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Proactiveinvestors United Kingdom Fusion IP http://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Fusion IP RSS feed en Tue, 22 May 2012 13:20:14 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Fusion IP -- proves IP company development model ]]> http://www.proactiveinvestors.co.uk/companies/news/42467/fusion-ip-proves-ip-company-development-model-42467.html Harry Norman from Proactive Investors talks to David Baynes, CEO of Fusion IP about commercialising universities' IP, investing £20K in a start-up and selling it for £6.4 million, proving the business model, magnetic gears, microscopes without lenses, ultrasound training devices, more efficient mobile phones, micro bubbles, and more light from LEDs.

]]> Tue, 08 May 2012 11:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/42467/fusion-ip-proves-ip-company-development-model-42467.html <![CDATA[Media files - Fusion IP -- proves IP company development model ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/1102/fusion-ip-proves-ip-company-development-model-1102.html Thu, 05 Apr 2012 12:17:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/1102/fusion-ip-proves-ip-company-development-model-1102.html <![CDATA[News - Fusion IP says potential of its portfolio now starting to be seen - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/41167/fusion-ip-says-potential-of-its-portfolio-now-starting-to-be-seen-update-41167.html ---Adds broker comment and share price---

Intellectual property group Fusion IP (LON:FIP) said it expects to meet its profit targets this current year after an “excellent” first half.

Fusion posted a pre-tax loss of £1.7 million in the six months to January (January 2011: loss of £414,000), but said this deficit largely related to the timing differences in completing funding rounds for its stable of investments.

The carrying value of its investments rose by 4% to £17.5 million (June 2011: £16.8 million), but most of an anticipated uplift in their values is now expected in the second half.

Excluding intangibles, the group reported an operating loss of £765,000, however, with expected second half fundings, the company said it remains broadly on plan to achieve its profit target for the full year.

Since January, Fusion, which is focused on turning university-derived intellectual property into commercial businesses, has sold Simcyp to Certara for $32 million, generating a return of £4 million.

It has also completed fund raisings for LED specialist Seren, medical devices group Asalus and drug developer Diurnal to fund the final phase of its Chronocort Phase I trial. Fusion’s cash balance is currently £8 million following the Simcyp sale.

David Baynes, Fusion’s chief executive, said it had been an excellent period for the company.

“This has been another encouraging period of development for Fusion, in which we raised an additional £5 million for the company, progressed the development of our portfolio, increased our share price by 187 per cent between periods and, most importantly, subsequent to the period end, secured our first major portfolio exit with a £4 million cash return generating a 200 fold pay back on our original investment.

"We believe this demonstrates the significant potential for our portfolio and for the university pipelines that we hold exclusive rights to.

"The key change is that many of our early stage spinouts are gaining sufficient critical mass to demonstrate clearly the potential value of our exclusive university pipelines," he added.

Broker Seymour Pierce remains buyers of the stock, it said in a note to clients.

"We believe the company has moved into a new era where, not only are its portfolio companies continuing to demonstrate improved commercial opportunities, but its ability to deliver deals (the sale of Symcyp to Certara) has shown the model works and is one investors should embrace," said analyst Dr Mike Mitchell.

As at 3.20pm, shares in the firm were up 1.50 per cent, to change hands at 67.50 pence.

]]> Wed, 04 Apr 2012 15:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41167/fusion-ip-says-potential-of-its-portfolio-now-starting-to-be-seen-update-41167.html <![CDATA[News - Fusion IP says potential of its portfolio now starting to be seen ]]> http://www.proactiveinvestors.co.uk/companies/news/41141/fusion-ip-says-potential-of-its-portfolio-now-starting-to-be-seen-41141.html  

Intellectual property group Fusion IP (LON:FIP) said it expects to meet its profit targets this current year after an “excellent” first half.

Fusion posted a pre-tax loss of £1.7 million in the six months to January (January 2011: loss of £414,000), but said this deficit largely related to the timing differences in completing funding rounds for its stable of investments.

