Itaconix (Revolymer) – Joint development agreement with AkzoNobel
Itaconix (formerly caller Revolymer plc) is pleased to announce that its wholly owned US subsidiary, Itaconix Corporation (“Itaconix”), has signed a joint development agreement with Akzo Nobel Chemicals International B.V. (“AkzoNobel”) to advance commercial collaborations in certain applications for the Itaconix itaconic acid polymer technology platform.
The agreement establishes a broad operating framework for the parties to jointly identify, develop and commercialise new polymers using Itaconix’s patented technology.
“This innovative technology enables the production of polymers from renewable ingredients, which fits closely with our Planet Possible sustainability agenda of doing more with less,” explained Peter Nieuwenhuizen, Research Development & Innovation Director for AkzoNobel’s Specialty Chemicals business. “These bio-based polymers offer unique properties in applications essential to our everyday lives, ranging from water quality to cleaning and hygiene.”
Dr. Kevin Matthews, CEO of Itaconix, commented: “We share AkzoNobel’s commitment to improving the cost and performance of our customers’ formulations with increasingly more sustainable products. We are excited to begin working together to identify and develop attractive commercial opportunities for our novel polymers.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Ends
For further information please contact:
|
Revolymer plc |
+44 (0) 1244 283 500 |
|
Kevin Matthews / Rob Cridland |
|
|
N+1 Singer |
+44 (0) 207 496 3000 |
|
Richard Lindley (Corporate Finance) Nick Owen (Corporate Broking) |
About Itaconix/Revolymer
Itaconix is an AIM quoted company whose objective is to be a leader in functional polymers that improve the safety, performance or sustainability of its customers’ products in the delivery and controlled release of actives, surface modification and water quality improvement for the Homecare & Industrial and Personal Care & Consumer Healthcare markets.
Polypharmakos – University of Cambridge Enterprise Fund IV investment
Cambridge and Kew join forces to find new antimicrobial substances in plants
The Parkwalk-mamanged University of Cambridge Enterprise Fund IV and Cambridge Enterprise have invested £500k in Polypharmakos Limited, a spin-out from the University of Cambridge and the Royal Botanic Gardens, Kew.
Polypharmakos’s mission is to screen natural-product sources of plant, fungal and insect origin for antimicrobially active substances with novel mechanisms of action and to develop them to address the emerging global antimicrobial resistance (AMR) crisis. Founded in 2016 by Dr John Normanton and Mr Tom Sopwith of ArgantriX Ltd., Polypharmakos arose from discussions with Prof Duncan Maskell (Marks & Spencer Professor of Farm Animal Health, Food Science and Food Safety) and Prof Monique Simmonds (Deputy Director of Science, Royal Botanic Gardens, Kew).
The Company undertook a small Cambridge Enterprise-funded pilot screening exercise in 2016 in conjunction with the teams of Prof Clare Bryant (University of Cambridge, Professor of Innate Immunity) and Dr Mark Holmes (University of Cambridge, Reader in Microbial Genomics and Veterinary Science). The project revealed a number of active substances in a small sample of intelligently selected extracts, indicating that the Kew collections should be an ideal starting source for new antimicrobials. In addition, the Company received pilot project funding from Swansea University and Swansea Innovations for the structural characterisation of Seraticin®, a maggot-derived, small molecular weight, broad spectrum antimicrobial.
Dr John Normanton, CEO of Polypharmakos, said: “We are delighted to have closed the funding round with Cambridge Enterprise and the University of Cambridge Enterprise Fund. The funding will launch the Company into full operation and begin this exciting venture with core collaborations with Cambridge and RBG Kew. Coupling the synergistic expertise within RBG Kew in the selection and characterisation of medicinal leads from natural products in its collections with the skills of the University of Cambridge team in antibacterial modes of action and modulation of innate immunity will open an exciting new chapter in the hunt for new drugs useful against AMR pathogens”.
Fuel3D unveils super-fast 360-degree 3D scanner
High-resolution color scanner enables 3D scanning in 0.3 seconds for applications including AR/VR/gaming, retail and biometrics
Fuel3D, a leading 3D capture and imaging innovator, today announced the details of a new 360-degree scanner. The Fuel3D 360 Scanner is a high-speed imaging and measurement system, designed for capturing highly detailed 360-degree 3D data.
