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Oxford Technology is the specialist
in the start-up and early stage technology sector
Tax Shelter Report, Allenbridge
Oxford Technology is the specialist
in the start-up and early stage technology sector
Tax Shelter Report, Allenbridge
Oxford Technology is the specialist
in the start-up and early stage technology sector
Tax Shelter Report, Allenbridge

VCT2

Oxford Technology 2 VCT raised £6.0m in 2000 with top-up offers to date raising a further £468k. The Fund is now fully invested.

Net asset value per share was 37.2p as at 28 Feb 2017.

Dividends to date total 13.0p, mainly resulting from the sale of Hardide Ltd and from the sale of Commerce Decisions.


Portfolio

Arecor

Arecor

Arecor- Investment Information for OT2
Date of First Investment Jul 2007
Arecor - Investment Information for OT3
Date of First Investment Jul 2007
Arecor - Investment Information for OT4
Date of First Investment Jul 2007

In July 2007, Arecor was spun-out as a separate company with all existing shareholders in Insense owning their pro-rata shares in Arecor. Arecor then raised additional capital (OT4 was able to subscribe but OT2 and OT3 did not have the capital with which to do this at the time).

As proteins increasingly dominate the drug development pipelines of major pharmaceutical companies, many are seeking assistance in developing stable formulations. The company has paid feasibility studies with ten of the top twenty pharmaceutical companies to new stable formulations of specific therapeutic proteins and vaccines.

In the spring of 2010, Arecor signed a broad agreement with Genzyme, Inc. under which Arecor will develop stable formulations of Genzyme’s proprietary proteins and license the Arecor technology for an ongoing pipeline of products. In April 2011 Arecor signed license agreements covering two vaccines with GSK Bio.  In December 2011, Arecor reached agreement with the American company Eli Lilly which provides for licenses on formulations of new and existing products.  Currently, Arecor is working on three products under this agreement with the first expected to go to license in the coming year.  A second agreement was signed with Lilly in May 2012 providing for a license on a specific undisclosed marketed molecule.  If the development is successful these agreements can generate very substantial milestone income on each molecule plus ongoing royalties to Arecor.

Arecor has expanded the initial patent portfolio to fifteen patent families covering all the major pathways of protein degradation and improved formulations for specific products.

The Company has recently received official notification of its first patent going to grant.  

Arecor

ImmunoBiology

Immuno Biology

ImmunoBiology- Investment Information for OT2
Date of First Investment Dec 2000
ImmunoBiology- Investment Information for OT3
Date of First Investment May 2003
ImmunoBiology- Investment Information for OT4
Date of First Investment Dec 2000

ImmunoBiology is developing novel vaccines using a proprietary heat shock protein-complex (HspC) approach. Hsps are an important family of protective proteins that are produced by cells under stress - they were originally observed in cells that had been subjected to a sudden temperature increase, hence the name heat shock protein.

The HspC technology allows the production of vaccines incorporating a range of different antigens from a single pathogen bound to a carrier protein the heat shock protein. ImmBio’s research shows that HspC vaccines are more powerful, longer lasting and potentially provide broader protection against multiple strains of a particular pathogen than existing vaccines.

The influenza virus

Inaplex

Inaplex

Inaplex- Investment Information for OT2
Date of First Investment Jan 2001
Inaplex- Investment Information for OT3
Date of First Investment Mar 2003

InaPlex is a specialist in CRM integration. Customer Relationship Management systems are used by organisations to manage and foster their relationships with customers. Over the last 10 years, they have grown in importance and sophistication; they are now a major line of business application for many organisations.

To get maximum value from their CRM systems, it is important that the information in them be accurate, up to date, and reflect a full picture of the companies interactions with their customers. Unfortunately, much valuable data is held in applications outside the CRM system.

InaPlex has products and expertise developed over many years in bringing the data into the CRM system and keeping it fresh and accurate. The core product, Inaport, is a powerful, sophisticated integration engine that has been deployed at thousands of sites around the world.

Inaport provides:

* code free development of integration profiles

* a suite of data transformation tools and techniques specialised for CRM data

* best in class matching techniques to enable accurate identification of correct matches, and prevention of duplicates

* management tolls to enable rapid deployment and smooth operation.