The carrying value of its investments rose by 4% to £17.5 million (June 2011: £16.8 million), but most of an anticipated uplift in their values is now expected in the second half.

Excluding intangibles the group reported an operating loss of £765,000, however, with expected second half fundings, the company said it remains broadly on plan to achieve its profit target for the full year.

Since January, Fusion, which is focused on turning university-derived intellectual property into commercial businesses, has sold Simcyp to Certara for $32 million, generating a return of £4 million.

It has also completed fund raisings for LED specialist Seren, medical devices group Asalus and drug developer Diurnal to fund the final phase of its Chronocort Phase I trial.

Fusion’s cash balance is currently £8 million following the Simcyp sale.

David Baynes, Fusion’s chief executive, said it had been an excellent period for the company.

“This has been another encouraging period of development for Fusion, in which we raised an additional £5 million for the company, progressed the development of our portfolio, increased our share price by 187 per cent between periods and, most importantly, subsequent to the period end, secured our first major portfolio exit with a £4 million cash return generating a 200 fold pay back on our original investment. 

"We believe this demonstrates the significant potential for our portfolio and for the university pipelines that we hold exclusive rights to.

"The key change is that many of our early stage spinouts are gaining sufficient critical mass to demonstrate clearly the potential value of our exclusive university pipelines," he added.

]]> Wed, 04 Apr 2012 07:46:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/41141/fusion-ip-says-potential-of-its-portfolio-now-starting-to-be-seen-41141.html <![CDATA[RNS press release - Half Yearly Report ]]> http://www.proactiveinvestors.co.uk/companies/rns/120404fip7750a/ Wed, 04 Apr 2012 07:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/rns/120404fip7750a/ <![CDATA[RNS press release - Exercise of Options & TVR ]]> http://www.proactiveinvestors.co.uk/companies/rns/120319fip5938z/ Mon, 19 Mar 2012 10:18:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120319fip5938z/ <![CDATA[News - Fusion IP portfolio co Diurnal raises £335,000 for developing lead product Chronocort ]]> http://www.proactiveinvestors.co.uk/companies/news/40278/fusion-ip-portfolio-co-diurnal-raises-335000-for-developing-lead-product-chronocort-40278.html University commercialisation company Fusion IP (LON:FIP) said its portfolio company Diurnal has successfully raised £335,000 which will be used to complete the final stage of its Phase I trial for lead product Chronocort.

Based in Cardiff, Diurnal is developing a novel approach to drug delivery that will help patients suffering from reduced levels of the key hormone cortisol (hydrocortisone).

Chronocort is a modified release therapy that delivers hydrocortisone in a manner that mimics the body's natural 24 hour hormone cycle.

This therapeutic approach has the potential to improve the life of patients suffering from diseases due to cortisol deficiency, each of which requires life-long treatment.

The funding will also enable the company to prepare for the Phase II trials, which are due to commence during 2012, with an estimated Phase II completion date of mid-2013.

Chronocort has already received two related Orphan Drug designations from the European Medicines Agency, which affords ten years of market exclusivity after the grant of marketing authorisation in Europe.

Fusion IP invested £135,000 in the latest financing round and as a result its shareholding remains at 43.1 per cent.

Operations director Peter Grant said: "Diurnal continues to move from strength to strength and these funds will enable the company to complete its Phase I dosing trials and prepare for the Phase II trials, due to commence this year. We continue to be very excited about Diurnal's prospects."

]]> Thu, 15 Mar 2012 08:24:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/40278/fusion-ip-portfolio-co-diurnal-raises-335000-for-developing-lead-product-chronocort-40278.html <![CDATA[RNS press release - Diurnal Fundraising ]]> http://www.proactiveinvestors.co.uk/companies/rns/120315fip3694z/ Thu, 15 Mar 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120315fip3694z/ <![CDATA[News - Fusion IP: Seren Photonic raises £1.8 mln for high brightness LED manufacturing - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/39986/fusion-ip-seren-photonic-raises-18-mln-for-high-brightness-led-manufacturing-update-39986.html ---Adds broker comment and share price----

Fusion IP’s (LON:FIP) associate Seren Photonics today raised £1.8 million to help it push its new LED manufacturing technology into the manufacturing stage.

