Category: Life Sciences

Parkwalk

Horizon Discovery – Placing to raise approximately £25 million to accelerate the Company’s growth strategy

Horizon Discovery Group plc (LSE:HZD), the international life science company supplying research tools and services that power genomics research and the development of personalised medicines, is pleased to announce a conditional non-pre-emptive placing of 13,157,895 New Placing Shares at a Placing Price of 190 pence per share to raise approximately £25.0 million before expenses. In addition, the Placing includes the proposed sale of a minimum of 5,263,157 Existing Placing Shares by certain Selling Shareholders at the Placing Price.
Highlights
Placing of a minimum of 18,421,052 Ordinary Shares in the Company with existing and new institutional investors, consisting of:
Placing of 13,157,895 new Ordinary Shares, representing approximately 16.4 per cent. of the Company’s existing ordinary share capital, at a price of 190 pence per Ordinary Share to raise proceeds of approximately £25.0 million (before fees and expenses) for the Company
Placing of a minimum of 5,263,157 existing Ordinary Shares on behalf of the Selling Shareholders at a price of 190 pence per Ordinary Share
Placing Price represents a discount of 4.3 per cent. to the mid-market closing price on 30 April 2015, being the last practicable day before this announcement
The net proceeds of the Placing receivable by the Company will be used to accelerate the Company’s growth strategy, in particular through investment in its leveraged services business, global infrastructure and research and development capabilities. The Company will not receive any of the proceeds in respect of the Existing Placing Shares placed on behalf of the Selling Shareholders.

The Placing is conditional, inter alia, on the approval by Shareholders of resolutions (the “Resolutions”) to be proposed at a general meeting to be held at 10.00 a.m. on 18 May 2015 at the offices of Covington & Burling LLP at 265 Strand, London WC2R 1BH (the “General Meeting”) and on the Admission of the New Placing Shares to trading on AIM.

The Placing is being conducted through an accelerated bookbuilding process (the “Bookbuild”) which will be launched immediately following this announcement in accordance with the terms and conditions set out in the Appendices to this announcement. It is envisaged that the Bookbuild will be closed no later than 3.00 p.m. London time today, 1 May 2015.

In order to broaden the Company’s institutional shareholder base and to minimise the time and transaction costs of the Placing, the Placing Shares are being placed by J.P. Morgan and Panmure Gordon with only a limited number of existing and new institutional shareholders. The Placing Shares are not being made available to the public.

The Board believes that raising equity finance using the flexibility provided by a non-pre-emptive placing is the most appropriate and optimal structure for the Company at this time. This allows both existing institutional holders and new institutional investors the opportunity to participate in the Placing and avoids the requirement for a prospectus.

A Circular to Shareholders, including a notice convening the General Meeting, will be dispatched today, 1 May 2015, and will also be available on the Company’s website at www.horizondiscovery.com.

David Smoller, Chief Business Officer intends to sell a minimum of 139,151 Existing Ordinary Shares as part of the Placing to satisfy tax liabilities arising as a result of the acquisition of Sage Laboratories Inc. by the Company.

In addition to the Directors, certain Shareholders have irrevocably undertaken to vote in favour, or procure the vote in favour, of the Resolutions, amounting to, in aggregate, 35,862,485 Ordinary Shares, representing approximately 44.7 per cent. of the existing Ordinary Shares.

Dr Darrin M. Disley, Chief Executive Officer of Horizon, said:
“We have a clear strategy for growth and the proceeds of the placing will allow us to accelerate this. Our objective is to establish a dominant position in the high growth markets for our products and services by continuing to build and deliver a fully-integrated business model, leveraging value and building scale across the whole healthcare continuum from genetic sequence to patient treatment. We have already demonstrated strong strategic progress and delivery upon our objectives since our IPO last year, and with 79% growth in 2014 revenues and three capability enhancing acquisitions already delivered, we are excited to continue to demonstrate the potential of Horizon through organic growth or through acquisitions and in-licensing opportunities.”

Parkwalk closes PhoreMost investment

We are pleased to announce that the University of Cambridge Enterprise Fund III has made an investment in PhoreMost as part of a £4m series ‘A’ round of equity and grant funding, of which the equity tranche was led by Amadeus Capital Partners and the Abcam founder, Jonathan Milner.

PhoreMost has developed a next-generation phenotypic screening platform called ‘Site-Seeker’ to identify the best new targets for future therapy, and crucially, how to drug them. This has the potential to significantly increase the diversity of novel therapeutics for cancer and other unmet diseases, where treatment options are currently severely limited.

PhoreMost believes it is uniquely placed to deliver a pipeline of highly selective and patient-specific drugs for cancer and other conditions currently lacking therapeutic options. The company is seeking to develop ways in which to apply such treatments cost-effectively.

Horizon Discovery – Positive Trading Update

Revenues expected to be ahead of consensus by approximately 7% driven by an increased global demand for expanded product, service and IP offering

Cambridge, UK – 19th January 2014: Horizon Discovery Group plc (LSE: HZD) (“Horizon” or the “Group”), the international life science company supplying research tools and services to organizations engaged in genomics research and the development of personalized medicines, today announces a trading update ahead of its full year results for the twelve months ended 31 December 2014. The Group intends to announce its preliminary full year 2014 results on 14 April 2015.

The Group reports a successful year and expects full year 2014 revenues to be ahead of consensus expectations of £11.0 million by approximately 7%, representing growth in excess of 77% over prior year (year ended 31 December 2013: £6.7 million). In addition, the Group is eligible to receive future R&D milestones of up to £158 million plus future product royalties (year ended 31 December 2013: £120m).

