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Imperial Innovations HY results - Major growth potential in key portfolio companies

Imperial Innovations HY results - Major growth potential in key portfolio companies

Imperial Innovations Group plc (AIM: IVO, “Innovations”, “the Group”), a leading technology commercialisation and investment group, has published its results for the six months ended 31 January 2013.

Portfolio developments

  • Good operational progress made by the Group’s leading assets.
  • The top three portfolio companies made notable progress:
    • Circassia, an allergy treatment developer, initiated international phase III trials for its cat allergy product, investigating 1,200 patients across North America and Europe. This followed a successful phase II review by the FDA.
    • Nexeon, the battery materials and manufacturing business, signed a development agreement with a major consumer electronics and battery OEM and post period-end completed a strategic deal with WACKER Chemie AG to provide access to engineering expertise for the design and construction of a 250 tonne per annum plant.
    • Veryan Medical, the medical devices business developing improved stent technologies, received a CE mark for its lead BioMIMICS 3D™ stent, enabling its sale in the EU. Clinical trials of the stent continue to yield positive data.
  • The next five portfolio companies: PolyTherics, PsiOxus Therapeutics, Oxford Immunotec, Cortexica and Cell Medica also continued to develop well.
  • Technology Transfer Office (TTO) activity saw 187 invention disclosures (142 from Imperial) (H1 2012: 165), nine commercial agreements signed (H1 2012: 7) and 19 patents filed (H1 2012: 16).

Financial highlights

  • £14.0 million invested in 15 portfolio companies during the period (H1 2012: £10.4 million in 14 portfolio companies), portfolio raised a total of £36.7 million (H1 2012: £24.6 million).
  • Post period end invested a further £1.4 million in five companies, taking the total invested by the Group to £15.4 million with the portfolio raising £43.8 million so far this financial year.
  • Cash and short term liquidity investments of £63 million at 31 January 2013 (H1 2012: £72.5 million).
  • Net assets of £227.6 million (H1 2012: £225.0 million) and pre-tax profit £0.9 million (H1 2012:  £0.9 million).
  • Net fair value gains of £4.2 million (H1 2012: £2.9 million) and £3.5 million impairment of Thiakis contingent consideration.

Martin Knight, Chairman of the Group, said:

“Our portfolio companies are developing well, building long-term value as they progress towards commercialisation.

“We have clear potential to grow major companies from several of our leading assets. The top three established assets, Circassia, Nexeon and Veryan Medical, which represent 52.8% of the value of the portfolio, made strong progress - providing validation of their commercialisation prospects.

“Circassia’s pivotal phase III trial of its cat allergy treatment is a substantial step towards commercialisation, a great achievement for a private biotech company; Nexeon’s strategic partnership with WACKER will provide it with proven expertise in the manufacturing scale-up of its technology to commercial levels; and the CE mark gained by Veryan Medical is a strong endorsement of the quality of its product.

“Our other significant investee companies, including PolyTherics, PsiOxus Therapeutics, Oxford Immunotec, Cortexica and Cell Medica, have also made substantial commercial and technical progress.

“The portfolio has a satisfactory depth and spread of technological activity, which the Directors believe bodes well for a sustained and sizeable increase in the valuation of our investments.”

A pdf copy of the results is available at

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Melanie Toyne-SewellManaging Partner

Tim WatsonPartner