Seren’s revolutionary technology was developed by Professor Tao Wang from the University of Sheffield.

The technology greatly increases the efficiency of high brightness LED’s, as it significantly reduces heat generation under normal running conditions. It means that either much brighter LED lamps can be manufactured or that the power consumption of LED lamps can be reduced, Fusion says.

"We are delighted to have secured this significant investment,” said chief executive Carl Griffiths.

“The funds will enable us to accelerate the transfer of Seren's technology to manufacturing partners.

“This will start with our existing collaboration partner in India and we are already in discussion with HB LED manufacturers in China about the possibility of licensing or creating a joint venture manufacturing facility. We will continue to look for other potential partners outside of these territories."

The company raised the money from a number of investors. I2BF Global Ventures invested £1.1 million, Fusion invested £300,000 and fellow AIM investment firm IP Group contributed £400,000.

Following the investment round Fusion will own a 40.2 per cent stake in Seren.

"We are very pleased to join I2BF Global Ventures and IP Group in this funding round, which will enable Seren to continue its impressive development of its LED technology,” director Peter Grant said.

“We remain confident that Seren can make a significant contribution to enabling the use of LEDs in a variety of different energy efficient applications where there is a continuous need to reduce power consumption and improve product performance. 

“With this funding in place we look forward to the company securing further deals for the use of its technology internationally."

Analyst Dr Mike Mitchell, at broker Seymour Pierce, which maintains its 'buy' rating, said that as the commerical traction across Fusion's portfolio builds, the broker remained of the opinion that the stock deserved to trade at a premium to its NAV (net asset value).

The current share price places the stock on a prospective 14.3 times earnings multiple, falling to 12.3 times in full year 2013 estimates, it said.

As at 2.25pm, Fusion shares stood up 2.92 per cent, at 70.50 pence.

]]> Thu, 08 Mar 2012 14:07:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39986/fusion-ip-seren-photonic-raises-18-mln-for-high-brightness-led-manufacturing-update-39986.html <![CDATA[News - Fusion IP: Seren Photonic raises £1.8 mln for high brightness LED manufacturing ]]> http://www.proactiveinvestors.co.uk/companies/news/39961/fusion-ip-seren-photonic-raises-18-mln-for-high-brightness-led-manufacturing-39961.html Fusion IP’s (LON:FIP) associate Seren Photonics today raised £1.8 million to help it push its new LED manufacturing technology into the manufacturing stage.

Seren’s revolutionary technology was developed by Professor Tao Wang from the University of Sheffield.

The technology greatly increases the efficiency of high brightness LED’s, as it significantly reduces heat generation under normal running conditions. It means that either much brighter LED lamps can be manufactured or that the power consumption of LED lamps can be reduced, Fusion says.

"We are delighted to have secured this significant investment,” said chief executive Carl Griffiths.

“The funds will enable us to accelerate the transfer of Seren's technology to manufacturing partners. 

“This will start with our existing collaboration partner in India and we are already in discussion with HB LED manufacturers in China about the possibility of licensing or creating a joint venture manufacturing facility. We will continue to look for other potential partners outside of these territories."

The company raised the money from a number of investors. I2BF Global Ventures invested £1.1 million, Fusion invested £300,000 and fellow AIM investment firm IP Group contributed £400,000.

Following the investment round Fusion will own a 40.2 per cent stake in Seren.

"We are very pleased to join I2BF Global Ventures and IP Group in this funding round, which will enable Seren to continue its impressive development of its LED technology,” director Peter Grant said.

“We remain confident that Seren can make a significant contribution to enabling the use of LEDs in a variety of different energy efficient applications where there is a continuous need to reduce power consumption and improve product performance.  

“With this funding in place we look forward to the Company securing further deals for the use of its technology internationally."

