London, UK - 16 October 2013 - Imperial Innovations Group plc (AIM: IVO, "Innovations") is pleased to note that on 15 October, portfolio company Oxford Immunotec filed publicly its S-1 with the U.S. Securities and Exchange Commission (SEC), and is considering an Initial Public Offering (IPO) on the NASDAQ Stock Market.
Oxford Immunotec is a global medical diagnostics company developing advanced innovative tests in the field of immunology. The company's first product is the T-SPOT®.TB technology platform for the detection of latent TB infection. The T-SPOT.TB test has been included in TB screening guidelines in 17 countries, including the United States, several European countries and Japan.
In June 2012, Innovations led a $28m funding round and invested $9.5m, increasing its equity stake to 8.0%.
Russ Cummings, Chief Executive Officer, Imperial Innovations, said: "Oxford Immunotec is an excellent example of our strategy. We invest in and work closely with our portfolio companies until they are fully funded through a number of private funding rounds, often involving other investors, whilst the technology is developed and de-risked.
"When a business is firmly established and the technology in a position to be commercialised, we may then look at funding opportunities that will set the company up for future success."
Notes for Editors
Imperial Innovations - www.imperialinnovations.co.uk
Since founding in 1986, Innovations has invested in the most promising technologies from our brightest scientists. Today it is connected with four of the world’s top research universities: Imperial College London, Cambridge and Oxford Universities and University College London. These centres of scientific excellence between them have a research income of over £1.3 billion per annum. Innovations supports scientist-entrepreneurs in the commercialisation of their ideas. It adds value by leading the formation of new spin-out companies, providing investment, encouraging co-investment as well as through its operational expertise. It also runs an Incubator in London that is the initial home for many of its technology spin-outs.
Originally formed as the Technology Transfer office for Imperial College – a role it still carries out – Innovations is today a significant technology investor and has built a portfolio of around 90 companies. Almost £150m has been invested by Innovations and £0.5bn has been raised in total by the portfolio companies. In 2013, a £30 million loan facility was agreed with the European Investment Bank (EIB) for investment in biotech and therapeutics businesses.
Innovation invests in the most promising opportunities from whichever technology sector they arise and has built particular expertise in the key sectors of: Therapeutics, Medtech and devices, Engineering and materials and ICT.
A registration statement relating to the shares to be sold in the IPO has been filed with the Securities and Exchange Commission but has not become effective. The Oxford Immunotec shares being registered with the SEC under the registration statement (“Oxford Shares”) may not be sold, and offers may not be accepted prior to the time the registration statement becomes effective. This release does not constitute an offer to sell or the solicitation of any offer to buy, and there shall not be any sale of Oxford Shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior the registration or qualification under the securities laws of any such state or jurisdiction.
This release contains “forward-looking statements” as defined under the U.S. federal securities laws including, but not limited to, statements regarding Oxford Immunotec’s intention to conduct an IPO. Actual events could differ materially from those anticipated in the forward-looking statements as a result of certain factors, including but not limited to: adverse changes in general economic or market conditions, the inability to manage successfully and complete the IPO, including the ability to retain and attract key employees, the risk that the IPO of Oxford Immunotec may not occur in its expected timeframe or at all, and other one-time events and other important factors. Innovations disclaims any obligation to update any such forward-looking statements after the date of this release.
Issued for and on behalf of Imperial Innovations Group.
To contact the Imperial Innovations team at College Hill, email firstname.lastname@example.org