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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

VCT3

Oxford Technology 3 VCT raised £5.4m in 2002-03 with further top up fundraising of £995k in 2007-10 and is now fully invested.

Net asset value per share was 82.5p at at 28 Feb 2017.

Dividends paid to date total 32p, mainly resulting from the sale of Telegesis, Allinea, Commerce Decisions, BioAnaLab and MET.


Portfolio

Abzena

Abzena - Investment Information for OT3
Date of First Investment Jan 2012
Abzena - Investment Information for OT4
Date of First Investment Jan 2012

OT3 and OT4 were originally investors in Warwick Effect Polymers (First invested in Nov 2002) which was acquired by Abzena and which is now a quoted company on the AIM market.


Biopharmaceuticals are an increasingly important class of medicines with over 400 products estimated to be in clinical development and the market expected to increase from US$199.7 billion in 2013 to US$497.9 billion by 2020. Antibody-based products and therapeutic proteins are the two largest and fastest growing segments of this market.


Abzena provides a suite of complementary services and technologies to R&D organisations to improve the chances of successful development of therapeutic proteins and antibodies, and it is therefore poised to capitalise on the growth of the biopharmaceutical market. The Group has significant know-how, supported by a broad patent estate, to enable it to create better biopharmaceuticals for its customers.


Abzena operates a balanced business model with growing revenues from its service business and the potential for significant future growth through royalty bearing licences for the application of its technologies to biopharmaceutical products. The Group’s technologies and services are provided through its wholly-owned subsidiaries, PolyTherics and Antitope.


PolyTherics and Antitope have been developing and offering their technologies and services for over 10 years and their scientists have provided expertise to a wide range of companies, including most of the top 20 biopharmaceutical companies, many large and small public and private biotech, and academic groups, across the world.


The 5 main areas the company works in are:

Immunogenicity assessment

Antibody drug conjugates

Antibody | protein engineering

Optimisation of pharmacokinetics

Cell line development

Abzena is listed in the FTSE AIM All-Share Index in the Pharmaceuticals & Biotechnology sector. (Code ABZA)


Allinea Software

Allinea - Investment Information for OT3
Date of First Investment May 2009

Allinea Software

Allinea spun out from Concurrent Thinking, which itself was a spin-out from Warwick University. Allinea is a leading vendor of tools for parallel software development and High Performance Computing (HPC). It is one of the fastest growing companies in HPC and was recently honored as a Red Herring Top 100 company.  Allinea’s products are used on 35 of the top 100 supercomputers worldwide. Its customers include multinational projects requiring petascale and exascale computing; national laboratories hosting computation-based research projects; weather and climate departments; commercial and industrial users in Aerospace, Automotive, Electronics and Manufacturing, Oil & Energy, Bioinformatics and Financial services; and scientific and academic users. Allinea’s tools enable HPC software developers to make their software scale up to take full advantage of the parallel computer systems

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

Concurrent Thinking

Concurrent Thinking

Concurrent Thinking - Investment Information for OT3
Date of First Investment Nov 2009

Concurrent Thinking was a spin-out from Warwick University. Data Centres and High Performance Computing (HPC) systems deploy very large numbers of servers to run applications.  Concurrent has developed a software platform and tools for managing these servers in a highly automated and cost effective manner. Concurrent’s product consists of two components, COMMAND a controller that provides full system management through Web 2.0 GUI, and CONTROL, which acts as a bridge between the physical and virtual worlds, bringing together information from power management and environmental monitoring devices with data from IT systems. 

Concurrent supplies these products as a pre-configured hardware system, referred to as ‘appliances’. Its major opportunity lies in the data centre market as these form the backbone of the next generation of IT systems including ‘cloud computing’, internet and Smartphone apps.

The Team at Concurrent

Glide Pharma

Glide Pharma

Glide Pharma - Investment Information for OT3
Date of First Investment Nov 2003
Glide Pharma - Investment Information for OT4
Date of First Investment Feb 2005

Glide Technologies is a clinical stage technology development company. Glide has developed a novel device and drug delivery technology for the self-administration of injectable therapeutics and the delivery of vaccines in a solid dosage form.

Key manufacturing and preclinical data were generated in 2014 and it is hoped that the first clinical study with octreotide will take place in the first half of 2016. The Glide solid dose injector (‘SDI®’) has undergone successful human factor and surrogate skin injection studies.

The Company is currently working on several new development projects including:

1. Parathyroid hormone (PTH) which requires a daily self-injection and is for treatment of osteoporosis. In November 2012 the UK BioMedical Catalyst (managed jointly by the Medical Research Council and the Technology Strategy Board) awarded Glide £2.3m to support this development.