This strong performance has been driven by an increased global demand for Horizon’s fully integrated commercial offering comprising research tools, services and intellectual property including drug targets, drug biomarkers and drug candidates. Horizon worked with 30 of the world’s top 50 Pharmaceutical and Biopharmaceutical companies during the year (year ended 31 December 2013: 21) and 961 organisations in total (year ended 31 December 2013: 353). The Horizon offering enables its customers to translate human genome sequencing data into innovative medicines and companion diagnostic tests that improve clinical outcomes for patients and economic outcomes for drug developers and healthcare payers alike.

Molecular diagnostic reagent products, genome-editing services and combination drug screening services have contributed significantly to the growth in revenue and in customer breadth and depth. Revenue includes consolidated contributions following the successful integration of two strategic acquisitions completed in 2014 that have broadened the Group’s capabilities and established Horizon as the world’s leading translational genomics company. Horizon Discovery Incorporated, was formed following the acquisition of the combination high-throughput screening business and assets (“CombinatoRx”) from Zalicus Incorporated (NASDAQ: ZLCS), completed on 2 June 2014, and Sage Labs, Incorporated an in vivo model development company completed on 29 September, 2014.

Financial reporting will include non-recurring exceptional items relating to the IPO and the acquisitions during the year and losses for the Group are expected to be in line with market expectations as investment continues in the long term growth of the business consistent with our previously reported strategy.

Year-end cash is expected to be reported at approximately £17m (year ended 31 December 2013: £4.2m).

Post-period end, on 8 January 2015, the Company announced the acquisition of Haplogen Genomics GmbH, a biotechnology company based in Vienna, Austria. Now renamed Horizon Genomics GmbH, the acquired company’s core haploid technology platform adds a new dimension to the Group’s commercial offering by adding a 10-fold increase in both its cell line product inventory (10,000 vs 1,000 previously) and production capacity (100s per month vs 10s per month previously) as well as a 10-fold reduction in production cost. These products have application in basic genomics research enabling access to the fast-growing academic research market not previously penetrated by the Group as well as broadening its commercial offering to those companies engaged in drug discovery and development. This also builds Horizon’s capability in generating genetic sequence, antibody, aptamer and protein validation reagents for research, process optimisation and diagnostic uses.

Dr. Darrin M. Disley, Chief Executive Officer of Horizon Discovery Group, commented:
“Last year was transformational for Horizon as we expanded from a fast-growing private company with approximately 80 employees located in Cambridge, UK, to a fully integrated global public company with over 200 employees in the UK, United States and now in Vienna, Austria.

“We have enjoyed strong revenue growth in 2014, driven both organically and through the successful acquisitions of CombinatoRx and Sage Labs. Horizon has remained focused on becoming a fully-integrated life science company and, with the integration of recent acquisitions, is now able to provide service, product and R&D solutions to customers engaged in all stages of the personalized medicine paradigm from ‘sequence to treatment’.

“This has also been a year in which Horizon cemented its leadership in the fields of genome editing and personalized medicine through the acquisition of key IP, operational capability and know-how. To support this growth, management has further developed Horizon’s talent pool, and, to this effect, we have augmented our Executive, Scientific Advisory Board as well as added high calibre business leaders to our Board to guide the Company.

“Horizon has successfully delivered on all of its 2014 goals as set out at the time of the IPO, and we are confident and very excited by the prospects for the year ahead.”

ENDS

For further information from Horizon Discovery Group plc, please contact:

Consilium Strategic Communications (Financial Media and Investor Relations)
Amber Bielecka / Mary-Jane Elliott / Jessica Hodgson / Matthew Neal
Tel: +44 (0) 20 3709 5701
Email: horizon@consilium-comms.com

Zyme Communications (Trade and Regional Media)
Katie Odgaard
Tel: +44 (0)7787 502 947
Email: katie.odgaard@zymecommunications.com

Panmure Gordon & Co. (NOMAD)
Corporate Finance: Freddy Crossley / Duncan Monteith / Fred Walsh
Broking: Tom Salvesen
Tel: +44 20 7886 2500

Notes for Editors

About Horizon Discovery Group plc www.horizondiscovery.com/
Horizon is a revenue-generating life science company supplying research tools to organizations engaged in genomics research and the development of personalized medicines. Horizon has a diverse and international customer base well in excess of 1,000 organizations across nearly 50 countries, including major pharmaceutical, biotechnology and diagnostic companies as well as leading academic research centers. The Company supplies its products and services into multiple markets, estimated to total in excess of £29 billion by 2015.

Horizon’s core capabilities are built around its proprietary translational genomics platform, GENESIS™, a high-precision and flexible suite of gene editing tools able to alter almost any endogenous gene sequence of human or mammalian cell-lines. Horizon offers almost 14,000 products, almost all of which are based on the application of GENESIS™ to generate cell lines that accurately model the disease-causing mutations found in genetically based diseases. These ‘patients-in-a-test-tube’ are being used by customers to identify the effect of individual or compound genetic mutations on drug activity, patient responsiveness, and resistance, which may lead to the successful prediction of which patient sub-groups will respond to currently available and future drug treatments.

In addition, Horizon provides GENASSIST™ CRISPR and rAAV gene editing tools, custom cell line generation services for research and bioproduction applications, quantitative molecular reference standards, in vivo disease models, contract research and custom screening services and custom shRNA development services and off-the-shelf validated shRNA (through Horizon’s partner Sirion).
Horizon is headquartered in Cambridge, UK, and is listed on the London Stock Exchange’s AIM market under the ticker “HZD”, for further information please visit: www.horizondiscovery.com.

