23 Jun 2008 07:00
Embargoed: 0700hrs, 23 June 2008
Imperial Innovations Group plc "Imperial Innovations" Investment in OSspray
Imperial Innovations (AIM:IVO), a leading technology transfer and commercialisation company, today announces that it has led a Series A investment of ‚£3.0 million in OSspray Limited ("OSspray"), a company which has developed a proprietary range of revolutionary products using bioactive glass for air polishing and air abrasion in dental procedures. Imperial Innovations has committed ‚£2.0m, increasing its total holding to 38.1%. Other investors in this round include the Capital Fund, NESTA and private investors. The funds raised will be used to launch OSspray's products in the North American and European markets.
Air polishing is an increasingly integral part of regular dental hygiene, performed by dentists and hygienists. The technique involves firing a fine powder at the tooth using a high pressure air stream. OSspray has developed novel forms of bioactive glass which can be used in the same way as existing powders but offer significantly enhanced benefits to the patient and dentist, including:
* Cleans teeth markedly better than existing powders; * More effective at whitening teeth than existing powders; * Dramatically reduces sensitivity in teeth; * Ease of use compared to existing air polishing powders; * Reduces treatment time by nearly half;
More importantly, OSspray's products can be used on people with sensitive teeth, opening up air polishing to a wider audience and consequently offering increased revenue opportunities. Sensitive teeth are also a by-product of bleaching and the ability to desensitize teeth, before or after whitening, also opens up the bleaching market.
OSspray has also developed a pipeline of speciality bioactive glass products. The first of these is a specialist air polishing, whitening and, desensitising powder. OSspray also has powders planned for removal of orthodontic glues and for removal of caries, a bacterial infection on the surface of the tooth which leads to cavities, as well as an air abrasion powder to remove damaged and decayed parts of the tooth prior to filling. Lastly, OSspray is exploring the potential for its range of products to re-mineralise teeth by rebuilding the enamel.
OSspray's technology is based on the research of its CTO Dr Ian Thompson, formerly of the Materials Department at Imperial College London. The company has built a strong management team with relevant experience in the sector. Jacqueline Walker, CEO has over 20 years experience in the North American dental products market, including 13 years with Dentsply International, the leading manufacturer of dental products. Her last general management role in Dentsply was as VP and General Manager of the Professional Division which sold market leading air polishing machines and powders to dental practices in the US and Canada. Simon Cartmell, Chairman of OSspray, is CEO of ApaTech, the highly successful bone regrowth technology company, and has first-hand experience of taking a UK university spin-out company into the US markets.
Susan Searle, Chief Executive Officer of Imperial Innovations, said:
"The worldwide dental products market offers significant opportunities for OSspray's technology. We are delighted to support OSspray with additional investment as the company is poised to commercialise its products. Collectively OSspray's management team have an enviable track record of product launches and experience in the US and European markets. We look forward to their continued success in this next phase of OSspray's growth."
Simon Cartmell, Chairman of OSspray said, "We are delighted with the support we have received from Imperial Innovations and our other investors which allows us to commercialise our innovative products in key markets globally. It is encouraging to receive such on going support from one of our founding institutions."
-Ends-
For more information contact:
Imperial Innovations +44 (0)20 7594 6591 Susan Searle, Chief Executive Officer +44 (0)20 7594 6644 Lucy Ahfong, Marketing Communications Executive M:Communications +44 (0)20 7153 1530 Harriet Totty / Ben Simons JPMorgan Cazenove (NOMAD to Imperial Innovations) +44(0)20 7588 2828Steve Baldwin Notes to EditorsAbout Imperial Innovations
Imperial Innovations is one of the UK's leading technology transfer and commercialisation companies. The company was founded in 1986 and its ordinary shares admitted to trading on the AIM Market of London Stock Exchange plc in July 2006, raising ‚£25 million at an offer price of 365p and ‚£1 million by means of a public offer. In November 2007, the company raised a further ‚£30 million by means of a placing of new ordinary shares with investors.
The company's integrated approach encompasses the identification of ideas, protection of intellectual property, development and licensing of technology and formation, incubation and investment in technology businesses. A wide range of technologies are commercialised within the areas of healthcare, energy, environment and emerging technology trends.
Based at Imperial College London, the company has established equity holdings in 74 technology businesses and is managing 133 commercial agreements as of 31 July 2007. Imperial Innovations also commercialises technologies originating from outside Imperial College through incubation contracts with the Carbon Trust and WRAP and has commercialisation contracts with a number of multinational corporations including BAE Systems.
www.imperialinnovations.co.uk
About Osspray
OSspray is an emerging specialty dental company seeking to develop and commercialize bioactive glass materials for air polishing and air abrasion applications. Founded in 2004 OSspray is based on Intellectual Property that combines materials science from Imperial College and dental application insights from Kings College London. OSspray has previously raised ‚£750k/$1.5m in seed funds provided by Kinetique seed fund, angel investors and management.
US regulatory approval for the Company's first product has been received and a CE Mark applied, enabling both US and European launches to occur in 2008. Clinical data generated in the US and UK demonstrates significant benefits compared to incumbent products including improved cleaning, whitening and desensitization.
Principle investors are Imperial Innovations, NESTA, The Capital Fund ARC Intercapital and Kinetique seed fund.
www.osspray.com
About The Capital Fund
Launched in 2002, The Capital Fund is a ‚£50 million venture capital fund that backs fast-growing, small and medium-sized enterprises in Greater London. To date, the Fund has made over 60 investments in London-based companies.
Initial investments can be up to ‚£250,000 and the Fund can invest a further ‚£ 250,000 after six months or more. In some circumstances, alongside other new investors, the Fund can follow on its investments with up to ‚£5 million in total in a single company. The Capital Fund is the largest of the nine Regional Venture Capital Funds and has a mixture of public and private sector investors. For more information: www.thecapitalfund.co.uk
The Capital Fund is managed by YFM Venture Finance Limited, which is authorised and regulated by the Financial Services Authority and part of the YFM Group. The YFM Group provides investment capital and business development services to SMEs throughout the UK. It currently has over ‚£280 million in funds under management, with over 90 employees. For more information: www.yfmgroup.co.uk
About NESTA
NESTA is the National Endowment for Science, Technology & the Arts. We do this in three main ways: by working to build a more pervasive culture of innovation in this country; by providing innovators with access to early stage capital; and by driving forward research into innovation, with a view to influencing policy. www.nesta.org.uk
vendor