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Turning world class research into business 0 Slide CARDIFF/CAERDYDD Turning world class research into business CARDIFF/CAERDYDD.

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Presentation on theme: "Turning world class research into business 0 Slide CARDIFF/CAERDYDD Turning world class research into business CARDIFF/CAERDYDD."— Presentation transcript:

1 Turning world class research into business 0 Slide CARDIFF/CAERDYDD Turning world class research into business CARDIFF/CAERDYDD

2 Turning world class research into business 1 Slide CARDIFF/CAERDYDD Background Fusion Cardiff is a wholly owned subsidiary of Biofusion plc Biofusion was formed in 2002 to commercialise university IP »Formation and exit of spin-out companies »Licensing Were a small team from a variety of backgrounds who have all turned technology into business We sign long term exclusive pipeline agreements with top ten UK universities We are listed on the London Stock Exchange on AIM Currently have 23 companies in our portfolio

3 Turning world class research into business 2 Slide CARDIFF/CAERDYDD Biofusion model – working in partnership PORTFOLIO COMPANY Long-term pipeline agreements with universities. Directly align University interest with equity position in Biofusion Existing tech transfer offices use their relationships with academics to mine for and protect IP with commercial potential Biofusion makes investment in the Portfolio Company and aligns academic with an equity participation in the Portfolio Company Biofusion selects best IP with commercial potential and transfers it to a new Portfolio Company, initially 100% owned by Biofusion UNIVERSITY TECH TRANSFER IP CREATIONCOMMERCIALISATION

4 Turning world class research into business 3 Slide CARDIFF/CAERDYDD Whats in this for all parties? University Major shareholder in Biofusion Any success for the Biofusion Group benefits the University Dedicated fund to invest in its IP Dedicated commercialisation team Significant % of start up funding flows back into the University as research contracts Academics Dedicated and experienced team to help write business plan and develop a commercial strategy Normally start-up funding flows back into your labs as funded research Access to Biofusion start-up company funding plus second and third stage funding Access to external funding through Biofusion partner funds 40% shareholding in new company on start up Opportunity to translate your research or therapy into a product Biofusion Access to world class research and IP Opportunity to work with academic founders from concept to company creation Opportunity to build real value that benefits Biofusion, the University and the academic shareholders

5 Turning world class research into business 4 Slide CARDIFF/CAERDYDD In 2005 signed exclusive agreement with University of Sheffield »Leading UK research intensive university and member of Russell Group »Ranked 6 th in last RAE rankings »Current annual research spend of £93m »10 year pipeline agreement for all medical life science IP »University of Sheffield own 24% of Biofusion In 2007 signed exclusive agreement with Cardiff University »Leading UK research intensive university and member of Russell Group »Ranked 7 th in last RAE rankings »Current annual research spend of £82m »10 year pipeline agreement for all university IP »Cardiff University own 30% of Biofusion Our university agreements

6 Turning world class research into business 5 Slide CARDIFF/CAERDYDD Our investment partners NPI Ventures »Formerly part of Nikko, recently acquired by Citigroup »First look option to invest in Biofusion portfolio »Acquired £2m stake in Biofusion as part of investment agreement »Exclusive £10m+ side fund to invest in Biofusion portfolio Finance Wales »Welsh regional investment body »MOU offering the option to co-invest in Cardiff based portfolio companies »Access to £130m fund

7 Turning world class research into business 6 Slide CARDIFF/CAERDYDD plc Sheffield University of Sheffield 24% Institutions Ring fenced £8m fund Cardiff University 30% Cardiff Ring fenced £8m fund Structure

8 Turning world class research into business 7 Slide CARDIFF/CAERDYDD How does this work in practise?

9 Turning world class research into business 8 Slide CARDIFF/CAERDYDD From IP creation to company formation Inventor contacts RACD Initial meeting with RACD RACD conduct initial screen RACD Kill? N Y RACD present disclosures to Biofusion Close out record and inform inventor Spin out? N Y License or kill project Fusion Cardiff and RACD meet Inventor Spin- out? Trigger patenting process Fusion Cardiff and RACD discuss spin- out with Inventor Due diligence kick-off meeting Conduct due diligence and draft investment case Review and sign-off Present to Fusion Cardiff Investment Committee Hold and review options (PoC, SMART) N Y ? Set up NewCo UniversityJointFusion Cardiff PIPELINE DISCLOSURE SPIN-OUT, LICENSE OR KILL? COMPANY CREATION