In just 0.3 seconds, the Fuel3D 360 Scanner captures high-resolution 3D data (accurate to 0.2mm). The scanner captures both shape and color data of mid-sized objects – around the size of a human head and shoulders. The easily transportable scanning rig can be set-up and calibrated in under an hour, making it ideal for on-location scanning and pop-up retail opportunities.
To support application development, an SDK will enable users to integrate the Fuel3D 360 Scanner into their own applications.
Expected applications for the Fuel3D 360 Scanner include:
- Movie actor and gaming CGI
- Virtual/augmented reality characters and objects
- Biometric security systems
- Custom eyewear fitting
- Facial measurement for retail services
- Pre-and-post surgical/dental treatment analysis
“The growth in the use of 3D data in areas as diverse as security, medical, virtual and augmented reality has created a challenge in how to quickly and cost-effectively capture real-life subjects and objects in 3D,” said Stuart Mead, CEO, Fuel3D. “The Fuel3D 360 Scanner provides a unique solution that will enable a wide range of sectors to scale-up 3D content generation cost-effectively.”
The Fuel3D 360 Scanner is being demonstrated privately this week at the CES tradeshow, with commercial availability expected in June 2017.
About Fuel3D
Fuel3D’s technology captures accurate 3D geometric data and color at super-fast speeds. This enables the company to deliver innovative applications of 3D data into disruptive new products and services. Fuel3D’s proprietary algorithms and software, combined with its solutions consulting and hardware development expertise, create substantial advancements across multiple market sectors, ranging from laboratory research and eyewear to advanced neuro surgery and healthcare applications. Fuel3D has operations in Oxford in the UK and San Francisco and Greenville in the USA. www.fuel-3d.com
Salunda – IGas trial proves the measure of success for hand-held drilling fluid sensor
AN initial field trial of an advanced hand-held analyser has revealed its potential for the rapid and effective testing and measurement of oil and gas drilling fluids.
Independent oil and gas exploration and production company IGas Energy plc develops onshore oil and gas fields and produces more than 2,500 barrels of oil equivalent per day from more than 100 sites across the UK, with other potential sites regularly coming under its control and management.
The company decided to enhance the production on Stockbridge oilfield and to drill three sidetracks from existing wells.
This involved new reservoir development work, which saw the re-entry of existing wells to develop new areas in the field and boost production. The side-tracks were drilled directionally and entered the formations horizontally and completed between 700 and 1,500 metres of new hole from the kick off point in the original wellbores.
An important element of the drilling covered the management and control of the mud fluids, which are designed to fulfil several critical functions including pressure control, lubrication of the wellbore, cuttings removal and hole stability.
The most fluid sensitive rock formations at the Hampshire site were the clays, which were drilled using an oil-based drilling fluid (OBM) requiring measurement at regular intervals for oil, water, solids and chloride content – regular analysis of fluid composition is a pivotal task for mud engineers during any exploration work.
To meet this need, IGas trialled the MudChecker drilling mud analyser from Salunda as a potentially beneficial alternative to the onerous and time consuming retort and titration analysis method. The analyser is the first electronic diagnostic device of its type for the fast and accurate measurement of several critical parameters of Oil-Based drilling fluids.
The Stockbridge trial involved the evaluation of an early MudChecker prototype during several test sessions as an effective way to check the drilling fluids, assessing the hand-held analyser’s capacity to provide rapid and consistent measurement of percentage oil, solid and water volumes when compared to results gained through initial retort analysis.
The trial revealed that the MudChecker, which is also simple and easy to operate, could provide fluid analysis up to six times faster than traditional methods, producing consistently accurate measurement data.
Although its early days, according to Bob Sharp, IGas mud engineer, who oversaw the project as an independent consultant to IGas, the trial has confirmed the potential of MudChecker’s capability in oil and gas exploration and production, as a viable, reliable and cost effective method, with ‘significant potential’ to effectively become a long-term test replacement to retort.