FT: Fluidic Analytics develops tools to warn of diseases

Imagine if a simple pinprick blood test could tell if you were in the early stages of Alzheimer’s or heart disease. This is the vision behind Fluidic Analytics, spun out of Cambridge university, which is developing tools to help identify the “protein fingerprints” of illnesses….

Read the full article here (paywall).

Fluidic Analytics – University of Cambridge Enterprise Fund II and Parkwalk investment

Parkwalk have recently closed an investment in Fluidic Analytics for the University of Cambridge Enterprise Fund II and Parkwalk Funds.

Fluidic Analytics is developing a line of tools for the rapid, accurate, cost-effective analysis of proteins and other biomolecular species. By combining a powerful microfluidics platform developed at the University of Cambridge with efficient manufacturing and design principles, the Company is striving to be a leading provider of products that enable breakthrough advances in fundamental protein science, drug development and diagnostics.

By developing products that make protein characterisation faster, more precise, more convenient, more cost-effective and more accurate, Fluidic Analytics is striving to help scientists, healthcare providers and people everywhere to understand the world around them better.

More detail can be seen on the company’s website here.

Horizon Discovery – acquires Sage Labs Inc. for $48M

Acquisition makes Horizon the world’s leading gene-editing and translational genomics company

Highlights

·     Horizon acquires Sage Labs Inc. for up to $48M (£29M) comprising up to $16M in cash and up to $32M in new ordinary shares

·     Acquisition creates a fully integrated and world leading translational genomics platform

·     Significantly expands Horizon’s product, service and research offerings providing cost consolidation, and cross selling opportunities into a broader customer base

·     Further enhances Horizon’s US footprint and strengthens its US and EU sales force

·     Strengthens IP portfolio in CRISPR with exclusive rights for in vivo ZFN applications

·     Provides significant additional top line with $4.7M of revenue in the first 9 months of trading to 31stDecember 2013 ($6.3M annualized) post management buy-out from Sigma-Aldrich

·     Strong growth through 2014 is expected to transition a $1.6M loss in the 9 months to 31 December 2013, through break-even, to accretive profit contribution in 2015

·     Sage had total assets of $14.5M at 31 December 2013 and the business has benefitted from past investment in excess of $25M

 

Cambridge, UK and St. Louis, MO, USA – 29th September 2014: Horizon Discovery Group plc (LSE: HZD) (“Horizon” or the “Company”), the international life science company supplying research tools and services to organizations engaged in genomics research and the development of personalized medicines, today announced it has agreed to acquire Sage Labs Inc. (Sage) for up to $16M (£9.8M) in cash and up to $32M (£19.6M) through the issue of new ordinary shares. The acquisition of Sage, a world leader in the generation of advanced in vivotransgenic disease models for use in preclinical research, builds upon the acquisition of CombinatoRx in July andmakes Horizon the world’s leading gene-editing company and the go-to company for the provision of integrated product, service and research solutions at all stages of translational genomics and personalized medicine research from sequence to treatment.

The acquisition, which is in line with the stated strategy to build a fully-integrated life science business, provides Horizon with an expanded range of genetically engineered preclinical models, important tools for the discovery and development of medicines targeted to the unique genetic drivers of diseases like cancer. The combined gene-editing platform diversifies Horizon’s overall product and service offerings into adjacent markets not currently addressed, increases its cost consolidation and cross selling potential as well as strengthens its intellectual property portfolio. Sage also provides Horizon with long-term organic innovation opportunities and deep customer relationships within the industry which complement Horizon’s existing business lines.

Sage, a former business within Sigma-Aldrich (NASDAQ: SIAL), was known as Sigma Advanced GeneticEngineering and became Sage Labs Inc. when it was purchased by management and Telegraph Hill Partners in 2013. Sage has benefitted from in excess of $25 million of past investment. The company has 50 employees, a direct US and EU sales force and 43,000 sq. ft. state of the art facilities, enabling the scale-up of Horizon’s product and service offerings through access to new capabilities, capacity and access to new markets. 

Horizon will gain exclusive access to ZFN for in vivo model generation and certain exclusive and non-exclusive CRISPR in vivo-related intellectual property (IP) to add to its extensive in vitroIP in CRISPR, ZFN and rAAV, the latter of which is a world-wide exclusive to Horizon. Assets and capabilities acquired include a custom engineered in vivo model development service, an inventory of ready to use in vivo models and an inventory of molecularly annotated patient-derived xenograft (PDx) models and custom development capabilities.

Horizon will focus on expanding Sages’ predominantly US customer base by increasing its presence in Europe, Japan and beyond via access to Horizon’s business development and commercial infrastructure and an almost 1,000 strong customer base.

The acquired business will be known as Sage Labs Inc., a wholly owned subsidiary of Horizon Discovery Group plc. Horizon will also benefit from adding further strong leadership capability to its world-class management team. Successful serial entrepreneur Dr David Smoller, formerly CEO of Sage, and previously CSO of Sigma-Aldrich and President of its Research Biotechnology business unit, will become Horizon’s Chief Business Officer.  Along with Dr Darrin M Disley, CEO of Horizon, David will lead the implementation of the long-term corporate development strategy.  Dr Edward Weinstein will become General Manager of Sage and will lead a team with decades of experience in preclinical model development and commercialization.

 The Acquisition is expected to complete on 2 October 2014.

