RoadMap – University of Cambridge Enterprise Fund III investment
We have recently made an investment in RoadMap for the University of Cambridge Enterprise Fund III in a Series ‘A’ financing.
RoadMap is founded on four patents licensed from the Cambridge Centre for Advanced Photonics and Electronics (CAPE) in the area of silicon wavelength switch technology.
Network operators are facing the triple challenge of increasing capacity to fulfil exploding internet data needs, managing unrelenting downward pressure on Opex and Capex costs, and supporting variable and fast evolving service features and demand patterns that put a premium on network configuration flexibility. This leads to a requirement for very flexible optical switching that can operate at the wavelength level. Conventional switch architectures no longer meet this need as they cannot accommodate next generation 400 Gbps data rates.
The telecommunication industry is also migrating towards ‘flexgrid’ architectures where the capacity of each channel is moderated to satisfy fluctuating demands. Spare capacity freed up by this can accommodate additional or rerouted traffic flexibly and dynamically by matching channel bandwidths to each signal’s required data rate. This advance relies heavily on software based approaches and these have the added benefit of future proofing networks as the software defined network (SDN) can be remotely modified to accommodate changing demand and new service types, protocols or standards. This is all accomplished without hardware network upgrades or physical interventions, thus reducing costs. The market is expanding with new customers (such as Google and Amazon) joining the existing set of Telco’s and carriers.
Flex-grid networking places severe demands on the underlying hardware, especially optical switches within the network known as a Reconfigurable Optical Add/Drop Multiplexers (“ROADMs”) which must be competitive and have good manufacturability whilst being able to accommodate the flexibility and programmable functionality required. Within ROADM the Wavelength Selective Switches (WSS) is the key component. The ROADM market has grown from zero to $5bn since 2002. The market has already chosen RoadMap’s core technology, namely Liquid crystal on silicon (“LCoS”) as the way in which WSS’s will be made as it has several major advantages. It allows nearly all parameters to be programmable and upgraded by software-remotely and efficiently.
Oxford Endovascular – Parkwalk closes University of Oxford Isis Fund investment
We are delighted to announce that the University of Oxford Isis Fund II has completed an investment in Oxford Endovascular Limited, a company developing sophisticated mesh tubes to treat patients suffering from brain aneurysms. Parkwalk invested in a £2m round alongside the new Oxford Sciences Innovation plc.
The Oxford technology uses a special laser-cut metal alloy which has a shape-memory. It can be posted into a catheter during surgery, inserted into the brain and opened up into a tiny tube mesh (‘flow diverter’) that fits into the natural shape of the blood vessel. This diverts the blood away from the aneurysm, allowing it to heal.
Parkwalk wins Investment Week’s Investment Company of the Year award for ‘Best EIS Fund’
Parkwalk are delighted to have won the Investment Week’s Investment Company of the Year inaugural award for ‘Best EIS Fund‘, following on from the Growth Investor Awards ‘Best Exit for 2015′ and the Enterprise Investment Scheme Association ‘Best EIS Exit for 2014′ and ‘Highly Commended‘ Fund Manager awards in February 2015.
PARKWALK ANNOUNCED AS INVESTMENT WEEK AWARDS WINNER
Investment Week’s Investment Company of the Year Awards aim to recognise and reward excellence in close-ended fund management. These awards highlight investment companies that produce consistent performance and where there is, in the judges’ opinion, a high likelihood that the investors will not be disappointed in the future. The 2015 awards will be held on Wednesday 25th November at The Park Lane Hotel, Mayfair.
The judging panel is made up of some of the UK’s leading researchers and investors in investment trusts and closed-ended companies, as well as several senior board members with many years’ experience in the industry. The judges identified the most consistent performers and Investment Week reward the top managers across a range of sectors.
Visit www.investmentcompanyawards.com for a full list of all winners and runners up.
Animal Dynamics – Parkwalk closes University of Oxford Isis Fund investment
We are delighted to announce that the University of Oxford Isis Fund II has completed an investment in Animal Dynamics Limited, who are developing a portfolio of products derived from research into evolutionary adaptations in flight, swimming, walking, and stealth, where nature has arrived at significant performance optimizations which can be applied to commercial products.
