half year results 2016 7 april 2016 - imperial …...our valuation policy 9 imperial innovations...
TRANSCRIPT
Imperial InnovationsHalf year results 2016
7 April 2016
Agenda
01 Overview – Russ Cummings, CEO
02
03 University relationships – Tony Hickson, Managing Director, Technology Transfer
04 Summary – Russ Cummings, CEO
2 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Portfolio update – Dr Nigel Pitchford, CIO
Russ Cummings, CEO
1 Overview
Imperial Innovations - Full year results 20143
4
Main developments of HY16
Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
New strategic relationships build further Golden Triangle network
• UCL Technology Fund – formalises links with another world class university
• Apollo Therapeutics – linking three world class universities with three global pharmaceutical companies
Strengthened balance sheet through £100m placing
NAV at 31January 2016 £415.9m (pro forma including placing £512.9m)
Continuing momentum across the portfolio
Increased rate of investment £38.9m year to date
Three major private funding rounds into maturing portfolio
Delivering on commitment to build ICT & Digital portfolio
Continuing momentum across the portfolio
5 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
£10m invested in new companies
Six new companies added
Five in ICT & Digital sector
£17.5m invested in existing
portfolio
£31m committed
Three major funding rounds
completed
New investments Scale up Milestones
Wireless connectivity, oil well
instrumentation, cybersecurity,
machine learning, artificial learning,
augmented reality displays
£19.0m
Series A round
£60.0m
funding round
(post period)
£31.5m
Series A round
Achievements
Approaching soon
Cat Phase III
ARHL Phase II
FLIXOTIDE®
approval
Combination
studies
Phase I in UC
Customer wins
Financial highlights
6
£27.5m invested across 17 companies – further £60m of commitments
Net portfolio value up by £27.9m to £355.1m (FY 2015: £327.2m)
Net assets £415.9m (FY 2015: £420.1m) (pro forma including placing £512.9m)
Pre-tax loss £5.9m (H1 2015: pre-tax loss of £7.0m) reflects £9.8m decrease in value of
quoted portfolio
At 31January 2016 cash £91.6m (H1 2015: £152.8m, FY 2015: £128.1m)
£238.6m available for investment including £97.0m from Placing (February 2016) and
undrawn £50.0m second EIB loan
Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Key components of value (£m)
7
415.9
355.1
91.6
50.0 (50.0)
(28.7)
(2.1)
327.2
27.5 (12.2)
Other NAV
31 Jan 2016
Cash
31 Jan16 EIB Loan
Facilities
Opening Net
Portfolio Value
NPV
31 Jan16 Investment Realised
Gains
Fair Value
Losses
(0.1)
Unrealised
FV Gain
12.7
Second facility
First facility fully drawn
Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
512.9
97.0
Placing
Feb 2016Pro forma
NAV
£238.6m
available
Key movements in portfolio value (£m)
106.8
220.4
8
100.0
255.1
24.5
3.0
12.7
(0.1)
(9.8)
Investment FV Gains Realised
Gains
FV loss
Quoted
Unquoted
31 July 2015 31 January 2016
0.0
(2.4)
Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
0.0
Our valuation policy
9 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Portfolio split by valuation policy
Net portfolio value £355.1m• Quoted £100.0m
• Unquoted £255.1m
Fair value of unlisted securities is based
on IPEVC guidelinesQuoted £100.0m
£5.8m at
multiple of
sales
£212.4m cost or last
funding round
£36.9m at last funding round
adjusted for milestones or
impairments
Cost Value
Quoted £47.6m £100.0m
Unquoted
Cost or last round £163.7m £212.4m
Last round adjusted £26.6m £36.9m
Multiple of sales* £0.0m £5.8m
Total £237.9 £355.1m
* Comprises three companies in which Innovations has Founding Equity but where no
investment has been made
Dr Nigel Pitchford, CIO
2 Portfolio update
Imperial Innovations - Full year results 201410
Established portfolio – with exciting pipeline
Maturing portfolio comprises 45
accelerated growth companies
• Businesses we know intimately and can
grow with ambition
• Account for 98.9% of portfolio value
Added six new companies in H1
Focus on four key sectors
Top 10 companies valued at £232.6m
• 65.5% of total portfolio value (£355.1m)
Flexibility to allocate funds across sectors
and stages
With co-investors have invested >£1.3bn in
UK innovation since 2006
11 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
67.0%
10.2%
18.7%4.1%
Therapeutics Medtech &Diagnostics
Engineering &Materials
ICT & Digital
% of portfolio value represented by top 10 portfolio companies 31 January 2016
Scaling investment in technology
12 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Company Invested Overview of the business
University of Cambridge spin-out that has developed technology used by oil well companies to
enhance oil recovery. Received initial funding of $3.0m from Innovations and Cambridge
Enterprise, together with grant funding from the UK government.