Dr Darrin M Disley, Chief Executive Officer of Horizon Discovery Group plc, commented: The acquisitionpositions Horizon as the world-leader in gene-editing and at the forefront of technological advances in the field of translational genomics. The consolidated offering significantly strengthens Horizon commercially, allowing us to offer product, service and R&D programs to customers engaged at every stage of translational genomics and personalized medicine research from sequence to treatment.”

Dr David Smoller, Chief Executive Officer of Sage Labs Inc., added: “I am excited that Sage has become a part of Horizon’s important mission.  Horizon is now the destination for researchers and scientists worldwide to find both in vivo and in vitro solutions to their biological questions.  The addition of Sage now positions Horizon as the true leader in genomics and gene-editing.” 

Further details of the acquisition

·     Application has been made to the London Stock Exchange for 10,957,877 consideration shares to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective and that trading in the new Ordinary Shares will commence on 2 October 2014.

·     $15.2 million (£9.3 million) in cash is payable and 10,957,877 new ordinary shares representing $30.4 million (£18.6 million) of the consideration will be issued by Horizon on closing of the acquisition.  $0.8 million (£0.5 million) in cash may be payable and new ordinary shares representing $1.6 million (£1.0 million) of the consideration may be issued by Horizon 12 months after the closing of the acquisition.

Horizon Discovery – Interim Results

Interim Results in-line and Panmure reaffirms ‘Buy Rating’:

Interim Results for the Six Months Ended 30 June 2014

Horizon Reports a Strong First Half Positioning the Company for Continued Growth

Cambridge, UK, 23 September 2014: Horizon Discovery Group plc (LSE: HZD), the international life science company supplying research tools to organisations engaged in genomics research and the development of personalised medicines, today announces its interim results for the six months ended 30 June 2014.

Corporate highlights
· Completion of IPO on 27 March 2014, raising £37.8 million of new money, net of expenses
· Acquisition of Horizon CombinatoRx on 2 June 2014 for £4.74 million, contributing one month of service revenues and establishing Horizon’s US operations
· Strategic licensing of two key pieces of CRISPR gene editing intellectual property (“IP”) from ERS Genomics and the Broad Institute and an additional piece of rAAV gene editing IP from Stanford University, bolstering Horizon’s portfolio of gene editing IP
· Board strengthened with the appointment of Dr. Susan Galbraith and Susan Searle
· Signed distribution agreements with Haplogen Genomics GmbH and Sirion Biotech GmbH giving access to over 9,000 new cell line and related products
· Established additional direct sales and distribution channels including US, Canada and India meaning Horizon’s commercial offering is now sold in approaching 50 countries
· Awarded Technology Strategy Board grant to develop standardisation for next generation cancer diagnostics of £0.36 million
· Winner of the Emerging Star Award at the European Mediscience awards for publicly quoted companies in the life science sector

Financial highlights
· Revenues of £4.06 million for the six months ended June 30, up 36% (HY13: £2.98 million)
· Product and service revenues of £3.49 million, up 63% (HY13: £2.14 million) driven by strong growth in genome-editing services, discovery research services and molecular diagnostic reagent products
· Leveraged R&D revenues of £0.57 million (HY13: £0.85 million) including service revenues of £0.57 million, up 75% (HY13: £0.33 million) with Cumulative R&D milestones of £158 million, up 27% (FY13: £124 million), no milestone payments anticipated in 2014 (HY2013: £0.52 million)
· Operating expenditure of £4.80 million (HY13: £3.22 million) in line with strategy to invest in R&D, build out commercial channels and corporate development
· Operating loss of £2.55 million (2013: £1.73 million), in line with expectations
· Closing cash and cash equivalents of £33.47 million

Post-period end highlights
· Horizon CombinatoRx continues its strong performance closing a number of sizeable service contracts including a $0.84 million contract with Otsuka Pharmaceutical Development and Commercialisation, Inc.
· Reagent Products division continues its rapid growth profile with new orders in excess of $0.75 million
· New Bioproduction business line closes several contracts worth in excess of $0.30 million plus potential downstream R&D milestones
· Dr. Emmanuelle Charpentier, Dr. J. Keith Joung, and Dr. Feng Zhang joined Horizon’s panel of expert gene editing advisers
· COLTHERES translational medicine consortium led by Horizon co-founders Professor Alberto Bardelli and Dr Chris Torrance receives funding extension beyond the initial four year €6 million term
· Horizon continues to look at non-organic growth opportunities that enable rapid scalability of revenues and ability to enter adjacent markets not currently served

Commenting on the interim results, Dr Darrin M Disley, Horizon’s Chief Executive Officer, said: “Over the first half of 2014, Horizon has made progress towards becoming a fully-integrated life science business, strengthening its offering to provide a broad spectrum of products and services from genetic sequence to patient treatment.

“We have continued to invest for growth, focusing on R&D, building additional commercial channels and corporate development. In line with this strategy we have also continued to build our sales, marketing and distribution footprint in European, North-American and Asia-Pacific markets. Our accretive acquisition of CombinatoRx in the US added new capabilities in the combination cancer drug screening market and we bolstered our position in CRISPR IP, further securing our leadership in this space. To help steer the Company through its next stage of growth and development, Horizon added two industry leaders to our Board and added three of the world’s most prominent gene editing technology experts to our Scientific Advisory Board.

“Our financial performance has been in line with expectations and we are pleased to report continued strong revenue growth. Based on our trading performance for the first six months and post-period end, and with revenues weighted towards the second half of the year following the acquisition of CombinatoRx in June, we are confident of delivering a strong performance for the full year.”

