Transcript Company Nature Value proposition Status - Oxford Spin

OSEM
Oxford Spin-out
Equity Management
March 2009
OSEM
> Formed in August 2008
> To manage the University's interests in its spin-out companies
> Two executives
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Director – Dr Chris Towler
Portfolio Manager – James Mallinson
Administrator – Vicky Hookham
> Mission:
“To add value to Oxford University’s stakes in its spin-outs”
> Modus operandi
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Working closely with Isis Innovation
Maintaining relationships with the companies and their Boards
Understanding their business models, aspirations and challenges
Creating transparent processes by which University can effect its aims
Implementing decisions
Reporting to University (balanced analysis of upsides and downsides)
Director: Chris Towler BSc PhD
> Life scientist
> Academic positions at Aberdeen University
> 23 years in pharmaceutical industry (Glaxo / GW)
>
Lead worldwide project management and led development of
Zofran (emesis), Imigran (migraine) and Relenza (‘flu)
> 7 years at Imperial College London as Director of
Strategy and Director of Project Management
> Consultant to, and Director of, a variety of spinout companies and property management
companies
> Adjunct Professor at Imperial College Business
School
> 2008: Director of Oxford Spin-out Equity
Management
Portfolio Manager: James Mallinson MA MBA
> Engineering science graduate, University of
Oxford; MBA, Cranfield
> Over 15 years experience as venture capital
adviser and investor
> Technology venture capital investments at
Abbey National Treasury Services
> Five years with Isis Innovation
> Extensive seed and later stage VC experience
> 2008: Portfolio Manager, Oxford Spin-out
Equity Management
Delegated authority
> The Director of OSEM has authority for:
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Shareholder agreements after initial spin-out event
Subscription agreements
Proxy forms
Consents to shareholder matters
Accounts
Articles of association
Other appropriate documents
> The Director of OSEM has authority to approve investment of
up to £100,000 in second or subsequent investment rounds
> Larger sums to be approved by Investment Committee
on behalf of The University of Oxford.
Relationship between Isis Innovation and OSEM
Isis
OSEM
Company formally
and
legally launched
>Founder Researchers
>Isis PM
>Investor 1
>Investor 2
Company develops
and
attracts shareholders / partners
>Company management
>Shareholders
>New investors
>Potential partners
>Manager
>Advisers
Company formation, licensing and
support through initial funding round
Adding value to the University’s
shareholding / investments
Ways in which OSEM supports the spin-out
portfolio
> Managing formal requests for “consent”
> Participating in development of strategies, including
growth and exit
> Using its networks to facilitate access to funding or
people
> Using its experience to challenge management teams to
address issues and risks
> Appointing university-nominated Director
> Investing on behalf of OU
> Realising assets for University (e.g. sales of shares;
negotiations of exits)
March 2009
> 47 Companies in portfolio
> Diagnostics, Pharma tools and services, Med Tech, Drug Discovery,
Other Healthcare
> Industrial applications, Environment / Clean Tech, Other Technologies
(incl. software)
> Companies categorised by best fit / companies only counted once
> 5 listed on AIM
> Majority of companies related to Health or the Pharma
Industry
OSEM
OU spin-out portfolio (March 2009)
6
7
Diagnostics
Pharma tools & services
3
6
Medtech
Drug Discovery
4
Other healthcare
5
5
Industrial applications
Environment / cleantech
Other (incl. software)
11
N=47
(5 listed)
>* = Drug / medical related (ca. 70%)
Spin-out portfolio (excluding listed companies)
6
7
Diagnostics
Pharma tools & services
2
5
Medtech
Drug Discovery
2
Other healthcare
5
5
Industrial applications
Environment / cleantech
Other (incl. software)
10
N=42
Listed companies (13/03/09)
Company
Nature
Value
proposition
Status
Oxford
Advanced
Surfaces plc
Develops and
commercializes
advanced materials and
technology solutions
using novel surface
modification technology
Chemically bound
molecular layers
delivering permanent,
dramatic changes to
surface functionality
Listed on AIM
Avacta plc
Detection and analysis
of biological materials
and chemicals
Advanced detection and
analysis
Listed on AIM
Oxford
Catalysts plc
Catalysts for use in
production of clean
fuels and other
renewables
Low cost catalysts
enabling novel