Inaport supports all the major mid-market CRM systems:

* Microsoft CRM

* Saleslogix from Infor

* SageCRM and SageCRM.com from Sage

* ACT! from Swiftpage

* GoldMine from FrontRange

For each system, Inaport provides specialised adapters with deep knowledge of the underlying data architecture and business rules, with the objective of making data import and export as painless as possible.

Inaport is used for three broad categories of task:

* one way or bi-directional integration between the CRM system and the enterprise data repositories

* initial data load of the CRM system

* migration of legacy CRM systems to new CRM systems, for example:

- ACT! to Microsoft CRM, SalesLogix or SageCRM

- GoldMine to Microsoft CRM, SalesLogix or SageCRM

In addition to Inaport, InaPlex provides support, training and professional services. InaPlex has been employed in a wide range

of complex integration projects, such as:

* merge multiple Siebel databases into a single SageCRM system

* bi-direction integration between an Ingres ERP system and Microsoft system

* migrate a heavily customised GoldMine system to Microsoft CRM

Inaport established a US office in California in 2008, and subsequently closed its UK office and is now run entirely from the US, its largest market, although sales continue to be made throughout the world.

Insense

Insense

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Insense - Investment Information for OT2
Date of First Investment Jun 2001
Insense - Investment Information for OT3
Date of First Investment May 2003
Insense - Investment Information for OT4
Date of First Investment May 2003

Insense Ltd is a spin-out from Unilever and has developed a range of active dressings, which can be applied to the skin to treat a variety of conditions. The essence of the technology is that the the dressings consist of two (or more) parts which are then brought together on the skin when the dressing is applied. The parts then react to produce a chemical (s) which is slowly released over a period of hours or days and this chemical then actively helps the condition.

Insense

The first products were for wound-healing. Insense produced two dressings, Iodozyme and OxyZyme. The first was for infecxted wounds produced a steady flux of Iodine and oxygen at the wound surface. The Iodine reduced or elimianted the infection and the Oxygen promoted natural healing processes. OxyZyme was for non-infected wounds and produced a steady flux of wound-healing Oxygen at the wound surface. (The best treatment for wounds is to leave them open to the air. But the problem with this is that the wounds can become infected. Oxyzyme allows the wound to be bathed in a flux of Oxygen while also allowing the wound to be covered to keep out infections.)

Insense sold these products for several years to the NHS, but did not itself have the marketing organisation necessary to achieve more than a small volume of sales and Insense did not reach breakeven on these sales. In 2012 the rights to the manufacture and marketing of these dressings were sold to Crawford Medical. Insense received an up-front payment which will be followed by further payments based on performance.

In order to sterilise the Insense dressings after manufacture, Professor Davis had to develop a method of stabilising the proteins so that they would withstand ionising radiation. Having done this, it transpired that many pharma companies were interested in using this technology for their own protein-based products. This led to the spin-out of Arecor. All the shareholders in Insense received the same % of shares in Arecor which then raised capital to fund its own expansion.

Insense has developed treatments for a number of skin conditions. Insense is considering how best to exploit these opportunities. One method is by partnering with or licensing to larger companies who are already established in these markets.

OC Robotics

OC Robotics

OC Robotics - Investment Information for OT2
Date of First Investment Jan 2001

OT2 was the original investor in OC Robotics in January 2001 when the company consisted of the two founders working from home with an idea. OC Robotics is now arguably the world’s leading designer and manufacturer of snake-arm robots in which the head of the snake may be driven along a 3D path in space with the rest of the snake following the same path taken by the head. A video of this may be seen here:

Snake arm robot in action

OC Robotics

The company has received several grants for ongoing projects and sales are increasing. The major projects are Laser Snake – a snake for nuclear decommissioning, Petrobot – a snake for inspecting oil and gas pressure vessels and Rande Snake for inspecting inside wings of US military aircraft. If the demonstrator works well, this could lead to significant orders.

In summary OCRobotics has never been busier and large grants also mean that the cash position has never been healthier. At the end of 2014, the opportunity to purchase additional shares in the company arose and OT2 took up this offer, increasing its stake to 36.9%. The further investment was £85,860.