]]> Thu, 08 Mar 2012 07:51:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39961/fusion-ip-seren-photonic-raises-18-mln-for-high-brightness-led-manufacturing-39961.html <![CDATA[RNS press release - Seren Photonics - Fundraise ]]> http://www.proactiveinvestors.co.uk/companies/rns/120308fip9250y/ Thu, 08 Mar 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120308fip9250y/ <![CDATA[News - Fusion IP makes first significant exit with Simcyp sale ]]> http://www.proactiveinvestors.co.uk/companies/news/39377/fusion-ip-makes-first-significant-exit-with-simcyp-sale-39377.html  

Fusion IP (LON:FIP) is to receive US$6.4 million (£4.1 million) after the first sale of one of its stable of start-up companies.

Drug group Certara has agreed to buy Simcyp for $32 million.

Fusion has a 20 per cent stake in Simcyp, which has developed a modelling and simulation platform for predicting the fate of drugs in virtual populations.

The sale is conditional on Certara's getting funding for the acquisition funding, but is expected to complete by next week.

Fusion will used the cash to invest in a number of existing portfolio companies and to establish new ventures from its university partnerships. 

In the year to last July, Simcyp made a £1.9 million post-tax profit. 

David Baynes, Fusion’s chief executive said: "We are delighted to announce our first significant exit from our growing portfolio of companies.

Simcyp is a world-class software company and the 200 fold return we have made on our investment amply demonstrates the excellence of our university pipeline agreements and the value that can be extracted from these exclusive relationships."

Fusion has reported strong progress from a number of its portfolio companies in the past month, sending its shares soaring.

Semiconductor testing associate Mesuro announced a pick-up in orders, 43% -owned Diurnal, a drug developer, reported a significant milestone in the progression of Chronocort, a replacement cortisol and Seren Photonics signed its first collaboration agreement for its LED technology. 

Laparoscopic surgery device maker Asalus also raised £232,000 after first closing of a £0.7 million funding.


 

]]> Fri, 24 Feb 2012 07:43:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/39377/fusion-ip-makes-first-significant-exit-with-simcyp-sale-39377.html <![CDATA[RNS press release - Sale of Portfolio Company - Simcyp Limited ]]> http://www.proactiveinvestors.co.uk/companies/rns/120224fip0393y/ Fri, 24 Feb 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120224fip0393y/ <![CDATA[Broker press ]]> Fri, 24 Feb 2012 00:00:00 +0000 <![CDATA[News - Fusion IP bullish over prospects for surgical device maker - UPDATE ]]> http://www.proactiveinvestors.co.uk/companies/news/38795/fusion-ip-bullish-over-prospects-for-surgical-device-maker-update-38795.html ---Adds broker comment---

Asalus, one of the stable of companies controlled by intellectual property group Fusion IP (LON:FIP), expects to launch its key product Innervision in 2013 after completing a first round of fundraising.

Asalus raised £232,000 after first closing of a £0.7 million funding round that followed a pre-clinical study of Innervision, its new electrosurgical smoke clearance device.

Fusion put more money into the group in this funding round alongside Finance Wales and IP Group (LON:IPO).

They have an option to invest a further £392,000, subject to investor approval and the achievement of milestones.

The money will fund the start of Innervision's 'first-in-man' clinical study once regulatory approval comes through and to begin the process of scaling up the technology prior to its expected launch in 2013.

Asalus is developing three products targeted at laparoscopic surgery, a technique that has grown rapidly in recent years.

Laparoscopic or keyhole operations in the abdomen are performed through small incisions and are much less invasive than previous methods.

As well as Innervision, which clears electrosurgical smoke during procedures, Asalus is developing Surehold to manipulate tissue and organs without causing damage, and Snugport, a new type of surgical access port.

Peter Grant, operations director of Fusion, said that Innervision continued to meet its development milestones as well as excite surgeons and distributors alike.

“The product answers a clear requirement within the sector and we are very pleased with the market feedback and progress of this novel product. Asalus is a product of our strong working relationship with Cardiff University.”