Spun-out of Oxford University’s Zoology Department, Animal Dynamics’ technology is derived from optimisations that nature has arrived at delivering increased performance, mainly relating to movement. In propulsion technology, this is based on Body and Caudal Fin (BCF) undulations, and for flight technology it’s based on insect flight optimisations. These systems provide significant efficiency gains over existing methods, enabling greater speed and efficiency, and (in the case of flight) flight duration.
Xeros: Rapidly gaining traction in Commercial Laundry and proposed £40m Placing
Xeros Technology Group plc (AIM: XSG, ‘the Group’, ‘Xeros’), the innovative developer of patented polymer bead systems with multiple identified commercial applications, today published results for the year ended 31 July 2015.
The Group also intends to raise approximately £40 million via a placing of new Ordinary Shares at a price of 225p per with both new and existing institutional investors – see separate announcement.
Highlights
Significant progress made in Commercial Laundry:
- Increasing US market take-up – 46% of machine sales repeat or affiliated buyers
- Seven out of 10 largest US hotel chains now customers
- Team of seasoned industry professionals recruited and forward channel partner network established
At end of September 2015:
- 103 machines US customer installations – further 39 committed to be installed
- 20 machines installed in Europe – further commitments to install of 15
- Leather Processing – accelerating progress towards scale validation
- Phase 2 covering full scale trials started mid-October 2015, due for completion by the end of H1 2016
- Domestic Laundry – market potential greatly in excess of commercial laundry
- Significant activities planned to develop the opportunity
- Earned income up 52% to £480,000 (2014: £315,000)
- As at 31 July 2015, contracted future revenues of £1.6m (2014: £0.8m)
Proposed Placing to raise approximately £40 million
Funds raised will enable the Group to maintain the momentum seen since IPO over approximately the next two and a half years as it seeks:
- to accelerate its roll out strategy of the Commercial Laundry business in the Americas and Europe
- to continue its development of technologies for the domestic laundry and leather processing markets and
- to increase the scope and scale of its polymer science and engineering platforms in order to capitalise on additional opportunities to apply its polymer bead innovations.
Circular to be sent to Shareholders today, appending a Notice of General Meeting
John Samuel, Chairman of Xeros, said:
“I am very pleased with the progress we have made in the year to 31 July 2015 and believe that we are well placed to capitalise upon that progress in the current year. We have made significant advances in our disruptive technology platform and are increasingly confident of its potential in a number of industries. We plan to continue to invest in the development of the commercial laundry business and also to accelerate the development of other applications of this technology.”
Mark Nichols, Chief Executive Officer of Xeros, said:
“In the short term, we are focusing on driving our commercial laundry business to meet the growing demand, particularly in the US, for our energy and water efficient solutions with superior cleaning performance. This is providing us with increasing forward visibility on revenues. As at 31 July 2015,contracted future revenues amount to £1.6m up from £0.8m.
“In the medium term, we plan to capitalise on the excellent progress we continue to make with our application in leather processing. We are also developing the opportunity in the global domestic laundry market.
“In the longer term, we have the opportunity to commercialise a number of further applications in parallel.
“The fundraising announced today will support the execution of our strategies over these horizons.We look forward to the future with confidence.”
For further information, please contact:
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Xeros Technology Group plc www.xeroscleaning.com |
Via Instinctif Partners |
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Mark Nichols, Chief Executive Officer Chris Hanson, Chief Financial Officer |
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Instinctif Partners |
Tel: 020 7457 2020 |
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Adrian Duffield / Helen Tarbet / James Gray |
Isis Innovation event at the Royal Society of Chemistry
Huge thank you to Isis Innovation for hosting an excellent evening at the Royal Society of Chemistry: Pitches were made by four inspiring potential investee companies for the University of Oxford Isis Fund III, which we hope to launch imminently now that the University of Oxford Isis Fund II is fully invested / committed.
BBC NEWS: Mirriad can turn TV shows into sophisticated ads
Advertisers are increasingly worrying about people avoiding or blocking traditional adverts, so they are becoming more sophisticated, new technology now enables product placement to be tailored to the audience of the programme. Watch the BBC video here.
