6 Apr 2010 08:00
Imperial Innovations Group plc
Innovations invests £750,000 to commercialise OSspray's technology
London, 6 April, 2010. Imperial Innovations Group plc (AIM: IVO, or 'Innovations'), a leading technologycommercialisation and investment company, has increased its stake in OSspray, an emerging speciality dental company active in the hygiene and minimally invasive sectors, by investing a further £750,000. This is part of a drawdown of a further £1.5m by OSspray under an existing funding arrangement.
Innovations was the lead investor in the round. Its co-investors included NESTA and The Capital Fund, managed by YFM Venture Finance. In addition Simon Cartmell, Chairman of OSspray and CEO of ApaTech, recently sold to Baxter Healthcare, has invested in the round. Innovations which has invested a total of £2m, now has a 37.7 percent share in OSspray on a fully diluted basis.
OSspray has developed a new dental technology application, which involves using bioactive glass as a desensitising and cleaning agent for air polishing teeth. This is a treatment in which the dentist or hygienist fires a fine abrasive powder, in this case OSspray's new product Sylc™, at teeth using a high pressure air stream. This innovative new treatment cleans and polishes, desensitizes, and rebuilds tooth dentin and enamel in one treatment.
Susan Searle, Innovations Chief Executive, commented:
"OSspray is an excellent example of how we are able to support companies from inception, through the early stages of growth, to market entry and beyond. We look forward to its continued success, particularly as it progresses with its launch programme."
Simon Cartmell, OSspray's Chairman, also commented:
"We are delighted to complete this funding which reaffirms our investors' continued confidence in the potential of OSspray. This funding will enable us to progress through the commercialization phase and bring the benefits of Sylc™ to patients around the world, and also to progress our exciting new product developments rapidly."
OSspray has now launched Sylc™ in Europe and North America, having signed distribution arrangements for the UK, Germany and United States. A pipeline of other advanced applications using the bioactive glass technology is also under development.
Enquiries:
| Imperial Innovations | 020 7594 6589 |
| Susan Searle, Chief Executive Officer |
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| Diana Crisp, PR Manager |
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| College Hill | 020 7457 2020 |
| Tony Stephenson/Rozi Morris |
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| J.P. Morgan Securities Ltd (NOMAD to Imperial Innovations) | 020 7588 2828 |
| Steve Baldwin
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Notes to editors
Imperial Innovations - www.imperialinnovations.co.uk
Innovations creates, builds and invests in pioneering technologies addressing global problems in healthcare, energy and engineering. It combines deep understanding of science and technology with commercial acumen and strong investment expertise.
Innovations supports scientist-entrepreneurs in the commercialisation of their ideas by:
·; leading the formation of new companies and providing facilities in the early stages
·; providing significant investment and encouraging co-investment to accelerate the transition from R&D to products
·; providing operational expertise
·; helping to recruit high-calibre industry figures and experienced entrepreneurs as executive management and Board members.
Innovations has exclusive access to scientific and technological developments coming out of Imperial College London, one of the world's leading research institutions. It has already achieved significant success with its early investments; for example its £1.5m investment in obesity drug developer Thiakis could return up to £22m, following its sale to Wyeth for £100m in 2008.
In the year to July 2009, Innovations invested £14.4m in 20 ventures, helping to launch six new companies. With a technology portfolio of more than 80 companies, Innovations' most advanced assets, in addition to Thiakis, include:
·; Ceres Power (now listed on AIM): Micro combined heat and power generators for domestic use
·; Circassia: Innovative vaccines for the treatment of a wide range of allergies
·; Nexeon: Advanced materials that extend the cycle life and significantly increase capacity of rechargeable batteries
·; Respivert: Discovering new treatments for respiratory diseases, including asthma
·; Veryan: Stents inspired by the human vascular system