Company set up two years ago by an Imperial College Engineering graduate that is creating
wireless electronics kits that allow anyone to build their own smart inventions.
London-based cybersecurity firm which completed a £2.0m seed funding round in August
2015. Innovations committed £1.6m to the round alongside angel investors.
London-based machine-learning start-up addressing the data-as-a-service (DaaS) market.
Completed a $13.0m Series A round in January 2016, led by Innovations, with Wellington
Partners, Oxford Capital, Delin Capital and AME Cloud Ventures.
London-based start-up that uses artificial intelligence ("AI") to interpret the content of the
World Wide Web. Completed a £1.5m seed funding round in October 2015.
Oxford-based developer of Augmented Reality (AR) technology displays. Innovations led the
funding round in December 2015 alongside Robert Bosch Venture Capital GmbH, Octopus
Ventures, angel investors and existing investor Blippar.
£2.0m
£1.0m
£1.6m
£2.6m
£1.3m
£1.5m
Delivered on our commitment to increase our focus on technology
£10.0m
Putting our capital to work
13
Invested
H1 2016
Funding
round
Comments
£3.3m £31.5m
Series A
Jan 2016
£10.0m
committed
• Clinical cancer genomics company
developing using circulating tumour DNA
(ctDNA) analysis to develop blood test for
cancer
• Syndicate includes Cambridge Innovation
Capital, Johnson and Johnson Innovation
(JJDC) and Woodford Patient Capital
Funding will be used to accelerate clinical
studies to validate technology platform
and commercialise first product.
Invested
H1 2016
Funding
round
Comments
£0.4m £19.0m
Series A
Dec 2015
£6.0m
committed
• Developing novel therapeutics for
treatment of multiple myeloma and other
cancers
• Syndicate comprises Innovations and leading
venture investors SV Life Sciences and
Abingworth
• Funding to start clinical studies of lead drug
candidate KES-0001 in multiple myeloma
Invested
H2 2016
Funding
round
Comments
£3.9m
2 Feb 2016
£60.0m
2 Feb 2016
£11.3m
committed
• Developing first-in-class, small molecule
drugs that selectively target
deubiquitylating enzymes (DUBs) for
treatment of cancer
• Syndicate includes Sofinnova Partners, SR
One, Roche Venture Fund, Pfizer Venture
Investments and Woodford Patient Capital
• Advance series of first-in-class small
molecule drug candidates into the clinic
£27.5m invested in 17 portfolio companies
Led three major funding rounds in companies
identified for scale up
Six new companies added to accelerated growth
portfolio at a cost of £10m
Total investment year to date of £38.9m
Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Continuing momentum in portfolio
14 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Successfully demonstrated therapeutic equivalence to GlaxoSmithKline’s FLIXOTIDE® pMDI for prophylactic
treatment of asthma. Will result in UK’s Medicines and Healthcare products Regulatory Agency issuing
national marketing licence.
Initiated study to assess the safety and efficacy of combining Merck's Keytruda ® (pembrolizumab) with EnAd
to treat patients with carcinomas. Announced first treatment of a patient combining EnAd with paclitaxel
in ovarian cancer (March 2016).
Successful completion of Phase I trial of lead product TOP1288 in ulcerative colitis.