DefiniGEN Joins EBiSC Consortium

DefiniGEN (an investment in the University of Cambridge Enterprise Funds I & II), a leading provider of stem cell life science products and services has joined the European Bank for induced pluripotent stem cells (EBiSC) consortium. The consortium comprises 26 partners, and has been newly-formed with support from the Innovative Medicines Initiative (IMI) and the European Federation of Pharmaceutical Industries and Associations (EFPIA).  The EBiSC iPS cell bank will act as a central storage and distribution facility for human iPS cells, to be used by researchers across academia and industry in the study of disease and the development of new therapeutics. DefiniGEN’s role will be to validate EBiSC iPS cell lines by generating liver hepatocyte cells for toxicology, disease modelling, and regenerative medicine applications.

Read the full article here.

Horizon Discovery – wins European Mediscience’s Emerging Star Award 2014

Horizon Discovery Group plc, the international life science company supplying research tools to organisations engaged in genomics research and the development of personalised medicines, is delighted to announce that it has won the “Emerging Star” category at last night’s (Thursday’s) European Mediscience Awards in London.

Read more here.

Sphere Fluidics – Parkwalk closes further funding round

We have closed an investment, in the first tranche of a financing round of up to £2m, in Sphere Fluidics for the University of Cambridge Enterprise Fund II and the final investment for Parkwalk Fund IV. This follows the UoCEF I investing in February 2013.

Sphere Fluidics is an established, Life Sciences company which has developed unique products for use in single cell analysis and characterisation and provides collaborative R&D services in this area.
The company was founded on IP generated by the University of Cambridge and has in-licensed 10 patent families from the University and other leading institutions. The core technology is now protected by 51 patents and has been developed with £2.3m of equity and over £7m of grants.

Horizon Discovery Says It Has Continued To Trade Strongly Since IPO

Horizon Discovery Group PLC said Wednesday that it had continued to trade strongly since its initial public offering.

Omega Diagnostics – Trading Update

Trading Update and Notice of Results

Omega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces that results for the year to 31 March 2014 will be in line with market expectations. Revenues for the year are expected to show a small increase on 2013 and adjusted profit before tax (before acquisition costs, share based payments, IFRS-related discount unwinds and amortisation of intangible assets) will be significantly higher than that achieved in the prior year and is anticipated to be approximately £1.10m. 

Current trading performance

 

Revenue to 31 March 2014

Revenue to 31 March 2013

% increase

 

 

 

 

Food Intolerance

£5.18m

£4.39m

+ 18%

Allergy/Autoimmune

£3.96m

£4.16m

– 5%

Infectious Disease/Other

£2.45m

£2.71m

– 10%

TOTAL  

£11.59m

£11.26m

+ 3%

                                                               

 

Infectious Disease – Visitect® CD4 update

Further to the completion of the technology transfer announced in February 2014, Visitect CD4 tests have been supplied for initial field validation studies to evaluate performance in India and Kenya.  To date, over 60 patient samples have been run in India and a 200-patient sample evaluation has just been run in Kenya. The latter Kenyan study also included evaluation of the Visitect CD4 mHealth App Smartphone Reader. Initial feedback from healthcare operators in the field confirms that the evaluations are progressing well to date.

A full data analysis of the study results will be undertaken in each case, where the results for Visitect® CD4 will be compared with standard flow cytometry results for the same patient samples.  The success of these initial studies will lead to a roll-out of validation studies into other countries.

In parallel with these trial activities, claim support studies have commenced in the UK to support the regulatory requirements in connection with CE-Marking the test.

Both these programmes remain on track with management’s expectation and a further update on progress will be provided in due course.

Allergy Development – IDS-iSYS update

Progress has continued on a 40-panel allergy menu to be launched on the IDS-iSYS instrument.  Since the last update, the Company confirms that the cumulative number of allergens through claim support has risen to eight.  A further 14 allergens have completed optimisation, five of which are part-way through claim support and a further 11 allergens are undergoing optimisation.  The Board believes that continued progress with its development programme is a cause for increased confidence in terms of commercialisation.

Outlook and Notice of Results

Trading in the second half of the year has been stronger than in the first half and has enabled the Group to meet market expectation from the core business prior to a contribution from Visitect® CD4. The performance of the Food Intolerance division has mitigated challenges in other parts of the business and prospects for this division remain encouraging for the new financial year.

The Company continues to strengthen its relationships with key aid and procurement agencies and continues to develop a strong marketing presence in the HIV/AIDS Global Health arena.  The Board remains very confident that Visitect® CD4 will deliver significant shareholder value.

Omega will announce its financial results for the year ended 31 March 2014 on Monday 23 June 2014.

Commenting on the trading update, Andrew Shepherd, Chief Executive, said:“We are pleased with the overall performance of our core business leading to increased profitability significantly ahead of the growth in revenue. Food Intolerance in particular performed strongly in the second half of the year.  Visitect® CD4 tests are currently undergoing initial field validation studies in India and Kenya and early feedback confirms things have progressed well to date.  In addition, our allergy programme with the IDS-iSYS instrument has continued to progress with more allergens completing the optimisation and claim support phases since the last update in February.”

Horizon Discovery – Record AIM $113m IPO

Parkwalk portfolio company Horizon Discovery is set to create UK stock market history with a significantly oversubscribed AIM IPO on Thursday March 27, with a market cap of £120.5 million after raising £68.6m from institutional investors against an original target of £25m.
Read more here.

