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Imperial Innovations Group plc

Imperial Innovations Group plc

4th and 5th July 2010
Technology Transfer Officer Training

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Identifying Commercially Viable IP in a Research Institute Identifying Commercially Viable IP in a Research Institute Presentation Transcript

  • Imperial Innovations Group plc 4 th and 5 th July 2010 Technology Transfer Officer Training Identifying Commercially Viable IP in a Research Institute Creating, building and investing in ground-breaking technology opportunities addressing large international markets Imperial Innovations Group plc
    • Sunday 4 th July, 2010
    • 09:30 Start
    • 1.1) Introduction to Programme
    • 1.2) Introduction to Imperial Innovations
    • 1.3) Introduction to Commercialisation
    • 11:00 – 11:30 COFFEE BREAK
    • 2.1 Key Business and Commercialisation Concepts
    • 13:00 – 14:00 LUNCH BREAK 
    • 3.1 Core Competences for a Technology Transfer Office (TTO): Serving Academics’ Needs
    • 15:30 END OF DAY 1
    1.1 Introduction to Programme Wednesday 14 July 2010
    • Monday 5 th July, 2010
    • 09:00 – 09:30 Review of Day 1 
    • 4.1 Core Skills for a Technology Transfer Officer: Working with Academic Colleagues
    • 11:00 – 11:30 COFFEE BREAK 
    • 5.1 Organising the TTO
    • 13:00 – 14:00 LUNCH BREAK 
    • 6.1 Case Studies from Imperial Innovations
    • 15:00 – 15:30 Review of Day 2
    •   15:30 END OF DAY 2
    1.1 Introduction to Programme Wednesday 14 July 2010
    • Brian Graves Director of Commercialisation Services Imperial Innovations-2009
    • Joined Imperial Innovations 2001-Head of Engineering Technology Transfer Team
    • Director of Strategy Development John Crane International based in UK 1998-2001  
    • Director of Product Management John Crane International, Based in Chicago USA 1994-98
    • Marketing Services and Product Development Manager, John Crane EMA 1988-1994
    • Marketing Services Manager, John Crane EMA 1980-1988
    • Graduate Management Trainee, John Crane EMA 1979-1980
    1.1 Introduction to Programme Wednesday 14 July 2010
    • Create, build and invest in pioneering technologies addressing global needs
      • Healthcare, energy, engineering
    • Support scientist entrepreneurs by:
      • Identifying high-growth technologies for global market needs, protecting relevant IP
      • Providing early capital
      • Forming companies, providing facilities with expertise plus business services
      • Accelerating commercialisation with significant investment and leading investment rounds
      • Recruiting world-class management teams
    • Technology licensing adds long-term revenue streams
    • Target: one large exit per year, with two to three smaller exits
      • Successful realisations, e.g. Thiakis, Ceres Power and RespiVert
    1.2 Introduction to Imperial Innovations Wednesday 14 July 2010
  • 1.2 Introduction to Imperial Innovations Innovations Group plc Wednesday, July 14, 2010 2008 Innovations realises £4.0 million from partial Ceres Power sale Created FSA regulated subsidiary , Imperial Innovations Investment Management Ltd Circassia raises Series B £11.0 million Thiakis sold to Wyeth for £100.0 million RespiVert raises Series A £13.0 million The business The portfolio 2010 Veryan Medical raises £3.6m Polytherics raises £3m MET sold to Evonik AG for €4.5m RespiVert sold to Centocor (J&J) for $100m 2004 Ceres Power floats on Alternative Investment Market 2006 £26m Imperial Innovations Group plc floats on AIM raising £26 million Inforsense raises Series A £5.3 million 2005 Private Placement of shares in Imperial Innovations raises £10 million for the Company £10m Thiakis raises Series A £10.0 million 2007 £30m Raised £30 million through private placement of shares Circassia raises Series A £6.25 million Nexeon raises Series A £4.25 million Veryan raises Series A £5.3 million 2009 Nexeon raises Series B £10.0m Inforsense sold to IBDS Circassia raises Series C £15.25 million
  • 1.2 Introduction to Imperial Innovations Investment strategy – segmented portfolio
    • Accelerated growth
    • 3 4 companies
    • Active role, seat on board,
    • High performance management
    • Lighter touch
    • 17 companies
    • Support to promote organic growth and revenue generation
    • Low involvement
    • 32 companies
    • Smaller assets
    • No further funding expected
    Wednesday, July 14, 2010 Healthcare Engineering & Energy
    • 12 companies established in three years – four p.a.