Signed licensing agreement with listed US biotech for the development of Antibody-Drug Conjugates ("ADCs")
based on its ThioBridge™ technology. Abzena will receive initial licence and target nomination fees, with the
potential to receive further licence and milestone payments of up to $150 million. Also strengthened its
position in the US through acquisitions of PacificGMP and The Chemistry Research Solution.
Initiated second programme in clinical trials with the start of a Phase I clinical evaluation of AUT002006 in
schizophrenia.
New customer wins including a five-year agreement with UK mobile payment innovator Zapp and new
project with Camelot, the UK National Lottery operator.
The performance of the portfolio continues to be encouraging
Key portfolio news flow next 12 months
• Publication of results of CAT-SPIRE Phase III registration study
• Start of grass allergy registration study
• Results of house dust mite Phase IIb study
• Start of manufacturing at 20 tonne plant in Oxfordshire
• New laboratory in Asia
• Extension of the MIMICS-2 study to include Japan
• Commercial sales in Europe
• Phase I combination studies: EnAd & Merck’s Keytruda® (PD-1); EnAd and paclitaxel
• Collaborations around Armed-EnAd next-generation platform
• Broadening of product pipeline
• First results from Citadel Phase II study
• Phase IIa clinical study in Ulcerative Colitis
• Start of Phase I clinical study in ophthalmology
• Candidate selection for a broad series on novel first-in-class therapeutics
• Implementation at the company’s 100th customer (both Universities and Corporate
head offices)
15 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Key portfolio news flow next 12 months
• Completion of Phase II study in age-related hearing loss
• Start of cochlear implant study
• Commencement of clinical development
• Growing commercial sales and expansion in the US
• First two drug candidates expected to commence clinical trials
16 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Tony Hickson, Managing Director, Technology Transfer
3 University relationships
Imperial Innovations - Full year results 201417
Golden Triangle - cream of UK university research
‘Golden Triangle’ – unrivalled cluster of
outstanding academic research and talent
Innovations’ strategy – focus on quality and
research volume, benefit from proximity
Cambridge
£493m
Oxford
£612m
UCL
£498m
Imperial
£449m
King’s
£229m
Queen Mary
£120m
QS World University Rankings 2015
* Source: QS World University Rankings 2015/16
18 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
1 MIT
2 Harvard
3 Cambridge
4 Stanford
5 Caltech
6 Oxford
7 UCL
8 Imperial
9 ETH Zurich
10 Chicago
19 Kings College London
21 Edinburgh
33 Manchester
62 Glasgow
109 Queen Mary
Aggregate research income of >£2.0bn pa
Sourcing opportunities across the Golden Triangle
• Technology pipeline agreement (‘TPA’) until 2020
• Exclusive commercialisation rights
• Outsourced Technology Transfer Office (TTO)
• 50:50 share of IP equity with College
• 2006-10: Innovations worked exclusively with ICL (34 accelerated growth companies as of 31 July 2010)
• 2011-16: 13* new accelerated growth companies inc.Kesios, Inflowmatix, Sub Salt Solutions, TopiVert, Pulmocide
19
• Open innovation ecosystem
• Collaborative relationship with Cambridge Enterprise
• Cambridge Innovation Capital formed 2013: £50m local fund, no rights but ‘home advantage’ – also collaborative partner to Innovations
• Office at Babraham Research Campus & staff living in Cambridge
• 2011-16: 10 new companies including Featurespace, MISSION, Inivata, Aqdot, Silicon Microgravity
• Historical strength in licensing
• Collaborative relationship with UCLB
• New £50m Technology Fund established jointly between
Innovations and European Investment Fund (EIF)
• Fund has visibility of all UCLB projects and Innovations
has co-investment and step-in pre-emption rights
• 2011-16: four new companies including Autifony, Ieso,
Puridify plus later stage Stanmore Implants
• Historically ISIS Innovation took lead role in spin-out
formation
• Collaborative relationship with ISIS Innovation
• Oxford Sciences Innovation (‘OSI’) formed 2015, £320m