He said: “After some fine tuning, the MudChecker started to produce comparable results to that of the retort method, but far more quickly and consistently. Indeed, I would estimate that usable measurements were provided within 15 minutes when compared to the 90 minutes it took using retort analysis.”
“Moreover, the analyser is much simpler to use, which will be of benefit to mud engineers and operators. The trial revealed that it could significantly cut testing times and improve the efficiency of measuring fluid characteristics, both in the field and in mud plant activities.”
“Using the data MudChecker provides will undoubtedly improve fluids maintenance and checking during drilling activity, enabling changes in content to be made quickly and more accurately. It will also enable companies to perform tests easier and more conveniently; so potentially it should be well received by the global oil and gas industry.”
Incorporating patented, sensitive radio-frequency technology, MudChecker features an integral sensor probe that is used to test a sample to provide an accurate, real time in-field measurement of mud fluid content and temperature.
Consistent and repeatable results are quickly displayed on an integral LCD screen to indicate percentage oil, solid and water volumes. It also records the oil/water ratio (OWR), oil/brine ratio (OBR) and water-phase salinity. Control of these parameters can be critical for mud stability, as well as avoiding wellbore collapse, that might otherwise result in equipment loss or damage, and non-productive time (NPT).
The captured data can be quickly up-loaded via a USB interface to a supporting software programme and can be exported for formal record keeping and reporting. MudChecker comes in a water and solvent resistant rugged enclosure for improved onsite durability and features robust, easy-to-clean stainless steel probes. Salunda propriety software is available to log, export and print-out results quickly and accurately.
The compact analysis unit is supplied as part of a lightweight portable test kit, which includes a mains adapter with interchangeable European and USA adapters, downloadable software and a selection of spare tubes, probes, syringes and proprietary sample mixtures.
Cytora – Parkwalk closes follow-on Investment
We are pleased to announce that the University of Cambridge Enterprise Fund IV and the Parkwalk Opportunities Fund have closed an investment into Cytora, a geopolitical risk analytics spin-out from the University of Cambridge.
Cytora is a pioneer in event detection, whose risk analytics technology is deployed in some of the largest companies and governments in the world.
The funding will be used to drive further growth in core markets of supply chain risk management and financial services, and to further develop the underlying technology in the area of event detection.
Tangentix – Follow on Investment
We have recently closed a follow on investment into Tangentix for the Parkwalk Opportunities Fund.
Tangentix transforms PC gaming by offering free trial, in-game rental and purchase options.
The company’s proprietary algorithms make downloads up to 3x faster, which means that downloads can reach a wider audience, gamers can buy more games, and publishers benefit from deeper links to the customer and stronger margins.
More can be seen here.
Brainomix – International Journal of Stroke Publication
Oxford – A new clinical study was conducted by Anglia Ruskin Clinical Trials Unit reporting the performance of e-ASPECTS. In this multi-centre study, non-contrast enhanced computed tomography (NCCT) images from ischemic stroke patients were evaluated by e-ASPECTS and 3 independent neuroradiologists and compared to ground truth ASPECTS scores determined by a core imaging lab. The results showed that e-ASPECTS is on average statistically non-inferior to expert neuroradiologists.
The results of this study have been published in the International Journal of Stroke Link
Dr Michalis Papadakis, Brainomix CEO, stated “This is very important news for us in Brainomix as it is the first clinical trial to demonstrate non-inferiority of the e-ASPECTS software compared to manual ASPECTS scoring by experienced neuroradiologists. As a company we are committed to our physicians making sure they can quickly diagnose and intervene during an acute stroke, delivering rapid and expert care.”
The company’s website can be viewed here.
Parkwalk wins ‘Best Generalist’ in the Investment Week 2016/17 Tax Efficiency Awards
Parkwalk are delighted to have won the Investment Week ‘Best Generalist‘ in their 2016/17 Tax Efficiency Awards.
Surrey NanoSystems and SBIR agree Vantablack exclusivity
Exclusive rights to the use of ultra-black Vantablack S-VIS surface coating in blackbody calibration sources has been agreed between Surrey NanoSystems and Santa Barbara Infrared (SBIR).