Parkwalk closes Navetas investment
We are pleased to announce that the Parkwalk Opportunities Fund has made an investment in Navetas, a University of Oxford spin-out with a core product offer of Loop Energy Saver, a consumer install, online, electricity and gas residential energy monitor with a built in tariff tracker and switching service in partnership with uSwitch to keep users on the best tariff.
Bodle Technologies – Parkwalk closes University of Oxford Isis Fund investment
We are delighted to announce that the University of Oxford Isis Fund II has completed an investment in Bodle Technologies Limited, who have developed a novel, smart material for use in low-energy high-resolution displays and glazing. Bodle’s display device offerings offer high flexibility, ultra-high resolution, and very low energy consumption, making a highly attractive proposition for the global display market.
The invention, by a team led by Professor Harish Bhaskaran and his postdoctoral researcher Peiman Hosseini at the University’s Department of Materials, attracted attention from industry following the publication of a paper in Nature in 2014. The BBC recently highlighted the technology.
The funding round was led by Oxford Sciences Innovation, the £320m investment company established to provide capital and scaling expertise to Oxford spin-outs.
Parkwalk closes Boxarr investment
We are pleased to announce that the UK Tech Fund VI and Opportunities Fund have made an investment in Boxarr, a Southampton spin-out that provides analytical and data visualisation support to solve highly complex supply chain, systems, process and project business problems.
The company has developed a unique, versatile tool and powerful methodology that is unparalleled in its ability to represent, elicit, reuse and exploit complex networks of inter-dependency. Boxarr has a prestigious client list in the aerospace and defence industries.
Parkwalk invested alongside existing investor IP Group plc.
Youku Tudou Announces Collaboration With Mirriad to Offer High-Tech ‘Native in-Video’ Ads
– Samsung becomes the first brand to jump onboard
Youku Tudou, Inc. (NYSE: YOKU), a leading multi-screen entertainment and media company in China (“Youku Tudou”) andMirriad Advertising Ltd, a global leader in native, in-video advertising, have entered into a long-term exclusive collaboration arrangement in China, the world’s second-largest advertising market.
In this alliance, Youku Tudou will connect Chinese and international brands with Mirriad’s award-winning technology on its platform, enabling these brands to reach China’s fast-growing consumer base through digitally embedded brand advertising in highly popular premium original content. China continues to be one of the most attractive markets for consumer brands, as it is expected to be the world’s largest retail market by 2018[i], while three-quarters of the urban population is projected to qualify as middle-class by 2022[ii].
Mirriad’s patented technology will offer Youku Tudou a vast number of new, premium advertising opportunities within its entertainment and media ecosystem (by way of ad units featuring brand integrations inserted after the content is shot). Mirriad’s patented NIVA (native in-video advertising) technology enables advertisers to digitally insert their brands into video content through products, signage, video and other branded assets at scale. Through the new collaboration arrangement, Youku Tudou will utilize Mirriad’s suite of marketplace applications to create new, prime ad inventory immediately at scale, providing content owners and distributors with editorial control over brand integrations and overall ad operations.
“We are pleased with this exclusive partnership, the first of its kind in China and at the cutting edge of innovative trends in advertising. Working with an industry leader such as Mirriad allows us to further our efforts of placing digital advertising directly into content; empowering advertisers and content owners to enhance relevance, context and effectiveness without detracting from the narrative,” said Edward Su, Chief Operating Officer, Youku Tudou.
Mark Popkiewicz, CEO, Mirriad, agreed, “We look forward very much to collaborating with Youku Tudou to bring this technology to China for the first time. This agreement is not just strategically significant to us – it paves the way for advertisers to benefit from NIVA technology on one of the world’s largest distribution platforms and sets a global precedent. We anticipate that our work with Youku will provide the foundation for a new and exciting era of in-video advertising across the globe.”
“The Chinese market offers immense opportunities and challenges for brands looking for the best ways to reach its highly desirable consumer base,” said Michael Rees, Asia-Pacific Vice President, Mirriad. “It is no secret that the Chinese market has its own uniqueness which makes finding the best local partner all the more crucial, and we are delighted that our digital technology will enable Youku Tudou to offer innovative advertising opportunities to brands at scale. Research shows that in-video advertising is twice as likely to be recalled as traditional forms such as pre-roll, and it offers a seamless experience for the consumer.[iii] Everyone wins: the viewer, the advertiser, the content creator and the channel.”
