A brief overview of Imperial Innovations activities, covering technology transfer, company formation, investment and incubation

1. Imperial Innovations
The business of innovation

2. Innovations bridges the gap between scientific research
and successful commercialisation
Overview of Innovations’ model
2
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
Imperial Innovations Group plc Wednesday, April 23, 2014

3. Innovations Track Record
patents filed
proof of concept projects funded
licences under
management
investmentraised for investment
Since 2006:
3
current investment
portfolio value
Imperial Innovations Group plc Wednesday, April 23, 2014
Raised by portfolio

4. Management skills and expertise
Highly qualified team with expertise
in relevant fields
Commercial team
and executive directors
 Innovation science credentials
 Combination of technical and commercial skills
 Eight investment directors, with ca. 80 years
combined experience
 Entrepreneurial and investment experience
Nigel Pitchford
Chief Investment Officer
Russ Cummings
Chief 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.
4
 Focused on building
portfolio value through
management, not just
scale
Management Team
Tony Hickson
Managing Director
Technology 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 Ahmad
Treasury & 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
Degree
or Masters PhD MBA
Wednesday, April 23, 2014Imperial Innovations Group plc

5. 5
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
Imperial Innovations Group plc Wednesday, April 23, 2014

6. More Than Just Investment
6
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
Imperial Innovations Group plc Wednesday, April 23, 2014

7. 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
7
Source: http://www.topuniversities.com/university-rankings/world-university-rankings/2013
Imperial Innovations Group plc Wednesday, April 23, 2014

8. Investment approach
8
Continuity of funding with deep knowledge of assets
£25k-1m £1m-5m £5m-25m+
Seed investment Stake building
POTENTIALOPPORTUNITY
COMMERCIALISATION
EXIT
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
Imperial Innovations Group plc Wednesday, April 23, 2014

9. Portfolio overview
9
55.0%
Portfolio by subsector
Therapeutics
Medtech / Devices
Engineering / Materials
ICT / Digital
Portfolio by university
Imperial (19 cos.)
Cambridge (five cos.)
Oxford (four cos.)
UCL (two cos.)
Portfolio concentration
Circassia
Nexeon
Veryan
Next five
Next 12
Remainder of top 30
Net value of the top 30 companies at £226.1m 31 January 2014
Portfolio companies with
international presence and global ambition
Four of the top six
world-ranked universities
A broad base of technologies
in areas of UK strength
17.6%
23.2%
4.3%
32.7%
15.1%
7.5%
19.5%
21.4%
3.8%
Imperial Innovations Group plc Wednesday, April 23, 2014

10. Broad Sector Strength (Top 30)
10
sector cos. in top 30xx
Therapeutics
11
- Strong global demand
- Can be long
development cycles
- Regulatory control
£124.2m
Medtech and Devices
7
- Ageing population
- Some regulatory
control
£39.7m
ICT / Digital
5
- Very fast moving
- Strong consumer pull
- Convergence of
technologies
£9.7m
Engineering / Materials
- Renewable energy a
strong driver
- Manufacturing may
have significant capital
requirement
7
£52.5m
Imperial Innovations Group plc Wednesday, April 23, 2014

11. 11
Public company portfolio
Clinical trials support business focused
on improving dementia diagnosis.
Assessa is a decision-support tool that
helps healthcare professionals to
diagnose dementia, thereby enabling
patients to receive the right treatment
and support they need sooner.
IXICO was acquired by Phytopharm plc,
and the enlarged group was renamed
IXICO plc and admitted to AIM in
October 2013.
World-class immunotherapies for the
treatment of common allergies
Leading cat allergy product in phase III
trials. Strong pipeline of allergy
treatments including house dust mite,
grass and ragweed
Listed on the main market on LSE with
a market cap of £581m in March 2014.
Circassia raised £200m which is
believed to be the UK’s largest ever
biotech fundraising at IPO in the UK.
Circassia Nexeon Ixico
Fair value
31/1/14
£73.9m
% Company
31/1/14
19.7%
Fair value
31/1/14
£34.1m
% Company
31/1/14
38.0%
Fair value
31/1/14
£1.0m
% Company
31/1/14
11.5%
Oxford Immunotec
Fair value
31/1/14
£10.7m
% Company
31/1/14
4.8%
Oxford Immunotec
Fair value
31/1/14
£10.7m
% Company
31/1/14
4.8%
T-SPOT.TB diagnostic test now on sale
in more than 40 countries worldwide.
Regulatory approval gained in Japan for
T-SPOT.TB test. Strongly growing
international revenues (US$38.8m in
2013. Forecasting revenues of $47-$50m
for 2014.).
Listed on NASDAQ at US$12 per share
and market capitalisation of US$196.4m.
Shares traded strongly post IPO and
closed at US$ 21.18 on 31 January 2014.
Imperial Innovations Group plc Wednesday, April 23, 2014