The unparalleled broadband absorption of Vantablack S-VIS makes it ideally suited to enhancing the performance and utility of Santa Barbara Infrared’s (SBIR) precision electro-optical instrumentation, reinforcing its leadership position in military, aerospace IR/FLIR testing and simulation markets. Initially, SBIR is using Surrey NanoSystems’ UK facility to apply the Vantablack coating, while it establishes a local facility to serve the North American defence, aerospace and electro-optical markets.
Commenting on the agreement, SBIR’s President Steve McHugh notes: “The superb broad band absorption of Vantablack coatings, and the highly uniform deposition layer, helps us to create blackbody sources offering extremely high radiometric performance without caveats – greatly enhancing ease of use.”
Surrey NanoSystems’ CEO David Wong adds: “We’re really pleased to have Vantablack recognised by SBIR, who have a reputation built on performance and precision. We’re also delighted to have a partner to simplify procurement and provide local support for Vantablack coatings in North America. We see this as crucial to serving such an important market.”
Surrey NanoSystems’ Vantablack is the world’s blackest surface coating material for the UV to FIR spectrum. It employs an innovative nanomaterial structure that absorbs virtually all incident light. Vantablack was developed for space-borne imaging applications and offers exceptional IR absorption and excellent thermal, mechanical and environmental stability – attributes which uniquely qualify it for the most demanding applications. The material has already achieved space heritage with its recent deployment on an Earth observation satellite.
The S-VIS version of Vantablack traps over 99.8% of near- and mid-infrared wavelengths hitting its surface. It is applied using a simple spraying technique before being post-processed to achieve its exceptional broad band absorption characteristics and near-perfect Lambertian performance. This absorption is maintained over a wide range of wavelengths and viewing angles, far outstripping conventional black paints and other vacuum-deposited coatings. These characteristics are critical for SBIR’s specialised equipment, where compliance with rigourous US defence standards, long-term stability and traceable precision are essential attributes.
The active element of Vantablack S-VIS is a functionalised carbon nanotube matrix. The coating is applied using a proprietary process that includes a number of pre- and post-application steps to achieve its ultra-low reflectance. The process is scalable and suitable for high-volume production on both small and large substrates, and on complex 3D surfaces. Vantablack S-VIS can be applied to a variety of substrates, with the only major constraint being the ability of the substrate to withstand process temperatures of 100-150 degrees Centigrade, making the coating suitable for application onto many popular types of engineering-grade polymers and composite materials.
Since its launch in spring 2016, well over 100 Vantablack S-VIS projects have already been completed, including in space-borne instrumentation and military optical systems.
The agreement with SBIR provides the next platform for the further adoption of the technology.
OxfordPV signs Joint Development Agreement with a major industrial partner
Oxford Photovoltaics Ltd (Oxford PV), the pioneering solar technology company, has today announced a Joint Development Agreement (JDA) with a global manufacturer of solar cells and modules.
The agreement will see the two companies working together to further develop Oxford PV’s perovskite-based solar technology – taking it from lab scale to manufacturing-ready status. Oxford PV holds the world’s largest patent portfolio for the use of perovskite in photovoltaic (PV) applications and its’ technology already demonstrates the efficiency and long-term stability needed to move towards commercialisation.
This JDA will focus on that path to commercialisation, scaling up the silicon / perovskite tandem PV technology and developing the necessary processes for manufacture.
The company recently (10th November 2016) announced the acquisition of a pilot line site in Brandenburg an der Havel, Germany. The bulk of this development work will be conducted at that site.
Frank Averdung, CEO of Oxford PV said: “We have made tremendous progress over the last year and this JDA provides independent ratification of our perovskite solar technology and its’ prospects. Whilst our research activities in Oxford focus on the future product roadmap, we are now ready to prepare our technology for commercialisation and will work on this with our partner in the German pilot line.”
Exonate – University of Bristol Enterprise Fund I investment
We are delighted to announce that the University of Bristol Enterprise Fund I, managed by Parkwalk, has invested in Exonate.