Dominic Griffiths, managing director of Asalus added: "These funds will allow us to reach the critical milestone of completing a clinical trial with Innervision and the excellent results obtained in the GLP pre-clinical study give us confidence that the trial will meet its endpoints." 

Following the first closing, Fusion will have a 46% undiluted shareholding in Asalus, which drops to  44% if the further option to invest is taken up.

Fusion shares have been strong performers over the past three months as the group has reported good progress from a number of its stable of companies.

In the past two weeks, the group’s semiconductor testing associate Mesuro announced a pick-up in orders, 43% -owned Diurnal, a drug developer, reported a significant milestone in the progression of Chronocort, a replacement cortisol and Seren Photonics signed its first collaboration agreement for its LED technology. 

Broker Seymour Pierce said keyhole surgery was a rapidly growing market. 

Surgeons use electrosurgical devices with high-frequency electric currents to cut tissue, rather than blades.

One problem with these devices is that they also produce electrosurgical smoke, which can stop surgeons seeing inside the body.

Innervision clears this smoke from minimally invasive and open surgical procedures.  

The broker added that with Surehold and Snugport, Asalus as a business is positioned in some of the most exciting areas of surgical device development. 

“With recent strong news flow from Fusion, and more to come as its portfolio companies continue to make developmental and commercial progress, our outlook on the stock remains positive,” it added.  

Fusion shares jumped 13% to 65p.

]]> Thu, 09 Feb 2012 13:44:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38795/fusion-ip-bullish-over-prospects-for-surgical-device-maker-update-38795.html <![CDATA[News - Fusion IP bullish over surgical device maker as it gears up for product launch ]]> http://www.proactiveinvestors.co.uk/companies/news/38778/fusion-ip-bullish-over-surgical-device-maker-as-it-gears-up-for-product-launch-38778.html Asalus, one of the stable of companies controlled by intellectual property group Fusion IP (LON:FIP), expects to launch its key product Innervision in 2013 after completing a first round of fundraising.

Asalus raised £232,000 after first closing of a £0.7 million funding round that followed a pre-clinical study of Innervision, its new electrosurgical smoke clearance device.

Fusion put more money into the group in this funding round alongside Finance Wales and IP Group (LON:IPO).

They have an option to invest a further £392,000, subject to investor approval and the achievement of milestones.

The money will fund the start of Innervision's 'first-in-man' clinical study once regulatory approval comes through and to begin the process of scaling up the technology prior to its expected launch in 2013.

Asalus is developing three products targeted at laparoscopic surgery, a technique that has grown rapidly in recent years.

Laparoscopic operations in the abdomen are performed through small incisions and are much less invasive than previous methods.  

As well as Innervision, which clears electrosurgical smoke during procedures, Asalus is developing Surehold to manipulate tissue and organs without causing damage, and Snugport, a new type of surgical access port.

Peter Grant, operations director of Fusion, said that Innervision continues to meet its development milestones as well as excite surgeons and distributors alike.

“The product answers a clear requirement within the sector and we are very pleased with the market feedback and progress of this novel product. Asalus is a product of our strong working relationship with Cardiff University.”

Dominic Griffiths, managing director of Asalus added: "These funds will allow us to reach the critical milestone of completing a clinical trial with Innervision and the excellent results obtained in the GLP pre-clinical study give us confidence that the trial will meet its endpoints."

Following the first closing, Fusion will have a 46% undiluted shareholding in Asalus, which drops to  44% if the further option to invest is taken up.

Fusion shares have been strong performers over the past three months as the group has reported good progress from a number of its stable of companies.

In the past two weeks, the group’s semiconductor testing associate Mesuro announced a pick-up in orders, 43% -owned Diurnal, a drug developer, reported a significant milestone in the progression of Chronocort, a replacement cortisol and Seren Photonics signed its first collaboration agreement for its LED technology.

