Exposure chamber Asthmatics Commercial 1 year follow Cat n=120 n=48 formulation n=200 up Ragweed Dose finding Exposure chamber n=50 n=275 House Dust Mite Dose finding n=50 Dose finding Grass n=50 >450 subjects in cat allergy trials, >325 in ragweed studies 10 product portfolio; 9 phase II studies; proof-of-concept established; lead products set for phase III THURSDAY, 08 SEPTEMBER 2011 13
Investments in Cambridge- and UCL-linked companies • 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. THURSDAY, 08 SEPTEMBER 2011 14
Recommend
More recommend