The first Mirriad campaign on Youku appears within talk show Life & Fate and features electronics giant Samsung as the inaugural brand to capitalize on this new opportunity. The campaign launched on Monday 19th October and features Samsung throughout 6 episodes over a 2-week period.
This announcement builds on Mirriad’s global strategy of partnerships with Universal Music Group (UMG) the global music leader, Havas, the multinational advertising and Public Relations company, and Cheil Worldwide, a leading South Korea-based marketing solutions company.
About Youku Tudou Inc.
Youku Tudou Inc. is a leading multi-screen entertainment and media company in China. Youku Tudou is China’sleading online video platform, enabling users to search, view and share high-quality video content quickly and easily across multiple devices. Its Youku brand and Tudou brand are among the most recognized online video brands in China. Youku Tudou’s American depositary shares, each representing 18 of Youku Tudou’s Class A ordinary shares, are traded on the NYSE under the symbol “YOKU.”
About Mirriad
Mirriad’s pioneering video technology revolutionizes advertising for the skip generation – the generation of consumers from six to sixty who now bypass traditional video ads. Its technology integrates products and signage into professionally produced content, such as TV programming and music videos, creating ads that look authentic and contextual. Brands and their agencies use Mirriad to manage and run multi-title campaigns, media-planned and tuned for reach and frequency in exactly the same way they currently buy advertising that appears outside the content.
Mirriad turns premium content into premium inventory. These Native In-Video Ads have been extensively researched around the world by the likes of Nielsen and proven to achieve outstanding increases in awareness, brand sentiment, and intent to purchase. Mirriad currently operates in more than 20 countries and works with many of the world’s leading content owners, broadcasters, distributors, ad agencies, and brands. In 2013 this technology won an Academy Award for technical achievement. Last year, it was Innovation Award finalist at Cannes Lions and in May 2015 awarded Cool Vendor 2015 by Gartner. For more information, please visit: www.mirriad.com
Media Contacts:
Youku Tudou Inc.
Jay Chen
+8610-5890-6883 x 8338
jaychen@youku.com
Chang You
Youku Tudou Inc.
+8610-5890-6883 x 8056
changyou@youku.com
Berkeley PR for Mirriad
Nick Head
+44-118-909-0909
mirriad@berkeleypr.co.uk
i. http://www.chinainternetwatch.com/12782/become-worlds-largest-retail-market-2018/
ii. http://www.mckinsey.com/insights/consumer_and_retail/mapping_chinas_middle_class
iii Interpret Comparison Study 2014
Parkwalk wins ‘Best Exit’ at the Growth Investor Awards 2015
Parkwalk are delighted to have won the Growth Investor Awards ‘Best Exit for 2015’, following on from the Enterprise Investment Scheme Association ‘Best EIS Exit for 2014′ and ‘Highly Commended’ Fund Manager awards in February 2015.
PARKWALK ADVISERS ANNOUNCED AS GROWTH INVESTOR AWARDS WINNER
Last night, Parkwalk Advisors won Exit of the Year for Tracsis at the inaugural Growth Investor Awards, which recognises impact beyond investment in the UK SME finance industry.
The Exit of the Year award is judged on investment performance against initial targets and value added to the investee business by the fund manager.
Parkwalk triumphed over Elderstreet for Wessex Advanced Switching Products (WASP) and YFM Equity Partners for Waterfall Services. The Award was presented at a black tie dinner attended by 300 guests at the Marriott Grosvenor Square in Mayfair by Lawrence Gosling, Group Editorial Director of Incisive Media – whose titles, Professional Adviser and Investment Week, are media partners for the Growth Investor Awards.
The Awards are organised by Intelligent Partnership (IP), the UK’s leading provider of research and education on alternative investment, as part of a national campaign to raise awareness of impact and innovation in growth capital.
Opening the ceremony, IP’s Managing Director Guy Tolhurst said: “Tonight we honour those innovating in financial services and putting investment to work in SME’s. They do things differently. They don’t see venture capital schemes as just a way to save their clients’ tax. They see businesses that can innovate, grow and create new jobs – and in doing so they make us all more prosperous.”