    • Built with experienced management teams
    • Rapid progress: four already post Series A, two post Series B
    1.2 Introduction to Imperial Innovations The Business – consistently creating strong companies 2006 2007 2008 2009 2010 Healthcare Engineering Wednesday, July 14, 2010
    • Exclusive access to pioneering technologies from Imperial College London
      • Early-stage visibility enables rapid protection of promising IP
      • Direct and knowledgeable engagement with scientists
      • Optimise company formation around IP
    • Focus on technologies with global, multi-£billion market potential
    • Extensive due diligence
      • In-house, multi-sector expertise combines scientific knowledge with investment expertise
      • Healthcare and engineering advisory boards add deeper specialist insight
      • Constant dialogue with industry on future needs enhances knowledge base of start-up
    • Provide incubation and other facilities for new companies
      • 19 companies currently in incubator
      • Provide operational and business support
    • Competitive advantage over VC model
      • Bridges cultural gap between scientists and investors
    Investment and support Assessing market opportunity Wednesday, July 14, 2010
  • Investment and support Matching management with scientific talent
    • Strong emphasis on recruiting world-class management to work with founder scientists
    • Preference for serial entrepreneurs with domain knowledge
    • Incentives aligned with shareholders
    • Entrepreneurs in residence help Innovations identify promising start-ups
    • Benefits from Innovations’ extensive contacts networks
    • Recruitment partners extend reach
    Wednesday, July 14, 2010
  • Investment and support Staged funding – major rounds completed Wednesday, July 14, 2010 2006 2007 2005 2008 2009 Total £0.5m IVO £0.25m Total £10m IVO £1.5m Total £11m IVO £1.75m Total £13m IVO £2m Total £3.1m IVO £2.2m Total £10m IVO £4m Sold £100m IVO £16.1m Total £3m IVO £1m Total £2.6m IVO £2.5m Total £15.3m IVO £3.75m 2010 Total £3.6m IVO £1.2m Sold IVO £9.5m Total £4.3m IVO £1.95m Total £6.3m IVO £2.0m Total £0.9m IVO £0.3m Total £2.6m IVO £0.5m
  • 1.2 Introduction to Imperial Innovations Successful Realisations
    • Cash realisation proves the model works
    • Big exits - Thiakis
      • Invested £1.5m in 2006 as part of £10m round
      • Sold to Wyeth (Pfizer) for £99.4m in 2008
      • Net potential realisation of £16.1m from equity, plus royalties
    • RespiVert
      • Invested £2m as part of a £13m investment round
      • All cash realisation of £9.5m upon sale of 13.4% stake to Centocor (J&J)
    • Ceres Power
      • Domestic fuel cell pioneer
      • Retains 2.7% stake, realised £7.7m to date
    • Begun to harvest smaller exits – not just dependent on the big ones
      • Heliswirl sold to Technip for downstream royalties
      • Inforsense sold to IDBS for £5m
      • Membrane Extraction Technology sold to Evonik AG for €4.5m
    Wednesday, July 14, 2010
    • Some technologies are more appropriate for licensing to industry leaders
    • Economic environment still impacting on fees but deals done
    1.2 Introduction to Imperial Innovations Licensing update Wednesday, July 14, 2010 Licensing highlights – deals concluded Novartis Vaccines and Diagnostics Novel Meningitis B Vaccine candidate Future Fuels Licence for 'Green coal' technology using recycled waste Cell Medica Exclusive licence for T-cell platform technology to generate specific t-lymphocytes for treatment of infection and cancer Medtronic Option agreement for treatment of sleep apnoea through pacemaker timing Medimmune Supply agreement for reagents for COPD and asthma markets
  • 1.2 Introduction to Imperial Innovations Progress in Prospective Next Ten Wednesday, July 14, 2010
    • Next generation biopolymers
    • Raised £1.6m, investment £0.4m
    • TSB Award of £0.3m
    • Appointed Martin Riediker, Former CTO of Ciba Inc.
