Short introduction to Imperial Innovations


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

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Short introduction to Imperial Innovations

  1. 1. Imperial Innovations The business of innovation
  2. 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. 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. 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. 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. 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. 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: Imperial Innovations Group plc Wednesday, April 23, 2014
  8. 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. 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. 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. 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. 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. 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. 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. 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