A two stage judging process to identify 12 winners from 36 finalists was supported by a panel of 35 independent judges. Daniel Kiernan, IP’s Research Director who headed up the shortlist, commented: “By designing a judging process around impact beyond investment on investee companies, the Growth Investor Awards enables the industry to demonstrate its unique contribution while differentiating its leading players. The credibility and prestige of these awards comes from an influential Advisory Board and an eminent panel of independent judges.”
Daniel Kiernan added: “Judges were impressed by the role of Parkwalk Advisors over its 3-year holding period, interacting regularly with Tracsis management, advising on strategy, and introducing institutional equity funds.”
Parkwalk’s Moray Wright said “We are delighted to have won this inaugural Growth Investor award, which celebrated the impact venture capital has on SMEs and the British economy.”
The economic importance of tax advantaged venture capital schemes was a theme for two keynote speeches at the ceremony. The Financial Secretary to the Treasury, David Gauke MP, highlighted the broader economic impact of the billions that has been invested in SMEs through EIS, SEIS and VCT in terms of employment and tax contributions.
David Gauke, said: “It’s important to acknowledge the key role played by growth investors in helping small businesses start, expand, and reach their full potential. The government provides a range of support to encourage this type of investment, including through the tax-advantaged venture capital schemes which have supported more than 22,000 companies to access over £17.5 billion of investment. Without access to the finance they need to develop their vision, companies with great ideas would struggle to fulfil their potential, and Britain would lose out.”
Visit www.growthinvestorawards.com/winners for a full list of all winners and runners up.
GeoSpock – Parkwalk closes investment
GeoSpock completes £3,500,000 ($5,400,000) Series A fundraising
UK tech firm raises cash to commercialise its real-time database products for extreme-scale, rapidly-changing and complex data.
Cambridge UK, October 6th 2015; GeoSpock Limited (GeoSpock) today announces the close of a Series A investment round of £3,500,000 ($5,400,000). The investment has been led by leading UK entrepreneurs Dr Jonathan Milner, Deputy Chairman and founder of AbCam plc (AIM: ABC), Dr Darrin Disley, CEO of personalised medicine firm Horizon Discovery Group plc (AIM: HZD), Parkwalk Funds and Cambridge Innovation Capital. Sir Michael Marshall, Executive Chairman of Marshall of Cambridge and Mr Richard Youngman, Partner at Anvil Partners complete the investment syndicate.
GeoSpock has raised the funds to expand the world-class computer science team developing its cloud and containerised database products, increase sales, marketing and business development efforts and strengthen its management team and Board of Directors.
GeoSpock has recently begun marketing an extreme-scale, geo-location database product that provides real-time capture, storage, access and analysis for the rapidly increasing amount of dynamic data being generated by mobile devices and the Internet of Things. This allows organisations to create new and innovative products and services for the next generation of online applications.
The long-term mission of GeoSpock is to become the go-to search solution for complex, multi-dimensional big data, extending the reach of the technology and bringing the same speed, scalability, and simplicity advantages to applications including weather modelling, facial recognition, voice recognition, and DNA sequencing for healthcare.
Steve Marsh CEO and co-founder of GeoSpock commenting on the announcement said:
“At GeoSpock we believe in making the world we live in more intuitive through the use of technology. With the exponential growth in data and information from devices on the Internet of Things – 15 billion at the last count – new approaches are needed to make sure the value inherent in this data can be realised in real time. GeoSpock’s technology lets companies gather, store and analyse these new dynamic data sources immediately. It’s a new, evolutionary approach that doesn’t suffer from the bottlenecks of the current generation of databases.
In a world which is rapidly changing and has the number of connected mobile devices growing exponentially we knew we had to solve the scalability challenges. Google has managed to maintain consistent sub-second query times regardless of how big the web grows; we are currently achieving the same consistent sub-second query times (across 10,000 concurrent searches) regardless of how large your geospatial dataset grows or how rapidly it changes – and we wanted to do this while still keeping costs low.”
In addition to the fundraising GeoSpock announces the appointment of Stephen Churchhouse, Director of Corporate Planning for Rolls Royce (representing Parkwalk Advisors) and Victor Christou, Senior Investment Director of Cambridge Innovation Capital as non-executive directors.