12. 12
Leading portfolio companies
Provides a range of technologies and
services to enable the development of
better biopharmaceuticals.
Portfolio includes proprietary site-specific
conjugation technologies and novel
polymers for optimising the therapeutic
properties of biopharmaceuticals.
PolyTherics also provides
immunogenicity testing, antibody
humanisation and protein engineering
technologies through its Antitope
subsidiary.
Manufacturer of novel helical stent with
3D geometry that encourages swirling
blood flow
Gained CE Mark status in November 2012.
Clinical trials suggests a favourable and
competitive foundation for
commercialisation in the US and Europe.
Shareholder value likely to be maximised
post publication of 24 month trial data -
anticipated April 2014.
PolyTherics
Fair value
31/1/14
£11.2m
% Company
31/1/14
25.2%
Nexeon
Fair value
31/1/14
£34.1m
% Company
31/1/14
38.0%
Developing novel silicon anodes for the
next generation of lithium-ion batteries.
Silicon anodes enable cells with higher
energy density than conventional carbon
anodes.
Strategic partnership with Wacker
Chemie.
Currently optimising its silicon materials
for the battery industry. Twenty tonne
plant ready at three months notice.
Volume production around 12 months.
Veryan
Fair value
31/1/14
£17.0m
% Company
31/1/14
44.3%
Imperial Innovations Group plc Wednesday, April 23, 2014

13. 13
Strength in depth
Focused on the production of next
generation biopolymers and platform
chemicals from renewable resources.
Optipure® plant successfully
operated; second demonstration
plant planned.
Completed an £8m Series C
fundraising round to fund
construction of lactic acid plant and
to progress a number of important
licensing and partnership
discussions.
Develops novel therapeutics for serious
diseases and has world leading expertise
in the field of oncolytic vaccines.
In November 2013, announced positive
data from a Phase II clinical trial of MT-
102 a small molecule therapeutic which is
in development for the treatment of
cancer cachexia. The company is also
making good progress with clinical trials
for ColoAd1, its oncoloytic vaccine
product. Results from these Phase I/II
trials are expected in H2 2014
Patient-specific cellular immunotherapy
products for infectious diseases and
cancer.
In September 2013 opened a
manufacturing plant opened in Germany.
In January 2014, received orphan drug
designation in the European Union for
Cytovir ADV, a T cell immunotherapy for
the treatment of adenovirus infections in
patients who have received a bone
marrow transplant.
PsiOxus Plaxica
Fair value
31/1/14
£7.9m
% Company
31/1/14
29.9%
Fair value
31/1/14
£6.4m
% Company
31/1/14
44.0%
Cell Medica
Fair value
31/1/14
£8.0m
% Company
31/1/14
30.0%
Imperial Innovations Group plc Wednesday, April 23, 2014

14. 14
Established and growing businesses
Stanmore Implants is focused on the
specialist design and manufacture of
patient specific implants for complex
orthopaedic reconstructions.
The market for Stanmore’s technology
is growing quickly due to an increasing
need for orthopaedic interventions in
otherwise healthy patients. Increasing
life expectancy, obesity, and the desire
of people to remain active in old age all
act as drivers for this market, which is
estimated at $19.2 billion.
Stanmore Implants PSE Permasense
Fair value
31/1/14
£6.2m
% Company
31/1/14
16.0%
Fair value
31/1/14
£1.8m
% Company
31/1/14
23.3%
Fair value
31/1/14
£0.8m
% Company
31/1/14
26.0%
Permasense’s wireless corrosion
monitoring systems have helped
increase safety and reliability in the Oil
and Gas industry.
The systems use self-managing
wireless communication to deliver data
reliably and securely in environments
which do not allow conventional
inspection.
Deployed in over 30 facilities in 11
countries around the world.
PSE is a world-leading provider of high-
fidelity predictive modelling software
and model-based engineering (MbE)
and innovation (MbI) services to the
process industries.
PSE has operations throughout the
world, and customers include five of the
six oil majors and seven of the ten
leading chemicals companies. The
company also provides academic
licences to 200 academic institutions
around the world.
Cost: Nil
Cost: NilCost: £5m
Imperial Innovations Group plc Wednesday, April 23, 2014

15. • 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
15
What’s Different About Innovations?
Imperial Innovations Group plc Wednesday, April 23, 2014