    • Smart biomaterials
    • Raised £2.2m, investment £0.77m
    • Appointed Ian Brown as CEO and Stephen Rietiker as Chairman
    • 3 rd Generation solar cells for CPV
    • Raised £4.5m, investment £2.0m
    • Produced the most efficient single junction solar cell independently tested by Fraunhofer ISE achieving 28.3% efficiency
    • Therapeutic for wasting diseases inc cachexia
    • Raised £5.6m, investment £2.3m
    • Commenced Phase II clinical trials
  • 1.2 Introduction to Imperial Innovations Maturing Portfolio: Nexeon
    • Silicon anodes for lithium-ion batteries
    • Nexeon is developing anodes which will lead to batteries with significantly higher energy density and longer lifetime between charges.
    • Lithium ion (Li-ion) batteries are a commonly used type of rechargeable battery with a global market estimated at $8bn in 2008 for laptops and mobile phones. Independent market analyst Takeshita predicts that the market will grow to $30bn by 2017.
    Wednesday, July 14, 2010 The Company The Progress £6.2m £11.3m 35.0% November 2009 – Evonik Degussa Deputy Chairman and CTO Joins Nexeon Board December 2009 – revealed plans to commercialise lithium-ion technology. January 2010 – UK consortium including Nexeon was awarded £1m by Technology Strategy Board to develop new high energy density battery chemistry for plug-in electric vehicles March 2010 – achieved important milestone as cells successfully completed 500 full charge / discharge cycles at capacity of 1200mAh/g (4x the capacity of conventional carbon-based anode technology) without significant fade being observed.  Cost Value Equity share
  • 1.2 Introduction to Imperial Innovations Maturing Portfolio: Circassia
    • T-Cell vaccines to treat allergies
    • Circassia is developing a range of ToleroMune® vaccines. Its patented approach involves administering sections of the molecules that cause allergic reactions to desensitise sufferers.
    • The company has four Phase II trials underway targeting cat, ragweed and house dust mite allergies and plans to initiate further studies in the coming months extending the portfolio into the field of grass allergy.
    Wednesday, July 14, 2010 The Company The Progress Cost £7.5m Value £13.4m Equity share 14.2% November 2009 – announced successful results from its Phase II clinical study in which its ToleroMune® T-cell vaccine for cat allergy dramatically reduced allergy symptom levels. December 2009 – raised £15.25m in oversubscribed round Dec 09 led by Innovations. January 2010 – initiated phase II clinical trials targeting house dust mite and cat allergies.   February 2010 – announced positive Phase II clinical results with its vaccine for Ragweed allergy.
  • 1.2 Introduction to Imperial Innovations Exit: RespiVert
    • Inhaled treatments for serious lung disease
    • RespiVert has made strong progress in developing a new generation of inhaled treatments for serious lung diseases.
    • As well as reducing inflammation, these drugs are expected to prevent and control exacerbations and inhibit infection induced by human rhinovirus, influenza and other respiratory viruses.
