Imperial Innovations' increases investments as pre-tax loss widens

13th Oct 2016 08:36

(ShareCast News) - Imperial Innovations' annual pre-tax loss widened while the technology commercialisation and investment company increased investments across its business with universities and a joint venture.For the year ended 31 July, the pre-tax loss widened to £63.1m from £15.1m, last year, which included a £56.2m net fair value loss.Quoted net fair value loss of £66.9m was largely due to the decline in Circassia business share price due to a "disappointing" phase three trial for its cat allergy product which was why et assets only increased by 8.5% to £455.9m.During the year, the company invested £69.9m across 33 portfolio companies, a 15% increase in the rate of investment over previous year and more than double two years ago, due to an maturity of the portfolio companies.About 79% was invested into existing portfolio companies and seven growth companies were added to investment portfolio.The portfolio companies raised £206.4m, down 57%, while the net portfolio rose by 2.4% to £335.1m.There is £198.3m available to invest, including an undrawn £50m second loan facility from the European Investment Bank.The company committed £24.8m to the University College London Technology Fund and the European Investment Fund.Imperial Innovations allotted £3.3m to the $40m Apollo Therapeutics joint venture with Cambridge Enterprise, UCL Business, AstraZeneca, GlaxoSmithKline and Johnson & Johnson.Through a share placing on AIM the company raised £100m to strengthen the balance sheet.Chief executive Russ Cummings said: "We significantly increased our visibility of new investment opportunities and strengthened our position in our ecosystem with the elite universities within the 'Golden Triangle', with the completion of two new initiatives."Many of our portfolio companies made significant technical, clinical or commercial progress and we once again increased our level of investment, including leading six major funding rounds."We are continuing to see a healthy stream of new investment opportunities coming from the academic, research and entrepreneurial community within the 'Golden Triangle', as clearly demonstrated by the two new additions to our portfolio at the start of this new financial year."Shares in Imperial Innovations were by 0.61% to 415p at 0905 BST.