Dr Darrin M Disley, Chairman and co-founder of GeoSpock commenting on the appointments said:
“I am excited to welcome Stephen and Victor to the company at this pivotal time in its growth. The talented team we have assembled has made great progress in developing a robust technology stack capable of focused on solving problems in the mapping, mobile and logistics sectors, and is also well positioned to provide future solutions for retail analytics, financial and security applications. The raising of the new funds and addition of significant industrial expertise will enable the company to deliver commercial success for its initial geo-spatial products make strides towards its long-term ambition of being the go-to search solution for complex big data”
Cytora – Parkwalk closes Investment for the University of Cambridge Enterprise Fund III
We are pleased to announce that the University of Cambridge Enterprise Fund III has 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.
AQDOT – Follow on Investment
We have recently made a follow-on investment into Aqdot on behalf of the Parkwalk Opportunities EIS Fund and the University of Cambridge Enterprise Fund III.
Aqdot is a spin-out from the Department of Chemistry at the University of Cambridge and was founded in late 2012. Its proprietary technology introduces an innovative, simple method for manufacturing structures in the millimetre and nanometre range that are useful for encapsulating valuable cargos. The novelty of the technology was described by the founders in a publication in Science.
Aqdot’s proprietary platform technology and know-how enables valuable active products to be protected, delivered and chemically programmed to release where and when required. It has the potential to be game-changing in a wide range of industries, including household products such as detergents, fragrances, agrochemicals, composites, pharmaceuticals, oil and gas, food, paint, personal products and cosmetics.
OxfordPV – closes further funding round
We are pleased to announce that Parkwalk has made a further investment in OxfordPV through a Parkwalk Syndicate.
Oxford Photovoltaics is an Oxford-based technology business, founded in 2010, formed on technology originally developed in the Department of Physics at the University of Oxford under Professor Henry Snaith and his academic team of 20 scientists.
Professor Snaith is leading an intensive and wide-ranging programme to develop a thin-film solar cell using a perovskite-structure to enhance solar absorption and conversion. The programme is advancing rapidly with lab cell efficiency of more than 17%, with identified enhancements which should deliver close to 20% efficiency within the next 12 months.
Oxford PV envisages the technology being utilised to enhance the performance of silicon-based solar cells by adding a perovskite layer on top of the silicon to create a tandem cell structure. This is expected to add up to 5% to the efficiency of a 20% silicon cells, taking their performance towards 25%. Future generations of the product will include perovskite-on-perovskite cells, where performance could reach 30%.
Revolymer – Interim Results
Revolymer plc – Interim Results
21 Sep 2015
Unaudited Interim Results for the 6 month period to 30 June 2015
Revolymer plc (AIM: REVO) (“Revolymer”, the “Company” or the “Group”), today announces its unaudited interim results for the 6 month period to 30 June 2015.
Business Highlights
Deals executed in 2015:
- As announced on 3 June 2015, Revolymer closed a global licence to its encapsulation technology with the international chemicals group Solvay in the field of Sodium Percarbonate (“SPC”) for liquid product formulations. Solvay has exclusive rights to apply Revolymer’s encapsulation technology to its bleaching active ingredient SPC, commercialised currently by Solvay under the trademark Oxyper®, in the field of liquid formulations of laundry and automatic dish washing. The geographic territory of the licence is global.
- As announced on 1 September 2015, Revolymer closed a licence to its encapsulation technology with OCI Alabama LLC representing the US-headquartered international chemicals group OCI Chemical Corporation (“OCI”). OCI has rights to apply Revolymer’s encapsulation technology to its SPC based bleaching active ingredients, commercialised currently by OCI under the Provox C and Provox Ultra (which includes an activator) trademark families, in the field of powder and other solid formulations of laundry, automatic dish wash and other cleaning agents. The geographic territory of the Provox C-based licence is global except for the European Union. The geographic territory of the Provox Ultra-based licence is global.
- The Company has further refined its business model, positioning itself as a specialty chemicals business focussed on controlled release, responsive systems and delivery systems that improve the functional performance of its customers’ products, based on its expertise in the design and synthesis of polymers (often in combination with other materials) to manage the interface between different surfaces and phases.