Horizon – Intention to float on AIM

Horizon Discovery Group plc Announces Intention to Float 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SHARES IN THE CAPITAL OF THE COMPANY, NOR SHALL IT (OR ANY PART OF IT), OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH OR ACT AS ANY INDUCEMENT TO ENTER INTO, ANY CONTRACT OR COMMITMENT WHATSOEVER.

Horizon Discovery Group plc (“Horizon” or “the Company”), the revenue generating life science company supplying research tools to organisations engaged in genomics research and the development of personalised medicines, today announces its intention to launch an initial public offering of ordinary shares on the AIM market of the London Stock Exchange. Panmure Gordon is acting as Nominated Adviser and Broker to the Company. 

Highlights 

  • A revenue generating business, centred around the proprietary GENESIS™ gene editing and X MAN™ cell line platforms
  • These platforms enable the understanding of the genetic basis of disease, the manipulation of genomes and the creation of genetically-defined human cell lines or “patients in a test tube”
  • This technology is becoming widely used in genomics research and the development of personalised medicines targeted to specific genetic drivers of diseases like cancer
  • Based in Cambridge (UK) Horizon operates through three commercial units: contract research services, cell line and reagent products and leveraged research and development
  • Blue chip customer base including AstraZeneca, Bayer, Boehringer Ingelheim, Genentech, Jannsen Pharmaceuticals, Merck & Co., Novartis Institutes of Biomedical Research and Takeda, with 353 unique customers in 2013
  • £6.6 million revenues generated in 2013, up > 70% on 2012 (126% CAGR from 2007 to 2013)
  • Leveraged research and development potential future milestones payments currently totalling approximately £120 million plus royalties on tiered product sales

Darrin Disley, Chief Executive Officer of Horizon Discovery, commented: “Horizon Discovery is at a very exciting stage in its development where investments made into the scale up of its three commercial units will accelerate growth, transforming the Company into a global market-leader in translational genomics research tools.

“The personalised medicine market is growing rapidly and Horizon is poised to capitalise on this through flexible and leveraged deployment of its GENESIS™ gene editing and X MAN™ cell line platforms with customers operating at all stages of the healthcare paradigm.

“An IPO further enhances the profile of Horizon Discovery, facilitating the expansion of our sales and distribution channels, expansion of our product lines and increasing opportunities to engage in

leveraged R&D. It also allows us to acquire additional IP and commercial offerings, including sales channels that will enhance our geographic reach.”

Strategy 

The Company’s strategy is to: 

  • Increase the market awareness, sales and penetration of existing products and services
  • Increase the scope of the commercial offering via internal product development, around the GENESIS™, X-MAN™ and GENASSIST™ product ranges, in-licensing and M&A
  • Increase its IP portfolio in gene editing and add therapeutic area expertise beyond cancer
  • Increase leverage into the pharmaceutical and diagnostic value-chain
  • Expand its geographic footprint and commercial offering to achieve global market penetration

Summary of the offering and use of proceeds 

The offer consists of the sale of both existing shares and an offer of new shares by Horizon Discovery to institutional investors.

The new share offer raising £25 million will be used to:

  • Increase awareness of the Company’s services, products and leveraged R&D programs in their target markets;
  • Expand the sales and distribution channels for the Company’s services, products and leveraged R&D programs;
  • Expand the number of cell line and reagent products available for sale via increased product development and the in-license of new product ranges from third parties;
  • Increase the pipeline of leveraged R&D opportunities delivering downstream milestone and product royalties;
  • Expand the intellectual property portfolio, via licence or selective acquisition; and
  • Acquire additional sales channels that deliver an expanded commercial offering and strategic geographical footprint

Key Strengths 

The Directors believe that Horizon Discovery’s core strengths lie in the following areas:

  • Established and growing customer base The Company has a broad international customer base including pharmaceutical, biotechnology and diagnostic companies as well as leading academic research centres around the world. 2013 revenues were derived from 353 unique customers.
  • Proprietary genome editing platform 
    Horizon Discovery’s, proprietary, translational genomics platform, GENESIS™, comprising three gene-editing tools, rAAV (under exclusive license), ZFN (under non-exclusive license) and CRISPR (under non-exclusive license), offers a precise and flexible gene-editing solution.
  • Differentiated approach 
    The Company draws on a long heritage of oncology and translational research, a key differentiator to other commercial proprietors. By being experts in the application of its commercial offering, peer-to-peer credibility is achieved and a basis for leverage established.
  • Versatile business model 
    The Company operates a powerful business model where it can leverage both internally-funded and customer-funded cell line development, drug discovery services and cell line and derivative reagent product offerings. Additional leverage is achieved by combining the offering with novel IP, oncology and drug discovery expertise allowing Horizon to accrue downstream milestones and potentially product royalties.
  • Large and growing target markets 
    The Company supplies its services and products in multiple markets including the translational genomics research market; the cell based assays market; the molecular diagnostics market, and the bioproduction market. Combined, it is estimated that these markets will total in excess of £29 billion by 2015.
  • Significant experience of management and Board 
    The management team has significant experience in: precision genome-editing, genetically-defined cell-line manufacture, oncology and translational medicine combined with extensive experience of operational R&D management and, together with other members of the Board, the growth of high-growth companies in the Healthcare sector.

For further information please contact: 

Consilium Strategic Communications 

Amber Bielecka / Mary-Jane Elliott / Jessica Hodgson / Matthew Neal

horizon@consilium-comms.com

+44 207 920 2352

Panmure Gordon & Co. 

