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Imperial Innovations' increases investments as pre-tax loss widens

Thu, 13th Oct 2016 08:36

(ShareCast News) - Imperial Innovations' annual pre-tax loss widened while the technology commercialisation and investment company increased investments across its business with universities and a joint venture.For the year ended 31 July, the pre-tax loss widened to £63.1m from £15.1m, last year, which included a £56.2m net fair value loss.Quoted net fair value loss of £66.9m was largely due to the decline in Circassia business share price due to a "disappointing" phase three trial for its cat allergy product which was why et assets only increased by 8.5% to £455.9m.During the year, the company invested £69.9m across 33 portfolio companies, a 15% increase in the rate of investment over previous year and more than double two years ago, due to an maturity of the portfolio companies.About 79% was invested into existing portfolio companies and seven growth companies were added to investment portfolio.The portfolio companies raised £206.4m, down 57%, while the net portfolio rose by 2.4% to £335.1m.There is £198.3m available to invest, including an undrawn £50m second loan facility from the European Investment Bank.The company committed £24.8m to the University College London Technology Fund and the European Investment Fund.Imperial Innovations allotted £3.3m to the $40m Apollo Therapeutics joint venture with Cambridge Enterprise, UCL Business, AstraZeneca, GlaxoSmithKline and Johnson & Johnson.Through a share placing on AIM the company raised £100m to strengthen the balance sheet.Chief executive Russ Cummings said: "We significantly increased our visibility of new investment opportunities and strengthened our position in our ecosystem with the elite universities within the 'Golden Triangle', with the completion of two new initiatives."Many of our portfolio companies made significant technical, clinical or commercial progress and we once again increased our level of investment, including leading six major funding rounds."We are continuing to see a healthy stream of new investment opportunities coming from the academic, research and entrepreneurial community within the 'Golden Triangle', as clearly demonstrated by the two new additions to our portfolio at the start of this new financial year."Shares in Imperial Innovations were by 0.61% to 415p at 0905 BST.
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7 Jul 2014 09:26

Monday broker round-up UPDATE

Balfour Beatty: Berenberg lowers target price from 290p to 280p and retains a buy recommendation. UBS lowers target price from 230p to 225p and keeps a neutral rating. Barclays: Citi lowers target price from 305p to 300p and keeps its sell recommendation. Clinigen: Investec cuts target price from

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7 Jul 2014 07:20

UK MORNING BRIEFING: Anglo American And SABMiller Make Disposals

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6 Jul 2014 23:00

Ex-Invesco star Woodford's start-up bets on tobacco, drug firms

By Nishant Kumar LONDON, July 7 (Reuters) - Star British fund manager Neil Woodford, who left Invesco Perpetual in April to start his own firm, is beginning his new role with a focus on tobacco and drug stocks, believing they can withstand what he expects will be a faltering global economy.

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23 Jun 2014 14:48

UPDATE: Imperial Innovations Completes GBP150 Million Share Placing

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23 Jun 2014 08:35

Imperial Innovations To Raise GBP150 Million In Share Placing

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23 Jun 2014 08:10

Imperial Innovations placing shares to fund investment opportunities

A total of £150m is the sum being targeted by AIM-listed Imperial Innovations, which on Monday launched the placing of 37.5m shares at 400p each. At the same time, the UK's Imperial College is trading in 2.56m shares at the same price, reducing its stake from 30.2% to 20%, taking the overall placin

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16 Jun 2014 09:13

Convergence considers IPO after GSK spin-off, as European biotech revives

* CEO says Convergence could raise 50-100 million pounds * Follows success for pain drug in mid-stage trial * UK biotech sector boosted by Circassia IPO in March * Biotech support firm Abzena also announces plan to float By Ben Hirschler LONDON, June 16 (Reuters) - C

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16 Jun 2014 07:39

UK MORNING BRIEFING: Shares Narrowly Mixed On Iraq, Ukraine Tensions

LONDON (Alliance News) - UK shares are narrowly mixed at the open Monday, as events in Iraq and Ukraine damp investor sentiment. Low-cost airline Wizz Air Holdings PLC has pulled its planned initial public offering in London, blaming the recent volatility in airline stoc

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12 Jun 2014 12:07

Imperial Innovations Invests Further GBP1.5 Million In Cortexica

LONDON (Alliance News) - Imperial Innovations Group PLC Thursday said it has invested a further GBP1.5 million in visual search company Cortexica Visual Systems Ltd. The technology commercialisation and investment group first invested in Cortexica in 2009. It said it will now hold, on conve

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10 Jun 2014 11:40

Imperial Innovations completes £3m investment in Featurespace

Imperial Innovations, the AIM-listed firm which focuses on commercialising UK academic research, has completed a £3m investment round in behavioural analytics business, Featurespace. The group has invested £1.7m into the round with the balance coming from Nesta and members of the Cambridge Angels g

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10 Jun 2014 11:21

Imperial Innovations Invests GBP1.7 Million In Featurespace

LONDON (Alliance News) - Imperial Innovations Group PLC Tuesday said it has invested GBP1.7 million in the behavioural analytics business, Featurespace, as part of a larger investment round. As a result, the mobile payments company said it now holds a 22.1% equity stake in Featurespace.

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4 Jun 2014 14:14

Imperial Innovations shares jump as portfolio company receives funding

Imperial Innovations, the AIM-listed firm which focuses on commercialising UK academic research, pleased the market on Wednesday with the news that its portfolio company Autifony Therapeutics has been awarded a grant from the Technology Strategy Board (TSB). TSB has given £2.2m of funding to Autifo

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4 Jun 2014 10:23

Imperial Innovations Subsidiary Gets Funding For Tinnitus Trial

LONDON (Alliance News) - Imperial Innovations Group PLC said Wednesday its portfolio company, Autifony Therapeutics Limited, has won GBP2.2 million in funding from the Technology Strategy Board for its Phase II clinical trial into tinnitus. Autifony is working on the development of novel ph

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3 Jun 2014 07:19

Tuesday tips round-up: Imperial Innovations, Entertainment One

Imperial Innovations' decision to raise up to £150m may be a golden opportunity for investors. The shares are tightly held but existing investors in the group have decided that the placing will be non-pre-emptive. That means new shareholders will be allowed in, including retail ones should there be

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2 Jun 2014 16:09

Imperial Innovations to raise up to £150m

Imperial Innovations Group has proposed raising up to £150m through the placement of shares to fund its existing portfolio and source investment opportunities in new technologies. The UK technology transfer and commercialisation company will place ordinary shares at no less than 400p each. Chair

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