applications (eg small
scale GTL)
Listed on AIM
Oxonica plc
Nanomaterials company
with interests in fuel
additives, diagnostics,
materials and security
Highest UVA/UVB
performing sunscreen,
proven improved
efficiency diesel
additive
Listed on AIM
Broad range of drug
discovery and fee for
service offerings
Two world-leading
technology platforms in
carbohydrate chemistry
and zebrafish drug
screening
Listed on AIM
Summit plc
Mkt Cap £25.9M
Mkt Cap £17.4M
Mkt Cap £33.4M
Mkt Cap £7.1M
Mkt Cap £2.2M
Diagnostics
Company
Nature
Value
proposition
Status
Oxford
Biodynamics
Detection of aberrant
gene expression
(prognosis and
diagnosis)
Fast, reliable, sensitive,
specific and affordable;
suitable for most
diagnostic labs
In funds and fundraising
for future growth
Cytox
Diagnosis of Alzheimer’s
Disease
Identification of patient
specific gene mutations
and likely response to
treatment
Fund-raising seed round
Oxford Medistress
Diagnosis of
psychological stress
Objective measurement;
devoid of diurnal
fluctuation
Fund raising first round
Oxford Immunotec
Diagnosis and
monitoring of infection
(initially TB)
Reliable, sensitive,
specific (low false
positive rate), cost
effective
Raised $40m Nov 2007,
raising £10m+ in
1H2009
Oxford Biosensors
Portable (point of care
diagnostics) for primary
care
Low complexity and
reliable
Fund-raising £15m
Oxford Biosignals
Interpretation of
complex signals (Two
markets: medical and
industrial)
Reliable algorithms to
assist decision-making
and lead to costeffective responses
Fund-raising in 2009
Med Tech
Company
Nature
Value
proposition
Status
Eykona
3-D scanner
technology for use in
wound care
Vision is to become the gold
standard in dermal
assessment and exterior
measurement of the human
body.
Fund-raising at
present
Oxtox
Hand-held device for
measuring drug
concentrations in
saliva (initially
cannabis)
Speed, cost and ease of use
all better than competitors
Prototype planned for
2Q09. Testing to be
carried out in
Australia
Oxford
Biomaterials
Variety of applications
derived from
knowledge of nature
of spider silk
Spider silk is one of the
strongest materials known –
applications in surgical
sutures, prostheses and in
non-medical fields
Has three spin-outs:
Neurotex, Suturox
and Orthox, which has
Wellcome Trust grant
of £1.6km
Organox
Portable device to
preserve livers for
transplantation for up
to 3 days
Advance in preservation of
livers for longer, increasing
number which can be used
Seeking start-up
funding
Particle
Therapeutics
Needleless delivery of
therapeutic molecules
across the skin
Exclusive license to IPR
around glucagon; high value
formulation technology
Raising £350k
Pharma tools and services
Company
Nature
Value
proposition
Status
Aurox
Confocal microscope
products and
pathology slide
scanner technology
High speed confocal imaging
capability in form of an
affordable unit which can be
attached to a conventional
microscope
Self-financing and
developing business
model
BioAnalab
Analytical services for
all protein-based
therapeutics
Accredited by the UK MHRA
meeting the requirements of
GMP, GLP and GCP
Self funding
Crysalin
Analysis of protein
structures for proteins
which cannot be easily
crystallised
Current technology cannot be
applied to at least 50% of
protein targets
Developing funding
strategy
OGT
Various services
related to drug
discovery and
diagnosis(based on
microarrays)
Single cell assays could be
unique offering
Self-funding
Oxford Nanopore
Technologies
Novel DNA
sequencing technology
High speed, low cost DNA
sequencing
Significant funding
secured
Drug Discovery (1)
Company
Nature
Value
proposition
Status
OETC
Joint venture with
Emergent (funding from
WT and Aeras) to
develop TB vaccine
candidate, MVA85A,
MVA85A is intended to
augment the response of
T-cells already primed by
the BCG vaccine
Funding secured for
Phase 2b trial
Celleron
Cancer drug discovery
Novel anti cancer
therapeutics
Seeking funding
Riotech
Therapeutics for viral
hepatitis
Highly developed
understanding of
pathogenesis
Seeking partnership
Glycoform
Use of patented
carbohydrate chemistry
to improve PKs and
efficacy of therapeutic
proteins and other
molecules
Proprietary chemistry
Fund-raising in 2009
ReOx
Treatments based on
hypoxia inducible factor
IP portfolio has been
licensed to Amgen
Has finance from Amgen
deal
Drug Discovery (2)
Company
Nature
Value
proposition
Status
Pharminox
Discovery of small
molecule anti-cancer
drugs
diverse portfolio of small
molecules which have
the potential to be first
in class with multiple
applicability across some
of the most common
types of cancer.