Last Updated: Thursday, August 20, 2015

Orthogem

Orthogem

Orthogem - Investment Information for OT2
Date of First Investment Dec 2000
Orthogem - Investment Information for OT3
Date of First Investment Dec 2004
Orthogem - Investment Information for OT4
Date of First Investment May 2007

Orthogem has developed a method for producing a biocompatible, artificial bone graft called TriPore to replace the use of autograft - the patients own bone, allograft - cadaver bone, or xenograft animal bone.

Over the last decade, great efforts have been extended to producing human bone substitutes and with recent horror stories about bones being surreptitiously removed from bodies in morgues and sold into the medical device market, the search for an artificial replacement becomes more urgent.

TriPore blocks and TriPore granules were CE marked in 2006, and approval by the United States FDA was received in 2007.

Oxis Energy

Oxis Energy

 Oxis Energy - Investment Information for OT2
Date of First Investment Nov 2000
Oxis Energy - Investment Information for OT4
Date of First Investment Nov 2005

Oxis Energy is developing a rechargeable battery with the following exceptional properties:

- Extremely high specific energy density 1.5-2x existing best rechargeable battery

- Wide temperature of operation 0°C to 125°C

- Inherent safety - no control electronics

These properties represent a step change in performance versus existing rechargeable battery technologies and for some markets they will be a key enabling technology, for example, the energy weight ratio specific energy density is pivotal in electric vehicles because the weight of the battery is a significant part of the total vehicle weight.

Commercially, the company is currently focused on three key markets, down-hole oil/gas tools, electric vehicles and power tools. The oil/gas industry currently spends in excess of $100m/year in primary batteries (one time use) in downhole tools.

Oxis ability to operate in a high temperature range and its inherent tolerance to high charge/discharge are critical advantages ' and of course there is significant value because one rechargeable cell has the potential to replace up to 30 primary cells.

The Oxis Team

Plasma Antennas

Plasma Antennas

Plasma Antennas - Investment Information for OT2
Date of First Investment Nov 2001
Plasma Antennas - Investment Information for OT3
Date of First Investment Sep 2004
Plasma Antennas - Investment Information for OT4
Date of First Investment Mar 2005

Plasma Antennas has developed a range of next-generation smart selectable multi-beam antenna technologies for small cell backhaul, broadband wireless access, mesh network and other communications and sensing applications. Based on a set of patented beamforming technologies, these high-performance electronically-steerable antennas are extremely lightweight and compact.

Plasma Antennas

The company is at a very interesting point in its development. Having specialised in very high-end antennas (at up to £50,000 each) for military applications, it is now attracting a great deal of interest from mobile phone operators and trials are in progress with BliNQ, Vodafone and Airspan. The company is valued at the last fundraising share price of 45p per share. OT2 also has a loan of £13,000.

Last Updated: Thursday, August 20, 2015

Select Technology

www.selectec.co.uk

Select Technology- Investment Information for OT1
Date of First Investment Sep 1999
Select Technology- Investment Information for OT2
Date of First Investment Nov 2001
Select Technology- Investment Information for OT3
Date of First Investment Nov 2004
Select Technology- Investment Information for OT4
Date of First Investment Aug 2006

Select Technology specialises in software for photocopiers (now known as MFDs – Multi-function devices – since they scan, fax, email and do other other tasks in addition to photocopying). There are two strands to the business: (1) writing software which sits at the heart of MFDs and which greatly improve the user experience, enabling users to access all software programs to which they are entitled with a single sign on, and giving these programs the same ‘look and feel’, and (2) software distribution: Select is the European master-distributor for PaperCut, a world-leading print-management software product.

As with computers in the 1980s, MFD hardware has become a commodity product with little to choose between the offerings of most companies. Increasingly, what makes customers choose one make in preference to another is the quality and ease of use of the many software programs which run on them. Most MFDs will be on networks, so that, for example, a user may scan a document in London and print it out in New York and Tokyo. The accounting software will need to determine how the cost of this is allocated. Different users will have different usage rights to the software. The MFDs will need to identify users and some will use cards, other PIN numbers, and other biometric scans. Getting everything to work together, and giving everyone a good user experience is non-trivial, which is why there is a need for Select, which has specialised in this area for many years. It has taken a long time, but Select’s financial performance is now improving and sales are increasing.

Payment system at Cardiff University


Share Price Information and RNS Announcements

For information from the London Stock Exchange on the share price for OT2 and all RNS announcements, please click on the image below:


Venture Capital Trust



Annual Statements & Interim Statements

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