Exonate are developing a novel approach to modulating new vessel growth. By controlling the balance of two contrasting forms of a protein called Vascular Endothelial Growth Factor (VEGF), they have demonstrated that they could not only treat models of angiogenic disease (eg Cancer and wet AMD) but also protect kidney and nerve cells while simultaneously producing a pain killing effect.
The early research and development was undertaken in the Bristol MVRL laboratories of Professors David Bates and Steve Harper and continues in their laboratories in Bristol and Nottingham Universities and also in the laboratory of Associate Professor Jonathan Morris in the University of New South Wales in Sydney.
Exonate is now seeking to develop safer, more effective, therapies for the treatment of cancer and eye disease. The same approach will also allow the development of treatments for severe pain, and also the eye, nerve and kidney complications that occur in patients with diabetes. The Company has a pipeline of proprietary compounds that will be developed to address all of these therapeutic areas.
Cambridge Touch Technologies – follow-on investment
We have recently made a follow-on investment in Cambridge Touch Technologies for the University of Cambridge Enterprise Fund IV, the Parkwalk UK Tech Fund VII and the Parkwalk Opportunities Fund in a series ‘A’ financing round.
Cambridge Touch Technologies (CTT), a University of Cambridge start-up poised to make 3D touch technology a standard feature on smart devices, has received seed investment by Cambridge Enterprise, the commercialisation arm of the University.
The details of the investment have not been disclosed.
CTT’s next generation 3D touch technology enables mobile devices to sense both the location and force of multi-touch inputs. CTT’s technology improves on the first generation of 3D technologies recently introduced to mass markets, which allow users to press a phone’s touch screen – exerting force – to access useful new interactions such as ‘peek and pop’ and ‘left-click’ functionality. Unlike this first generation technology, CTT has developed a sensitive multi-touch technology that can sense ‘multi finger’ force, is more scalable and cost-effective without any decrease in battery life. As a result, force-sensing technology, which currently offers limited functionality and is only available in smartphone-sized devices, can potentially be expanded and deployed on any touch screen – from smartphones to tablets to those in automobiles and beyond.
Since 2011, CTT has been developing its leading and patent pending analogue circuitry and digital algorithms, which leverage the existing manufacturing processes and standard architectures of conventional projected capacitive touch. CTT’s technology will lead to more immersive apps, better gaming experiences and higher everyday user satisfaction and productivity.
“We’ve added in improved performance and taken out the complexity,” said Corbin Church, CEO of CTT. “The technology can now be adapted in more formats and deployed in a larger part of the market at a lower cost.”
Dr Arokia Nathan, CTO and co-founder of CTT, and Professor of Photonic Systems and Displays at the University of Cambridge’s Department of Engineering, said “the elegance of this new 3D touch technology lies in the simplicity of signal acquisition, signal processing and digital noise reduction, and it really opens the door for 3D touch to a new generation of applications.”
3D touch-enabled devices are expected to grow to more than 900 million units annually in 2020, according to IHS Technology.
Parkwalk closes Mirriad follow-on investment
We are pleased to announce that Parkwalk have closed a follow-on investment into Mirriad, the leading provider of NIVA (Native In-Video Advertising) services to brands and agencies looking to address the growing challenges presented by ad skipping and ad blindness. The Mirriad technology was originally developed at Surrey University,
Mirriad claims to have the most integrated set of solutions to this most contemporary of advertising challenges. Other players have single technology solutions, Mirriad offers a unique holistic end-to-end platform.
A video of the company’s offering can be seen here.
Proxisense – Parkwalk closes University of Oxford Innovation Fund III investment
We are delighted to announce that the University of Oxford Innovation Fund III has invested in Proxisense, an Oxford University spinout supplying specialised proximity sensors and systems to measure contamination in critical fluid systems. These products have been developed for use is for extreme and inaccessible environments.