As Nominated Adviser and Broker 

Corporate Finance 

Freddy Crossley / Grishma Patel / Duncan Monteith / Fred Walsh

Broking 

Tom Salvesen/ Adam Pollock

Tel: +44 20 7886 2500

Information on Horizon Discovery 

Overview 

Horizon Discovery is a revenue generating life science company supplying research tools to organisations engaged in genomics research and the development of personalised medicines. The Company, which is Cambridge (UK) based, has a diverse and international customer base approaching 800 organisations, including major pharmaceutical, biotech and diagnostic companies as well as leading academic research centres. The Company supplies its products and services into multiple markets, estimated to total in excess of £29 billion by 2015, including the translational genomics research market; the cell based assays market; the molecular diagnostics market, and the biopharmaceutical production market.

Horizon’s core capabilities are built around its proprietary translational genomics platform, GENESIS™, a high-precision and flexible suite of gene editing tools. Most diseases, such as cancer, are associated with genetic variations, which may pre-dispose disease onset, progression or clinical response to therapy. Horizon Discovery’s expertise in understanding the genetic drivers of disease in conjunction with the GENESIS™ platform have allowed the development of an extensive inventory of human isogenic cell line pairs that are genetically-defined and accurately model the disease-causing genetic anomalies found in human diseases. These are marketed as X-MAN™ cell lines.

The GENESIS™ and X-MAN™ platforms are broadly applicable in translational genomics, a field which is increasingly informing the research of life science organisations. The platforms are deployed by researchers to: understand the genetic basis of disease in human, animals and plants; manipulate genomes to deliver enhanced yields of crops and biopharmaceuticals; and create “patients-in-a-test tube”, used to identify novel medicines targeted to the patient populations with a genetic profile that predicts clinical outcome.

Horizon Discovery’s business comprises three commercial units: contract research services, comprising cell line manufacturing and discovery research; products, comprising cell line and reagent products; and leveraged R&D, comprising IP licensing, target identification, target validation and bio-production.

The Board of Directors 

Dr. Ian Gilham – Non-Executive Chairman 

Ian is currently non-executive chairman of Multiplicom NV, focused on the development and commercialisation of DNA sequencing products; and Biosurfit SA, focused on development and commercialisation of point-of-care diagnostic products. He is also director of Stowheath Ltd., which offers advisory services to private equity companies and corporate finance organisations investing in clinical diagnostics and medical device companies. Ian has previously been chief executive officer of Axis-Shield plc and vice president, Pharmacogenetics and Diagnostics at GSK, as well as holding various positions within Abbott Laboratories.

Dr. Darrin M Disley – Chief Executive Officer 

Darrin is a life scientist who has been involved in the start-up and growth of a number of business ventures. He has a track record of raising business financing from grant, angel, corporate and venture capital sources as well as closing high-value product, service, and licensing deals. In 2012, he was named Business Leader of the Year at the European Life Science Awards. Darrin holds a PhD in Biotechnology from the University of Cambridge has been the author of numerous papers, patents and conference abstracts and has been an advisor on biotech commercialisation strategies around the world. Darrin supports academic, business plan competition and mentoring programs in the UK and is an Entrepreneur in Residence at the Judge Business School and Enterprise Fellow at the Department of Chemical Engineering and Institute of Biotechnology both at the University of Cambridge. He is currently Chairman of GeoSpock Limited and Desktop Genetics Limited two Cambridge technology start-ups as well as an Investment Advisory Board member of the Home Run SEIS/EIS Fund managed by Boundary Capital Ltd.

Richard Vellacott – Chief Financial Officer and Senior Vice President, Operations 

Richard is an experienced chartered accountant, working with life science companies from start-ups to global pharmaceutical businesses. He also has a first class degree in biological sciences from

Durham University. Past roles include Vice President, Finance at CSR plc. During his time at CSR, Richard had worldwide responsibility for finance, making significant contributions to the transformational acquisition and integration of NASDAQ listed Zoran Corp., product portfolio management, R&D financial management and business investment / divestment decisions. Before this, Richard was a director in Deloitte’s life sciences practice, where he specialised in capital market transactions including IPOs, M&A and fundraising on both the UK and the US markets. Beyond corporate responsibilities, Richard has advised the European Committee on funding for life science companies and presents at investor conferences and seminars on financial issues facing the life science industry.

Dr. Jonathan Milner – Non-Executive Director 

Jonathan is an experienced entrepreneur and business leader with a background in genetic research. He is an active supporter of the Cambridge business community, is a founder of Abcam Plc, the 2013 AIM business of the year with a recent market capitalisation in excess of £1 billion. Jonathan gained his doctorate in Molecular Genetics at Leicester University after graduating in Applied Biology at Bath University.

Hugo Harrod – Non-Executive Director 

Hugo is a partner at MVM Life Sciences LLP, a venture capital firm with over $500 million under management, investing in technologies and products for the life science and healthcare markets. Before joining MVM Life Sciences LLP, he qualified as a chartered accountant with KPMG working with biotechnology and pharmaceutical clients. Hugo has a degree in Molecular and Cellular Biochemistry from Oxford University.

Dr. Vishal Gulati – Non-Executive Director 

Dr. Vishal Gulati is a specialist healthcare investor in diagnostics, digital healthcare and biotechnology and has served on the boards of companies across Europe, the USA and in India for over a decade. Vishal gained investment management experience at Atlas Venture LLP, the Wellcome Trust and at a series of investment ventures including Ivy Lane Capital (UK and Mauritius).