Funded past end 2009,
collaboration deal with
Schering Plough
Inhibox
Virtual screening of
molecules against
protein targets; broad
range of computational
chemistry and molecular
modelling services
novel computational
discovery methods and
associated with this, the
development of Scopius
a very large database of
chemical structures
Lean strategy prior to
fund raising in 2010
TolerRx Inc
Discovery of
therapeutics for
immune-based diseases
Expert knowledge of
function of T-cells in
immune-mediated
diseases; patents in 4
areas; one candidate in
Phase 3 trials, GSK as
partner
Next step is probably
IPO
Drug Discovery (3)
Company
Nature
Value
proposition
Status
Prolysis
Discovery of novel
antibiotics (DNA
supercoiling and cell
division inhibitors)
Core expertise
supplemented by
strategic partnerships
Funded by East Hill and
Wellcome Trust
Oxagen
Discovery of novel drugs
for inflammatory
diseases (lead
programme based on
GPCR receptor / asthma)
Orally available antiasthma therapeutic
Seeking to sell lead
programme
Other Healthcare
Company
Nature
Value
proposition
Status
Clinox
Provider of Phase I / II
trials in oncology
Improved quality of
clinical trial protocols
with rapid and cost
effective start-up
Trading
TS
Developing ketone
bodies as nutrients to
increase physical
efficiency
Significantly enhanced
performance foods
Negotiating necessary
licenses
t+ medical
Telemedicine platform
for monitoring
compliance with dosing
regimes
Improved long-term
outcomes of therapeutic
regimes
Currently funded
C-med
CRO supporting services
with comprehensive
information and data
systems
Better results through
advanced clinical data
capture and
management technology
Completing funding
round
Oxitec
Platform technology for
creation of sterile insects
More effective control of
agricultural pests, and
more effective control of
insect transported
disease
Fund raising in 2009
Industrial applications / cleantech
Company
Nature
Value
proposition
Status
Oxbridge Pulsars
Data communications
systems using
polarization synchrotron
technology
Secure and uncrackable
wireless communications
Research grant funded
Oxford RF
Sensors
Non contact RF sensors
Improved performance
from accurate
measurement of
parameters not currently
readable
Funding in 1H 2010
ISE
Smart electricity meter
offering itemised billing
Increased control of
electricity consumption
through detailed
consumption information
Funded
EKB technology
Platform technology to
overcome current
process problems in
bioreactors
Cheaper and more
sustainable fermentation
processes
Technology being
marketed
Other technology including software
Company
Nature
Value
proposition
Status
Semmle
Development of novel
query languages and
environments for
complex hierarchical data
such as the source of
software systems.
Better project status
understanding, improved
communication in the team,
higher software quality and
shorter development times.
Fund-raising
Natural Motion
Games software and
games
Significantly improved
game play from
animation engine / much
lower costs of games
creation
Fund-raising
Oxford Risk
Risk analysis services
Specialists in risk
psychology, bringing
together an unusual mix
of expertise, including
experts in behavioural
economics, sociology,
psychology and
business.
Currently self funding,
developing business
model
Other technology including software
Company
Nature
Value
proposition
Status
Mindweavers
Training and ‘mental
gymnastics’ software
Software products to
improve human
performance
Plus Market listed, fund
raising
Oxford
Ancestors
Genetic testing for
maternal / paternal
provenance based on
‘Seven daughters of Eve’
Highest scientific
credentials DNA-based
personal ancestry
research
Self funding
Oxford
Consultants for
Social Inclusion
Consultancy based on
deprivation indices
More accurate targeting
of financial and other
resources by funding
bodies
Self funding
Minervation
Software and web site
developer
Specialist information
systems supporting
evidence based
knowledge sets
Self funding
Contact:
Dr Chris Towler, Director
James Mallinson, Portfolio Manager
[email protected]
[email protected]
Tel. 01865 280918
Tel. 01865 280903
OSEM
Ewert House
Ewert Place
Summertown
Oxford
OX2 7SG