local fund
• 2011-16: four new companies including Oxford Biotrans,
Calcico and later stage Oxford Immunotec
Imperial College London University of Cambridge
UCL University of Oxford
* Plus 25 organic growth companies
*
*
*
*Member of Apollo Therapeutics consortium
UCL Technology Fund
20 Imperial Innovations – Half Year Results 2016 All numbers as of 31 January 2016
New companies (2011-2016)
Research income £612m£498m£493m£449m
13 10 4 4
Imperial College London University of Cambridge University College London University of Oxford
£50m fund for UCL spin-outs and licensing (all areas of research)
IVO commitment £25m over five years
£5m earmarked for proof of concept projects over five years
Project Access Agreement ensures Fund sees all UCLB projects
Fund investment rights linked to POC funds
Co-investment and step-in pre-emption rights for IVO & EIF
Opportunity to selectively deploy additional capital from balance
sheet – estimate £75m over the next five years
Collaborative model can be replicated across other universities
Apollo Therapeutics LLP
21 Imperial Innovations – Half Year Results 2016 All numbers as of 31 January 2016
New companies (2011-2016)
Research income £612m£498m£493m£449m
13 10 4 4
Imperial College London University of Cambridge University College London University of Oxford
Unique collaboration between three of the world’s top universities
and three global pharma companies
£40m fund for translational drug development
IVO commitment £3.3m
Combines industrial know-how with early drug discovery
Adds value to TTO’s licensing activity and creates feedstock for
spin-outs
Share of upside, improved decision making but importantly
visibility of therapeutics IP across all three universities
Russ Cummings, CEO
5 Summary
Imperial Innovations - Full year results 201422
Outlook
Strategy – partner of choice for cream of UK research & talent across Golden Triangle
Group remains focused on long-term value creation
Strong cash position to
• Maintain investment in existing portfolio
• Maximise opportunities expected to arise from new alliances such as UCL Technology Fund and
Apollo Therapeutics
Golden Triangle is an unrivalled cluster of outstanding academic research and we
continue to build our unique and productive networks
Further increase in investment rate
Maturing portfolio provides potential for significant returns and newsflow from
portfolio over the next 12-18 months
23 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Appendices
What we do
Create, build and invest in pioneering technologies developed from outstanding
scientific research
Bridge the gap between scientific research and successful commercialisation
Commercialise IP developed at or associated within the “Golden Triangle”
Strength in team across all stages of technology transfer, intellectual property
licensing, incubation and investment into early-stage, science-based ventures
Provider of long term, patient capital for over a decade
Note: Indicative schematic only, not to scale and not reflective of actual numbers of opportunities resulting in commercialisation/exit
25 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
What we have achieved
Since IPO in 2006 we have built a portfolio of 105 companies
Attracted £1.3bn in venture investment for portfolio
Created £100.0m of quoted investments through IPOs
Built an unquoted portfolio worth £255.1m
Generated >£30m in net cash from proceeds of trade sales
26 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Building & retaining value
Investment
Rounds
Value at 31 July 2014
£25.5m
£78.4m
£2.0m£1.75m
£3.75m
£11.75m
A1
C2
A2B
C1 £6.25m
£11.3m
£5.5m
£10.9m
£18.1m
£30.6m
£2.0mLoan notes
C2
A1
B
C1
A2
Multiplier: 2.6x
IRR: 52%
Multiplier: 2.9x
IRR: 38%
Multiplier: 2.9x
IRR:26%
Multiplier: 3.2x
IRR: 19%
Multiplier: 5.6x
IRR: 26%
Total IRR 32%; total
multiplier 3.07x as
of 31 July 2014No fixed time horizon
Strong balance sheet key to retaining value in
later rounds
Business model proven with Circassia
Pharmaceuticals plc
• £2m invested in 2007
• FTSE 250 in 2015
Multiple portfolio companies approaching later-
stage valuation inflection points which need