As announced on 18 September 2015, Bryan Dobson was appointed as Chairman of the Board with immediate effect, replacing Jack Keenan. Mr Keenan will remain as an independent non executive director to provide continuity until a replacement is recruited.Financial Highlights - Cash, cash equivalents and short term investments were £12.0m at the period end (30 June 2014: £15.2m, 31 December 2014: £13.2m), benefitting from R&D tax credit receipts of £775k during the period.
- Revenue for the period increased 62% to £594k (2014: £366k) – primarily sales of nicotine gum in Canada to a Canadian retailer.
- Gross profit for the period was £12k (2014: £139k). This reduction is primarily due to the prior period including a release of £157k of deferred sales relating to potential product returns deemed no longer necessary based on actual returns. Gross profit before this release improved by £30k compared to the prior period.
- Administrative expenses for the period reduced to £1.7m (2014: £2.9m), partly due a reduced share based payment charge and a reduction in company overheads. Excluding the share based payment credit/charge, administration expenses were £2.1m (2014: £2.7m)
- Finance income of £48k (2014: £57k) relating to the cash, cash equivalents and short term deposits on hand was credited in the period.
- The loss for the period was £0.3m (2014: loss of £2.7m) after crediting R&D tax credits of £1.3m (2014: £nil) claimed on qualifying expenditure for the three years ended 31 December 2014.Outlook
The business continues to drive its existing product pipeline towards deals, which management expects will include product supply agreements as well as licences; whilst actively pursuing additional product opportunities in new markets complementary to its expertise.Dr Kevin Matthews CEO of Revolymer said: “The business has continued to make commercial progress in the period, and also retains significant cash resources on hand to fund future developments. Accordingly we look forward to achieving further milestones as we pursue our focus on improving the functional performance of our customers’ products.”
For further information please contact:
Revolymer plc
+44 (0) 1244 283 500
Kevin Matthews / Robin Cridland
Parkwalk closes Xerion investment
We are pleased to announce that the University of Oxford Isis Fund II has made an investment in Xerion, a nanoparticle company spun-out of the University with a novel treatment for cancer.
Xerion seeks to commercialise Dr Helen Townley’s Research Group’s work into the use of nanoparticles in cancer for therapy, imaging and drug delivery.
The small size of nanoparticles means they can passively accumulate in tumours due to the enhanced permeation and retention (EPR) effect, where certain sizes of molecules accumulate more in tumour cells than in normal tissue.
Encapsulation of chemotherapy drugs within nanoparticles enables them to be delivered directly to the site of the tumour, reducing systemic side effects, and enabling a higher effective dose to be reached in the cancerous tissue.
First Light Fusion – £22.7m fundraise
Parkwalk portfolio company First Light Fusion has completed a fundraising of up to £22.7 million.
First Light, a spin-out from the University of Oxford, has discovered new implosion processes that can achieve the high temperatures and compression necessary for fusion reactions and other valuable applications. The Company’s approach has the potential to dramatically shorten the timescale and cost of achieving practical and affordable fusion energy. This fundraising will allow First Light to further develop its modelling tools and experimental capability and will fund collaborations with leading research groups in the field.
The Company has also announced today that it has established a Scientific Advisory Board to provide technical input and governance for its ongoing development programme. The Board is chaired by Arun Majumdar, who is the Jay Precourt Professor at Stanford University, and consists of eminent figures in energy innovation including Nobel laureate Steven Chu, the former US Energy Secretary.
Investors in the financing round include IP Group plc, a fund managed by Invesco Asset Management Limited, clients advised or managed by Sandaire Investment Office and the University of Oxford.
Visit the First Light Fusion website here.
University of Bristol Enterprise Fund I
Parkwalk are delighted to announce the launch of the University of Bristol Enterprise EIS Fund I.
Launched in conjunction with the University of Bristol Research and Enterprise Development Division, the University of Bristol Enterprise Funds offer alumni and investors the opportunity to invest in the development of scientific and technological innovations from the University of Bristol and from companies supported by its world renowned SETsquared Bristol Business Incubator in a tax efficient manner.
Further detail can be read on the University’s website here.
Please click here to email the funds team to request the University of Bristol Enterprise Fund I prospectus.
Posted on January 15, 2016
Fund Managers Comments
Bristol, UBEF I