]]> Thu, 09 Feb 2012 07:55:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38778/fusion-ip-bullish-over-surgical-device-maker-as-it-gears-up-for-product-launch-38778.html <![CDATA[RNS press release - Asalus - Funding ]]> http://www.proactiveinvestors.co.uk/companies/rns/120209fip0764x/ Thu, 09 Feb 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120209fip0764x/ <![CDATA[News - Fusion IP up again as semiconductor spin-off racks up sales ]]> http://www.proactiveinvestors.co.uk/companies/news/38493/fusion-ip-up-again-as-semiconductor-spin-off-racks-up-sales-38493.html Intellectual property group Fusion IP’s (LON:FIP) shares jumped by 15% as it said semiconductor testing equipment associate Mesuro racked up sales of US$1.25 million in its last quarter. 

It was the third bullish update from a member of Fusion IP’s stable of companies this week.

Mesuro is a spin-off from Cardiff University and focused on commercialising RF test and measurement technologies coming out the university's Centre for High Frequency Engineering.The latest orders came from three customers, Fusion IP said. It has a 47% shareholding in Mesuro.

Richard Emsley, chief executive of Mesuro said the sales demonstrated the huge potential of its RF technology.

It enables device manufacturers to obtain the very highest performance from their designs, maximise device efficiency, reduce power consumption and decrease time to market, he added.

David Baynes, Fusion’s chief executive, added:  "Mesuro is in a transformational year and these sales should be a stepping stone for the company to secure significant sales in 2012. We look forward to working with Mesuro to converting its highly promising pipeline in the coming year."

On Monday, Fusion announced that 43% -owned Diurnal, a drug developer, had achieved a significant milestone in the progression of Chronocort, a replacement cortisol. 

Yesterday, Fusion said Seren Photonics had also signed its first collaboration agreement for its LED technology.

Shares rose 10.2p to 77.7p and have more than tripled in the last six months.

]]> Thu, 02 Feb 2012 08:32:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38493/fusion-ip-up-again-as-semiconductor-spin-off-racks-up-sales-38493.html <![CDATA[RNS press release - Mesuro - Sales ]]> http://www.proactiveinvestors.co.uk/companies/rns/120202fip6479w/ Thu, 02 Feb 2012 07:00:00 +0000 http://www.proactiveinvestors.co.uk/companies/rns/120202fip6479w/ <![CDATA[News - Fusion IP sees bright future for associate after first LED deal ]]> http://www.proactiveinvestors.co.uk/companies/news/38439/fusion-ip-sees-bright-future-for-associate-after-first-led-deal-38439.html Intellectual property group Fusion IP’s (LON:FIP) associate Seren Photonics has signed its first collaboration agreement for its LED technology.

Under the terms of the agreement, the unnamed LED products manufacturer has been granted exclusive rights to its technology for certain lighting applications in India.

The deal also gives the partner the option of a licence for manufacture of product incorporating Seren's processes.

Seren’s technology helps to increase the amount of light created at the very heart of a white high brightness LED.

Dr Godfrey Ainsworth, Seren's Chairman, said: "We estimate that the first sales of manufactured product, incorporating our technology, will start as early as 2013 and lead to an increasing royalty stream, as our partner brings our process in to full production and their own manufacturing capacity increases.”

Dr Ainsworth added that the agreement was the first of many it hopes to sign and that it was for just one for just one application in one territory in the world.

“We are already in discussions with a number of our manufacturers around the world and expect to see further agreements made in a number of territories in 2012/13," he added.

Fusion’s chief executive David Baynes added: “This is another great example of the value of the technology in our pipeline. Seren clearly has the potential to become an extremely valuable portfolio company and we look forward to more deals in the future.”

Fusion IP has a 48 % shareholding in Seren.

Yesterday, Fusion announced that 43% -owned Diurnal, a drug developer, had achieved a significant milestone in the progression of Chronocort, a replacement cortisol.

]]> Wed, 01 Feb 2012 08:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/38439/fusion-ip-sees-bright-future-for-associate-after-first-led-deal-38439.html