    Wednesday, July 14, 2010 The Company The Progress IVO Investment £2.0m Return to IVO £9.5m December 2009 – filed number of patents in 2009 which include chemical composition of matter and biological mode of action. January 2010 – confirmed that product profile is expected to be once daily inhaled administration used stand alone or in combination, targeting a first-line anti-inflammatory therapy for all patients with COPD. January 2010 – announced plans to commence Phase I single ascending and repeat dose studies using both inhaled and intranasal delivery. June 2010 – sold to Centocor Ortho Biotech, a Johnson and Johnson company
  • 1.2 Introduction to Imperial Innovations Polytherics – replenishing “the 6”
    • PEGylation to optimise drug duration
    • PolyTherics is using biomedical polymers to optimise biopharmaceuticals for the treatment of the world’s most important diseases.
    • TheraPEG™ technology (site-specific PEGylation) can modify natural properties of protein drugs (including antibodies), for example increasing the duration of action in the body, without compromising biological activity.
    Wednesday, July 14, 2010 The Company The Progress Cost £2.75m Value £3.0m Equity share 35.0% July 2009 - patent allowed covering the targeted PEGylation of proteins by the US and Europe. October 2009 - Sally Waterman appointed Chief Operating Officer and Jeff Edwards also joined as Director of Development February 2010 – raised £3.0m in a round led by Innovations March 2010 – collaborative research deals announced with Minapharm, Celtic Pharma and Zealand Pharma April 2010 – awarded TSB grant to develop a low cost way of producing fusion proteins using its linker technology
  • 1.3 Introduction to Commercialisation Wednesday 14 July 2010 Project Pipeline Project Development Investment Build Relationships Invention Disclosure & Commercial assessment Validation of Market Need Spin-out Pre-Seed Seed and Incubation Post Seed and Exit
    • Visit universities and other R&D centres
    • Engage with inventors
    • IP Strategy
    • Technology readiness
    • Market need
    • Product development needs
    • Engage with commercial partners
    • Proof of Concept
    • Market intelligence
    • EiR
    • Develop business plan
    • Seed investment Review
    • Company formation
    • Management team
    • Premises and services
    • Series A+ investment assessment
    • Management team development
    • Valuation and deal structure
    • Exit?
    Licence Marketing Negotiation Licence Management
    • Identify and engage with potential licensees
    • Structure deal terms
    • Close the deal
    • Monitor licensee obligations
    • Distribute revenue share commitments
    • Marketing-The 4 Ps
    • Product
    • Price
    • Place
    • Promotion
    2.1 Key Business and Commercialisation Concepts Wednesday 14 July 2010
    • Customer Value
    • Product Benefit-Operational Process Improvement
      • Function
      • Cost Reduction
      • Reliability
    • Product Cost
      • Purchase Decision
      • Acquisition Cost
      • Operational Cost
      • Maintenance Cost
    2.1 Key Business and Commercialisation Concepts Wednesday 14 July 2010
    • Business Value
    • Supply Chain
    • Return on Investment
    • Quantifying the benefit
    • Understanding what is important to the user
    2.1 Key Business and Commercialisation Concepts Wednesday 14 July 2010
    • Business Models and Commercial Value Extraction
    • Products
    • Services
    • Processes
    • Utilities and Regulated markets
    • Indirect revenue
    2.1 Key Business and Commercialisation Concepts Wednesday 14 July 2010
    • Business Finance
    • Sales Revenue
    • Equity Capital
    • Loans
    • Grants
    2.1 Key Business and Commercialisation Concepts Wednesday 14 July 2010
    • Suppliers, Collaborators and Customers
    • Academics
    • VCs Business Angels
    • Licensees
    • Entrepreneurs
    2.1 Key Business and Commercialisation Concepts Wednesday 14 July 2010
    • What is Competence?
    3.1 Core Competencies for a TTO Serving Academic Needs Wednesday 14 July 2010
    • What is Competence?
    • Having the necessary skills, abilities and understanding
    • Ability to perform appropriately
    • Competence is learned through training and experience
    • Testing
    3.1 Core Competencies for a TTO Serving Academic Needs Wednesday 14 July 2010
    • Why should an academic want to work with the TTO?
    • Communication
    • Incentives
    • Culture
    • TTO Objective?