10 Turning world class research into business 9 Slide CARDIFF/CAERDYDD New Co Limited Academic is given significant shareholding in New Co The New Co at start-up University transfers IP into New Co Fusion Cardiff set up New Co Fusion Cardiff work with academic to build commercial business plan and milestones 4

11 Turning world class research into business 10 Slide CARDIFF/CAERDYDD Funding the New Co to exit Start-Up Investment Exit strategy Assign research contracts or recruit RAs Provide management expertise & contacts Provide initial funding Recruit management Develop business Raise third party funding Reduce involvement IPO or trade sale Up to £200kUp to £500k Investment Partners Cardiff Fund Third Party Investors Later stage Investment Investment as required Fusion Cardiff New Co

12 Turning world class research into business 11 Slide CARDIFF/CAERDYDD In terms of IP ownership nothing has changed »Cardiff University still owns its IP »Fusion Cardiff has the right to set a company up from that IP »But we would only do that if all parties agree and are happy »We recognise that not all research has commercial applications and we dont force people to work with us »We stand in place of the University so we only own whatever the University would own Research grants and industrial collaboration remains the same »Again we only have the right to whatever the University s share of IP would be »It doesnt stop funded research from industry partners and we would never seek to stop this It will not stop departments working »RACD receive disclosures pa across the whole University »We will only do 4 – 10 start-ups pa Intellectual property

13 Turning world class research into business 12 Slide CARDIFF/CAERDYDD How are we doing?

14 Turning world class research into business 13 Slide CARDIFF/CAERDYDD Key events in the year Completed the agreement with Cardiff University in Jan 2007 »Integrated with RACD team »Presenting to all key departments »Full review of pipeline »Four potential spin-outs Signed MOU with Finance Wales Sale of Cardiff Biologicals and Cardiff ProTides to Morvus »Acquired Fusion Cardiffs shareholding for 20% of Morvus »Fusion Cardiff holds13,698,630 Morvus shares »At last funding round in July 2007, Morvus was valued at £11.6m (30p per share)

15 Turning world class research into business 14 Slide CARDIFF/CAERDYDD Our growing portfolio

16 Turning world class research into business 15 Slide CARDIFF/CAERDYDD Potential blockbusters and advanced stage exits Developed a range of man-made hormones that mimic the actions of natural hormones. It has a multi million research programme with Ipsen on GH and is expanding its pipeline to include 4 new target hormones including EPO and Leptin Enables pharmaceutical companies to predict how the human body interacts with the drugs under development before running clinical testing programmes Turnover up to £2.0m and net profit up to £500k Developed a once a day drug that mimics the circadian rhythm and releases replacement hormones in exactly the same way the natural cycle would. First product entering Phase III and three new products in development pipeline New start up in 2007 developing vaccines and therapeutic antibodies to treat infections caused by MRSA New start up in 2007 developing a metabolically engineered microbial production method that is capable of producing hydrogen from sugar solution media through fermentation Developing a CCD camera microscope that is not only cheaper but has a better performance than existing microscopes. New start up in 2007 developing new monoclonal antibody drugs that stop cancerous tumours growing and have less side effects than currently available therapies Developed a range of novel drugs and technologies, primarily in the field of oncology. It has 3 products in pre-clinical studies of which the first is expected to enter Phase I clinical trials in 2008

17 Turning world class research into business 16 Slide CARDIFF/CAERDYDD Summary Progressing well Excellent relationship with RACD and University Need to do more to reach out to non-life science and to continue to communicate with all academics Focus on creating spin-outs over next six months Delighted to be in partnership with Cardiff

18 Turning world class research into business 17 Slide CARDIFF/CAERDYDD Turning world class research into business CARDIFF/CAERDYDD


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