funding
27 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Top 10 portfolio companies
Company Description % share capital
held
Cumulative cash
invested £m
Net investment
carrying value £m
Speciality biopharmaceutical company focused on treatment
of allergies and asthma listed on LSE (FTSE 250)9.3% 25.5 77.5
Developer of next generation of lithium-ion batteries based
on novel silicon anode material39.3% 22.4 34.1
Specialist in vascular disease and developer of novel,
patented 3-D stent technology47.8% 16.5 23.6
Biotechnology company developing novel therapeutics for
serious disease, particularly cancer27.9% 13.7 22.6
Cellular immunotherapy company developing therapeutics
for cancer and infectious disease27.0% 12.3 21.0
AIM-listed provider of services to global pharma companies
enabling the development of better biopharmaceuticals19.9% 13.0 13.1
Clinical-stage biotechnology company developing narrow
spectrum kinase inhibitors for the local treatment of chronic
inflammatory diseases of the gastrointestinal tract and eye. 30.6% 7.4 11.6
Drug discovery and development company focused on
selectively targeting deubiquitylating (DUBs) enzymes to
treat cancer, neurodegenerative and other diseases.21.2% 5.8 10.1
Developer of a mobile payments and loyalty solution that
combines payment and loyalty via one easy scan51.4% 7.0 9.5
Developer of technology enabling the production of a variety
of bio-chemical products from paper & pulp waste 45.7% 9.0 9.4
*
*
*Quoted company
28Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Net fair value of top 10 investee companies
29 Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Top 10 portfolio H1 2016
30
Company Value 31/7/2015 Invested H1 16 FV movement Value 31/1/2016
£79.8m - £(2.2m) £77.5m
£34.1m - - £34.1m
£20.9 £2.7m - £23.6m
£22.6m - - £22.6m
£21.0m - - £21.0m
£17.8m £2.5m £(7.2m) £13.1m
£7.5m - £4.0m £11.6m
£6.0m - £4.1m £10.1m
£9.5m - - £9.5m
£9.4m - - £9.4m
Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Summary financial information
31
H1 16 H1 15 FY 15
Balance Sheet
Net portfolio value 355.1 262.0 327.2
Net asset value 415.9 397.8 420.1
Cash flow
Investments in portfolio companies (27.5) (21.6)* (60.0)
Net proceeds from sale of trade investments 0.1 3.8 6.2
Net cash flow from investments (27.4) (17.8) (53.8)
Key revenue and expenditure items
Revenue 2.2 2.8 5.1
Cost of sales (primarily revenue share with ICL) (0.8) (1.0) (1.8)
Gross profit 1.4 1.9 3.3
Other administration expenses (6.9) (5.1) (11.6)
Underlying net operating costs (5.5) (3.2) (8.3)
Net change in fair value of investments 0.5 (7.4) 21.3
Carried interest plan (charge)/release (0.9) (3.1) (1.2)
Net interest receivable - (0.5) 0.9
Reported loss/profit (5.9) (7.0) 15.1
£m
* Reflects non cash investment of £0.8m in Abingdon Health
Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
Kesios Therapeutics
32
Treating
blood-related
cancers
Overview Market opportunity Milestones completed
October 2014Kesios’ academic founder commenced
trials for new cancer drug in multiple
myeloma patients. The research was
funded by the Biomedical Catalyst
scheme.
October 2014Imperial Innovations completed £1.85
million investment into Kesios
May 2015Appointed Dr Paolo Paoletti as
Executive Chairman
December 2015Closed £19m series A funding round.
Syndicate compromises Innovations
and leading venture investors SV Life
Sciences and Abingworth
Kesios is developing therapeutics for
the treatment of multiple myeloma
and other haematological cancers.
The company is founded on research
developed by Prof. Guido Franzoso of
Imperial College London whose team
identified a novel post-transcriptional
drug target within the NFκB signalling
pathway that appears critical in
promoting cancer cell survival in
certain white blood cells of patients
with multiple myeloma and other
malignancies. Kesios is developing
drug candidates that disrupt this
target and selectively kill cancer
cells.
Multiple myeloma is an incurable
disease of the bone marrow which
accounts for 2% of all cancer
deaths. In excess of 100,000
patients are diagnosed with the
disease each year in the US, Japan
and Europe.