    • Public Good or Financial Sustainability
    • Key Performance Indicators
    3.1 Core Competencies for a TTO Serving Academic Needs Wednesday 14 July 2010
    • Creating Business Opportunities
    • Developing a business network
    • Understanding needs-Point solutions v New Products
    • Acquiring IP
    • Protecting IP
    • Product Development
    • Understanding the process
    • Attracting Development Resources
    3.1 Core Competencies for a TTO Serving Academic Needs Wednesday 14 July 2010
    • Project Management
    • When did the project start, when should it end
    • Every day of delay in commercialisation is one day later for receipt of revenue
    • Customer Service
    • Response
    • Promises
    • Prioritisation
    • Quality
    3.1 Core Competencies for a TTO Serving Academic Needs Wednesday 14 July 2010
    • Supplier Relationship
    • Supplier performance
    • Supplier incentives and penalties for poor performance
    • Resources for Operating the TTO
    • Who provides?
    • Allocation?
    • Expected returns?
    3.1 Core Competencies for a TTO Serving Academic Needs Wednesday 14 July 2010
    • Creating awareness of the purpose of the TTO
    • IP Seminars
    • Talks by relevant Entrepreneurs and business leaders
    • What is in it for the academic (incentives)
    • Success breeds success
    • But <10% of ideas are valuable
    • Saying No constructively
    4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010
    • Understanding the science/technology
    • If in doubt “Phone a Friend”
    • Understanding the motives of the scientist
    • Seeing a technology used to benefit society
    • Make money
    • Prestige
    4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010
    • Setting Expectations and business culture translation
    • Setting targets
    • Delivery
    • Time
    • Cost and raising finance
    • Quality
    • Regulation
    • Business management
    4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010
    • Disclosing the Invention
    • Invention Disclosure Assessment Form
    • What is the technical benefit of the technology?
    • What is the commercial benefit of the technology?
    • What is the proposed product specification?
    4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010
  • 4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010 4 Product Scale 5 Project Attractiveness Component/Sub Assembly Single application product Platform or multiple application product Target Markets 1 2 3 Target Markets 1 2 3 Target Markets 1 2 3 <£1m £1-5m £5-10m £10-50m £50-100m £100-500m >£500m
  • 4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010 6 What is the Technology Readiness Level (TRL)? Stage Duration Cost Potential Source of Funding Identified? PoC Demonstrator to sell the technology to a commercial partner <1yr <£25k 1-3yrs £50-100k >3yrs >£100k To produce field trial demonstrators and conduct field trials <1yr <£100k 1-3yrs £100-250k >3yrs >£250 To produce launch a product (i.e. first sales) <1yr <£250k 1-3yrs £250-£500k >3yrs >£500k 1 2 3 4 5 6 7 8 9
  • 4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010 Technology Readiness Level 1. Basic principles observed and reported 2. Technology concept and/or application formulated 3. Analytical and experimental critical function and/or characteristic proof of concept 4. Component and/or breadboard validation in laboratory environment 5. Component and/or breadboard validation in relevant environment 6. System/subsystem model or prototype demonstration in a relevant environment 7. System prototype demonstration in an operational environment 8. Actual system completed and 'flight qualified' through test and demonstration 9. Actual system 'flight proven' through successful mission operations
  • 4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010 7 Competitive Intensity 8 IP Strength Low High Weak Strong Unmet technical need no other supplier has anything comparable A new emerging technology area with few established suppliers An established but dynamic market with several high market share suppliers Mature market where the new technology is an alternative readily available to existing products/technologies Many similar suppliers/products with similar features/benefits and strong incumbent positions in mature markets IP is largely published but some know how/copy right IP remains Nothing patentable, but high level of unpublished know how/copyright Patentable but with narrow claims, not much know can be developed Patentable, with fairly wide claims, know how needs to be developed and there is a high level of related prior art Broad patent with high degree of freedom to operate and know-how required
  • 4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010
    • Inventorship and IP Ownership
    • Due Diligence
    • Dispute resolution
    • Fix it early
    • IP Protection Strategy
    • Patent Before you Publish
    • Agree a Project Plan-UP-Date it often
    4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010
    • Always try to meet people
    • If you cannot meet someone-Telephone
    • If you cannot telephone someone-email
    • Know what you Don’t know
    • Phone a Friend
    • Phone several friends (But trust your own judgement)
    4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010
    • Proof of Concept
    • Purpose
    • Source of Funds
    • Management
    • Consultants
    • Selecting
    • Managing
    4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010
    • Market Intelligence
    • What is it?