The proximity sensor technology utilises an eddy current sensor and enables the very accurate measurement of the position of components in real time. For example, the position of the tips of turbine blades and the monitoring of blade vibration whilst the systems are in use. This enables Proxisense to provide comprehensive health-monitoring technology which allows the user to detect degrading performance and the possible onset of component failure
Youku taps Mirriad to boost Samsung ad campaigns and support video streaming growth in china
NIVA ads in China’s largest video streaming platform are just tip of spear, represent billions in untapped ad revenue for streamed content
London – Oct. 26, 2016 – As television viewership continues to shift online, China’s leading streaming service, Youku, is successfully leveraging Mirriad’s native in-video ad technology to expand advertising opportunities for brands and generate incremental revenue. Leading the charge is Samsung, who just launched a third NIVA campaign this September to advertise Samsung Home Appliances within fifty episodes of five popular television Youku streamed dramas.
Youku has a jumpstart on the NIVA marketplace in China through an exclusive deal with Mirriad, whose patented native-in-video technology integrates high quality brand imagery directly into Youku’s entertainment content. Mirriad has transformed brand integration, simplifying and streamlining the process to create a simple user experience ideal for large organizations such as Samsung. Through Mirriad, Youku’s content is now available to brands as ad inventory that can be traded as standardized ad units.
“With the Chinese video market expected to quadruple by 2020, Youku represents an important strategic partnership for us to grow the NIVA marketplace,” says Mark Popkiewicz, Mirriad CEO. “What we’re seeing here echoes a trend we’re seeing worldwide, as viewers flock to online video and advertisers follow after – primarily with pre-roll ads. As audiences grow weary of an oversaturation of pre-roll ads, our technology provides a new opportunity for brands to reach a wide audience in a way that’s impactful yet respectful of the viewer experience.”
This is Samsung’s third major campaign launch leveraging Mirriad’s NIVA technology with Youku, including successful campaigns for the Samsung C Series phone launch this summer. With the current campaign Youku’s massive audiences will experience signage of the latest from Samsung Home Appliances – including a TV, Washing Machine, Refrigerator and Purifier embedded as native advertising into fifty episodes of five popular dramas.
Youku’s success with NIVA in China shows the enormous potential to create advertising opportunities and deliver incremental revenue on other major video distribution platforms such as YouTube. Music videos in particular – which represent circa 30% of YouTube traffic – are optimal for NIVA ad integration. In fact, Mirriad estimates NIVA represents a $2 billion ad revenue opportunity that is currently untapped. The opportunity for brands is equally compelling: Nielsen found that brand presence in music videos can contribute to a lift of 8 percentage points, on average, in purchase intent and improved perception.
Ilika – Parkwalk investment
We are delighted to announce that the Parkwalk Opportunities EIS Fund has participated in a £6.3m funding round in Ilika, an AIM listed company which specialises in materials innovation. The company has developed unique solid state battery technology which may have applications across the Internet of Things (IoT).
Ilika spun out of the University of Southampton’s School of Chemistry in 2004 and quickly established a reputation for the rapid development of novel materials, working with a variety of international companies.
Ilika has a wealth of experience in materials and in working with industrial partners. The company’s novel solid-state battery technology is now close to commercialisation in a market which is large and growing rapidly.
Ceres Power – Parkwalk investment
We are delighted to announce that the Parkwalk Opportunities EIS Fund has participated in a £20m funding round in Ceres Power, the specialist provider of low cost, next generation fuel cell technology.
With technology originating from Imperial College, Ceres Power is a world leader in low cost, next generation fuel cells for use in distributed power products that have the potential to bring cheaper and cleaner energy to homes and businesses. The Group is working with some of the world’s leading companies in order to create mass market fuel cell products for multiple markets worldwide.
The Company currently manufactures and supplies its fuel cells (“SteelCells”) to partners wishing to use Ceres Power’s technology as the foundation for their power products and offers its integration and engineering expertise as part of joint development programmes.
Xeros: Interim Results
Major progress in developing and commercialising platform technology
Xeros Technology Group plc (AIM: XSG, ‘the Group’, ‘Xeros’), the developer and provider of patented polymer bead systems with multiple commercial applications, publishes its second unaudited interim results for the six months ended 30 June 2016.