Existing therapies at best only
induce short-term remission rather
than curing the disease. The current
market for treatments was
estimated at $2.3bn in 2009,
forecast to reach $5.3bn by 2018.
Paolo Paoletti MD
CEO
Dr Paoletti was the first, appointed
president of GSK Oncology with
accountability for all the activities
from early drug discovery through
clinical development, launch and life
cycle management.
www.kesios.com
Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
49.8%Percentage of
issued share
capital held
£3.3mCumulative cash
invested
£5.7mNet investment
carrying value
MISSION Therapeutics
33
Overview
MISSION Therapeutics is a
specialist pharmaceutical
company developing cancer
therapeutics based on new
molecular understandings of
human cell biology and the DNA
damage response.
The company is developing small
molecule drugs that target
deubiquitylating enzymes (DUBS)
involved in the DNA damage
response, with the aim of inducing
synthetic lethality, a powerful
mechanism to selectively kill
specific tumour cells.
Market opportunity
DUBs are a previously unexploited
therapeutic target which may be
relevant to many diseases including
cancer, inflammation,
neurodegeneration, muscle wasting
and infectious disease.
Though its main focus is on cancer
treatments, MISSION’s DUB platform
gives it the potential to explore
multiple additional DUB targets of
relevance to other disease
indications both internally and
through partnering programmes.
Milestones completed
November 2013
£20m Series B funding
January 2015
Appointment of Dr Anker Lundemose
as CEO.
September 2015
Awarded a £1.9m grant from
Innovate UK.
February 2016
£60m funding round jointly led by
Innovations and a new investor,
Woodford Patient Capital Trust Plc,
with follow-on investment from
existing shareholders Sofinnova
Partners, SR One, Roche Venture
Fund and Pfizer Venture
Dr Anker
Lundemose
CEO
Formerly CEO of Norwegian
vaccine company Bionor Pharma,
Dr Lundemose brings more than
25 years extensive experience to
MISSION as it transitions from
discovery to development.
Mission is his fourth CEO position
and he has been involved in a
total of six biotech exits/IPOs.
www.missiontherapeutics.com
Leading the
DUB field
Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
21.2%Percentage of
issued share
capital held
£5.8mCumulative cash
invested
£10.1mNet investment
carrying value
Inivata
34
Overview
Inivata is a clinical cancer genomics
company spun out of Cancer Research
UK in September 2014. The company
is focused on developing clinical
applications of circulating tumour
DNA (ctDNA) analysis to improve
cancer treatment through simple
blood tests.
Inivata’s founders are recognised
leaders in the clinical genomics and
ctDNA fields having developed
pioneering ctDNA and novel
treatment approaches in Cancer
Research UK-funded laboratories at
the University of Cambridge.
Market opportunity
ctDNA analysis has the potential to
improve the monitoring and
treatment of cancer based on
information from routine blood
samples.
Inivata is seeking to work with
industry and academics to develop
new clinical applications for ctDNA
analysis which will bring real benefits
to physicians, patients,
pharmaceutical companies and
payers. Inivata’s goal is to provide
physicians with the information they
need to provide the best outcomes
for patients and effective design for
clinical trials.
Milestones completed
September 2014Raised £4m in funding round led by
Innovations and including Cambridge
Innovation Capital and Johnson &
Johnson Development Corporation.
March 2015Announced partnership with US
Biodesix to develop Next Generation
Sequencing (NGS) blood based tests
for applications in lung cancer. Also
appointed Jeffrey Buchalter as
Chairman
January 2016Completed a £31.5m Series A funding
round led by Innovations with
Woodford Patient Capital Trust joining
the syndicate.
Michael Stocum
CEO
In a 20 year career Michael has held
corporate roles in pharmaceuticals
with GlaxoWellcome/GSK, biologics
at Organon and molecular
diagnostics at Organon Teknika
www.inivata.com
Revolutionizing
Personalized
Medicine
Imperial Innovations – Half Year Results 2016 All numbers as at 31 January 2016
27.3%Percentage of
issued share
capital held
£4.8mCumulative cash
invested
£6.2mNet investment
carrying value