    • Interpreting public domain information
    • Fact or Fiction
    • Technology Marketing
    • Apply the 4 Ps!
    4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010
    • Technology Selling
    • Decision-makers, influencers
    • Listening and adapting
    • Negotiation
    • Closing the deal
    • Understanding legal documents
    • Don’t let the lawyers lead the negotiation
    4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010
    • Finding and Recruiting Entrepreneurs
    • A great business proposition will attract a great manager
    • Managing company formation and investment
    • Don’t be shy, don’t be stubborn
    • Explore possibilities, be clear about whose interest you represent
    4.1 Core Skills for a TTO Working with Academics Wednesday 14 July 2010
    • Have a Strategy!
    • Service or business?
    • Allocate Resources
    • Is it scalable?
    • Process flow and responsibility
    • Keeping Records
    • Patents, Invention disclosures, legal documents, People Network, project actions
    • Approval Process
    5.1 Organising the TTO Wednesday 14 July 2010
    • Incentives for inventors
    • Allocate Resources
    • Is it scalable?
    • Process flow and responsibility
    • Keeping Records
    • Patents, Invention disclosures, legal documents
    • Approval Process
    5.1 Organising the TTO Wednesday 14 July 2010
    • Key Performance Indicators
    • Measurable
    • Justifiable
    • Encourage appropriate activity
    • Outputs not inputs
    • Avoid the long list
    5.1 Organising the TTO Wednesday 14 July 2010
    • Staff Reviews
    • Objectives
    • Performance appraisal
    • If you had a team....
    • What skills do you need?
    • Job Specification
    • Recruitment process
    • Internships
    5.1 Organising the TTO Wednesday 14 July 2010
    • Building an Entrepreneurial Culture
    • Should academics be entrepreneurial?
    • What is their role in the commercialisation process?
    • Should the TTO be entrepreneurial?
    • Don’t be afraid to ask
    • Form and Association of TTOs?
    5.1 Organising the TTO Wednesday 14 July 2010
    • Incubation Facilities
    • Incubation consists of Support and Facilities
    • What support can you provide?
    • Advice
    • Contacts
    • Championship
    • Access to Service providers
    • What facilities can you access?
    5.1 Organising the TTO Wednesday 14 July 2010
    • Professional Service Providers
    • Patent attorneys
    • Lawyers
    • Accountants
    • Tax advisers
    • Recruitment consultants
    • Marketing consultants-research and promotion
    • Business Angel and VC networks
    • Entrepreneurs
    5.1 Organising the TTO Wednesday 14 July 2010
  • 6.1 Case Study from Imperial Innovations Veryan Medical
    • Stents with 3D helical shape
    • Veryan uses 3D geometry in the design of a novel range of stents which mimics the body’s natural tendency to create swirling blood flow. This reduces restenosis (clogging of blood vessels) but also improves fracture resistance.
    Wednesday, July 14, 2010 The Company The Progress Cost £5.2m Value £6.2m Equity share 55.7% February 2010 - start of First-in-Man study for BioMimic 3D stent at Herz Zentrum, Bad Krozingen, Germany. March 2010 – raised £3.6m in round co-led by Innovations and new investor, Seroba Kernel Life Sciences. March 2010 – initial results of first in human man study were excellent and appear to confirm the attributes that Veryan had seen in pre-clinical studies.