Highlights
Platform technology
· Possess disruptive bead technology platform which can be deployed in numerous global markets
· Good progress in application areas creating considerable interest from industry leaders with capacity for scaling up adoption
Laundry
· Earned income up to £807,000 (comparative period 2015: £325,000)
· Commercial Laundry:
o 116 commercial washing machines installed (comparative period 2015: 50) bringing total estate to 278
o In advanced discussions with industry leaders to increase growth rate
· Consumer Laundry:
o Major strides in fabric care and extended garment life
o Detailed evaluation of domestic technology being carried out by global OEM
Leather
· Six successful scale trials with leading European tannery
· Trials confirmed significant savings in water, chemistry and effluent
· Business plan formulated to introduce technology in up to five tanneries in 2017
New applications
· Detailed studies completed – two soft and one hard substrate
· IP development and applications underway including new bead formulations with the capacity to further reduce chemistry consumption
· Ambition is to achieve successful scale trials in each of the areas by end 2018
Mark Nichols, Chief Executive of Xeros, said:
“It’s now clear that we have a disruptive bead technology platform that can be commercialised across a range of global industries.
In Commercial Laundry, we are increasingly accepted in a customer segment which has the capacity for thousands of machine installations. We are in detailed discussions with a number of leading market participants, and we are confident of achieving an annual installation rate of 2,000 per annum in the year of 2020.
We have developed a low risk pathway to establishing our washing and cleaning technology for use by end consumers. A global OEM is currently evaluating the benefits of our technology.
The pace of our Leather Processing trials in conjunction with our development partners, Wollsdorf Leder Schmidt (“Wollsdorf”) in Austria and LANXESS, has accelerated ahead of our own expectations. We aim to achieve large scale commercialisation by the end of 2018.
We have selected three new application areas for development, which we expect to have the same commercial potential as Laundry and Leather Processing. Whilst there is a great deal of R&D and engineering work to be done, we have set our teams the task of achieving successful scale trials in each of these three new areas by the end of 2018.”
Horizon Discovery – Strong Revenue Growth and Focus on Operational Gearing Underpin Path to Profitability
Cambridge, UK, 20 September 2016: Horizon Discovery Group plc (LSE: HZD), a world leader in the application of gene editing technologies, announces its interim results for the six months ended 30 June 2016.
Highlights (including post period end):
Financial
· Group revenue increased 19% to £10.2 million (HY15: £8.6 million)
· Products business revenue increased 62% to £4.8 million (HY15: £3.0 million)
· Services business delivered revenue of £5.2 million (HY15: £5.4 million)
o Solid growth in in vivo and in vitro service revenues
o Temporarily reduced molecular screening capacity as the Group consolidates Boston operations into newCambridge, UK headquarters
· The Group remains eligible to receive future R&D milestones of up to £208 million plus future product royalties (HY15: £158 million) through its Research Biotech business
· Loss Before Interest, Tax, Depreciation and Amortisation of £4.3 million (HY15: £4.9 million) in line with expectations, as the business invests for scale and transitions towards positive EBITDA in 2017
· Cash resources of £13.0 million (FY15: £25.1 million) following one-time investments in new global headquarters in UK, business automation and Avvinity Therapeutics
Commercial
· Strong customer growth continued with more than 1,600 unique customers (+33% increase over HY15)
· Deal signed to integrate Horizon’s molecular reference standards into Qiagen’s GeneReader NGS workflows
· Partnership formed with Ventana Medical Systems for the provision of reference standards
· Two OEM Agreements with market leading Next Generation Sequencing Company with potential for additional agreements to follow
· Collaboration with Fulcrum Therapeutics for novel CRISPR-based target discovery in genetic diseases with potential for additional future projects
· License of biomanufacturing cell lines to the Centre for Process Innovation (CPI) and the National Institute for Bioprocessing Research and Training (NIBRT)
· Launch of Avvinity Therapeutics, a cancer immunotherapy company formed in a joint venture with Centauri Therapeutics
Financial Guidance and Path to Profit Strategy
· Based on historical H1/H2 revenue weighting (typically 40%:60%) and the current strong trading outlook, full year FY16 revenues are expected to be within a range of £24 million to £26 million. This guidance reflects:
o A reduction in molecular screening capacity as the Group consolidates the Boston facility into its new Cambridge, UKheadquarters, expected to reduce revenue by £2.7m in FY16, before returning this part of our business to growth in 2017 on a more profitable basis
· Horizon on course to report positive EBITDA in FY17 in line with the Company’s previously stated strategy:
o Path to Profit strategy includes increased business automation and reduction of senior management headcount by a third – activities on track to be complete by end December 2016
o Estimated restructuring costs of closing the Boston facility by the end of 2016 of up to £0.75 million to be recognised in the second half of 2016 that are expected to deliver run rate cost savings of at least £3.0 million from 1 January 2017
o Commitment to deliver overall Group annual cost savings of at least £5 million in 2017
Commenting on the interim results, Dr Darrin Disley, CEO of Horizon Discovery Group, said: “Horizon is making a fundamental contribution to the rapidly growing personalised and genomic medicine markets by deploying our proprietary gene editing platform to build cells and then apply them in an increasingly broad range of applications including genomics research, drug discovery and development, clinical diagnostics and drug manufacturing. Today, our core cell building platform and catalogue of over 23,000 products drives our ‘commercial fly-wheel’, an engine that generates multiple revenue streams from our cell-based assets. We are pleased to report continued revenue growth driven in particular by continued momentum in our Products business.