Having been a practising physician, Vishal is able to combine the insights from a technical as well as a financial perspective. Vishal qualified in medicine in India and received his postgraduate training in Oxford and London as a Rhodes Scholar (1995-1998). In addition to several company boards, Vishal also serves on the BioCatalyst awards committee (a UK Government backed £180 million fund for emerging technology companies) an advisor to the Mayor of London’s health commission.

___ 

This announcement is for information purposes only and does not constitute or form part of any offer or invitation to underwrite, sell or issue, or any solicitation of any offer to purchase or subscribe for, any ordinary shares or other securities in the capital of the Company, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract whatsoever relating to any ordinary shares or securities.

Panmure Gordon & Co. is regulated by the Financial Conduct Authority and is acting exclusively for the Company and no one else in connection with the Placing and Admission and will not regard any other person (whether or not a recipient of this announcement) as a client in relation to the Placing or Admission and will not be responsible to anyone other than the Company for providing the

protections afforded to its clients or for providing advice in relation to the Placing, Admission or any transaction, arrangements or other matters referred to in this announcement.

The Placing and the distribution of this announcement and other information in connection with the Placing in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

The Ordinary Shares have not been and will not be registered under the United States Securities Act 1933 (as amended) nor under the applicable securities laws of the United States of America or any province or territory of Canada, Australia, the Republic of South Africa or Japan, nor in any country or territory where to do so may contravene local securities laws or regulations and will not be made to any national, resident or citizen of the United States of America, Canada, Australia, the Republic of South Africa or Japan. No reliance may or should be placed by any person for any purpose whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change. Investments to which this announcement relates may expose an investor to a significant risk of losing all of the amount invested. This announcement does not constitute a recommendation concerning the Placing. The value of shares can decrease as well as increase. Potential investors should consult a professional advisor as to the suitability of the Placing for the person concerned.

Forward Looking Statements 

Certain statements contained within the announcement are forward looking statements and are based on current expectations, estimates and projections about the potential returns of the Group and industry and markets in which the Group operates, the Directors’ beliefs and assumptions made by the Directors. Words such as “expects”, “anticipates”, “should”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “projects”, “pipeline” and variations of such words and similar expressions are intended to identify such forward looking statements and expectations. These statements are not guarantees of future performance or the ability to identify and consummate investments and involve certain risks, uncertainties, outcomes of negotiations and due diligence and assumptions that are difficult to predict, qualify or quantify. Therefore, actual outcomes and results may differ materially from what is expressed in such forward looking statements or expectations. Among the factors that could cause actual results to differ materially are: the general economic climate, competition, interest rate levels, loss of key personnel, the result of legal and commercial due diligence, the availability of financing on acceptable terms and changes in the legal or regulatory environment.

These forward-looking statements speak only as of the date of this announcement. The Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto, any new information or any change in events, conditions or circumstances on which any such statements are based, unless required to do so by law or any appropriate regulatory authority.

Omega Diagnostics

CD4 Update – Successful completion of Technology Transfer – Omega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces the successful completion of its CD4 technology transfer project with first in-field evaluations to start next month.

Further to the announcement made in December 2013 regarding the first reference batch, the Company announces that it has successfully completed a three batch-validation of its manufacturing protocol. The results from tests on patient samples with the second and third batches have demonstrated that Visitect(R) CD4 meets the design parameters of clinical sensitivity, specificity, accuracy and reproducibility.

This is a major milestone towards full commercialisation of the Visitect(R) CD4 test and accordingly, the product is now available for full in-country field evaluations. The first evaluations are expected to commence next month in Kenya and Mozambique. Separate claim-support studies are planned to CE-Mark the test which will take place over the next few months.

The devices for the second and third batches were assembled using the Company’s Alva-based manufacturing facility which was built last year, and this completes the equipment validation process required under ISO 13485. Accordingly, the Company now has a fully validated production facility, currently capable of manufacturing over seven million devices per annum.

Commenting on the completion of technology transfer, Andrew Shepherd, CEO of Omega said: “We are delighted to have successfully completed the milestone of technology transfer for this innovative product. This now unlocks the full potential of Visitect(R) CD4 which is eagerly awaited by the market.”

Horizon Discovery

Appointment of Chairman – Horizon Discovery has appointed Dr. Ian Gilham as Chairman of its Board of Directors.

Dr. Gilham’s healthcare industry career spans thirty years encompassing all aspects of successful company growth and development. He was Chief Executive Officer of Axis-Shield plc, prior to its sale to Alere and he has also held top management positions at GSK, Abbott Laboratories, Celltech and Amersham, gaining wide expertise in the fields of pharmaceuticals and clinical diagnostics.

Ian Gilham

Horizon Discovery

Horizon Discovery Signs Large-Scale License Agreement for its X-MAN Cell Lines in Japan

Agreement covers use of 250 of Horizon’s X-MAN genetically defined isogenic cell lines

Cambridge, UK, 30 January 2014: Horizon Discovery™ (Horizon), a leading provider of research tools to support translational genomics and the development of personalized medicines, today announced it has entered into a large-scale licensing agreement with a Japanese medical university. The agreement covers a limited use label license for academic use of 250 of Horizon’s X-MAN™ genetically defined, isogenic cell lines, and demonstrates the global recognition of the company’s in vitro disease models.

Horizon Discovery

Jan 7 (Reuters) – Horizon Discovery: * Horizon discovery and Astrazeneca have entered into a research, collaboration and license agreement * Agreement to explore a range of oncology-relevant genotypes * Will receive an undisclosed upfront payment * Eligible for subsequent payments of up to $88 mln in milestones if compounds are developed by Astrazeneca