“Since our IPO in 2014, Horizon has made strategic investments to build an optimal business model for exploiting our technology platforms and achieve our strategic goal of becoming EBITDA positive in 2017, and sustainably profitable thereafter. We have today announced changes to the shape of our business that will allow us to focus on our core strengths, continue to scale the business on a significantly reduced cost base and drive considerable growth, integration and innovation.
“We are pleased with the progress delivered during the past six months and look forward, with confidence, to building on this in the second half of the year and beyond given the encouraging prospects for our newly shaped business. We already see signs in H2 of strong business growth and we have a clear route to profitability.”
Parkwalk and IP Group join forces in UK University Spin-Outs
IP Group plc acquires Parkwalk, the UK’s largest EIS growth fund manager focused on university spin-outs
IP Group plc (LSE: IPO) (“IP Group” or “the Group”), the developer of intellectual property-based businesses, is delighted to announce that it has agreed to acquire Parkwalk Advisors Ltd (“Parkwalk”), the UK’s leading university spin-out focused EIS fund manager.
Founded in 2009, Parkwalk is the largest EIS growth fund manager focused on university spin-outs, having raised over £100m to date with the majority of funds coming from leading private wealth platforms and having backed over 60 companies across its managed funds since inception. In 2016 alone, Parkwalk committed over £40m to UK university spin-outs and has been a long-term co-investment partner of IP Group, having co-invested over £17m in 14 investment rounds during 2015/2016. Parkwalk is a profitable business and will be immediately accretive to IP Group’s operating results.
Parkwalk has significant assets under management, an experienced team and strong links to many of IP Group’s existing university partners. Its investment vehicles include the evergreen Parkwalk Opportunities Fund, the University of Cambridge Enterprise Funds, the University of Oxford Innovation Funds and the University of Bristol Enterprise Funds.
Parkwalk will retain its existing investment team and investment decision-making independence post-acquisition.
Alastair Kilgour, Co-founder of Parkwalk, said: “The acquisition of Parkwalk by IP Group gives our underlying investors the security of being part of a larger organisation which also brings with it specialist resources and expertise around developing businesses formed around hard science. The strength of IP Group will allow Parkwalk to expand and enhance its EIS fund offerings, helping to boost the UK technology base and returns to investors.”
Alan Aubrey, Chief Executive of IP Group, said: “Parkwalk is a great strategic fit for IP Group being the market leader in the sector with fast growing assets under management run by an experienced team with an excellent track record. The acquisition reinforces IP Group’s access to a diversified pool of capital for co-funding the earlier stages of the portfolio while providing a profitable and growing platform to develop closer links with institutional investment platforms. We consider EIS funds to be an increasingly important source of financing for early-stage technology companies and believe Parkwalk’s strong links to leading institutional wealth managers and university partners will be beneficial to the Group.”
A change of controller application has been submitted to the Financial Conduct Authority (the “FCA”) and final completion of the acquisition is conditional on approval being received from the FCA, such approval being anticipated within a three-month period.
Posted on December 16, 2016
Fund Managers Comments