2. Anthrax vaccine. This is a development with Pfenex Inc, based in California, as a partner with funding from NIAID (National Institute for Allergy and Infectious Diseases) in the US. At present the US government stockpiles anthrax vaccine in liquid form but in the event of a major attack it will be very difficult to inject a large population (New York, say) with needle and syringe. In addition, the vaccine in liquid form only has a shelf life of c18-24 months before it has to be remanufactured. With the Glide SDI, the population may be vaccinated more easily and in solid format the vaccine should have a significantly longer shelf life.

3. Glide flu vaccine. Feasability studies are being undertaken on the use of sold dose flu vaccines.

In parallel to progressing its own product pipeline Glide will be looking to attract new pharmaceutical companies who want to develop proprietary drugs and vaccines in the Glide SDI.

Last Updated: Tuesday, August 18, 2015

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

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

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. Arecor achieved sales of £860,000 in the year to May 2013, and sales increased during the year to May 2014.

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.

Invro

Invro

Invro - Investment Information for OT3
Date of First Investment Apr 2004

Invro was founded by Dr Grant, who was a reader in Industrial Electronics at Bristol University, has had a long-term interest in creating electronics that minimise power consumption. OT3VCT originally invested in 2004 to support a SMART award, whose purpose was to build a demonstrator of a very low power radio; the target being to reduce power consumption by 90%. This objective was met, and a prototype made. It was hoped that this technology would be licensed to manufacturer of radios. It was (and is) believed that such a radio, which would run on a small battery for many months would be particularly useful in the less developed world, where a radio is often the main source of news and information and where the cost of a battery is a major factor. But Invro was not able to find a manufacturer. Dr Grant retired from the University in 2010 and has since been able to devote more time to Invro, with the emphasis now on the wider opportunities which advancing power electronics technology presents. Invro continues to play its part in the UltraWire consortium which seeks to produce ultra-conductive wire based on a mixture of copper and carbon nanotubes. The company continues to explore opportunities for expanding the use of power electronics in a variety of fields, particularly the mining and metal processing industries. New technologies are in development.

Invro

Ixaris

Ixaris

Ixaris- Investment Information for OT3
Date of First Investment Aug 2002

OT3 first invested £110,000 in Ixaris Systems Ltd in 2002 when the company consisted of just three founders with an idea for a transaction-based financial solution that would give anyone the ability to pay online. Today, Ixaris specialises in developing innovative global payment applications based on open-loop prepaid card schemes that offer both consumers and businesses convenient access to real-time payments.

Ixaris’ payment service, EntroPay, enables those who are unwilling or unable to access credit card services to spend online and enter the financial mainstream. EntroPay is a Virtual Visa card that works like other Visa debit cards, but is delivered electronically to a user’s computer instead of via a plastic card. EntroPay Virtual Visa cards can be created at the time they are needed, and a new one can be created for each transaction, making EntroPay one of the most secure methods of paying anywhere online.

The company also offers its IxSol product (formerly known as Opn) on a Platform as a Service basis to enable enterprises to develop their own customised global applications for payments over various networks. IxSol is trading satisfactorily with a number of deployments in progress and a good sales pipeline IxSol is being used by companies in the affiliate marketing and travel sectors and sales efforts are now also focussing on the international e-commerce and financial services sectors.

Ixaris

Metal Nanopowders

Metal Nanopowders- Investment Information for OT3
Date of First Investment Nov 2002
Metal Nanopowders- Investment Information for OT4
Date of First Investment Aug 2006

Metal Nanopowders

Metal Nanopowders is a spin-out from Birmingham University, and was established to commercialise a process invented by Dr Isaac Chang for making very fine metal powders with diameters less than 100 nanometers. The purpose of the investment was to build a machine which is capable  of producing kilogram quantities of these powders. After the investment the company hired its first employee whose first task was to automate the production at lab scale, and then to design and build the kg scale production machine. Dr Chang has retained his academic position but is a director of the company, and is actively involved in its development.

Following the investment, it proved more difficult than expected to automate the process at lab scale, and it has transpired that it is much more difficult to make some powders than others. It proved necessary to go back to basics and to try to understand more about the fundamental physics of the process. The original engineer left, and a PhD student Lucian Faulticeanu became involved. Good progress was made and the company is now able to produce larger quantities of nanopowders reliably. Samples of many powders were made for a variety of customers with a variety of potential applications. If one of the applications leads top a commercial product then Metal nanopowders would scale up to produce tons and the business would become viable. In 2010 the business was scaled back with the founder, who continues  with his academic job at Birmingham university being the sole employee, sometimes assisted by a PhD student. During 2010 the company received a grant to make samples of a specialist nanopowder for a defence application. At the time of writing the first of these samples is being evaluated. In 2012, the company was involved in 7.8M Euros EU-FP7 NMP project entitled “Better Upscaling and Optimization of Nanoparticle and Nanostructure Production by Means of Electrical Discharges (BUONAPART-E)” to develop and demonstrate large scale production of nanoparticles at a rate of 1Kg/day.

Dr Chang & Lucian Falticeanu

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.

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.

Scancell Ltd

www.scancell.co.uk

Scancell- Investment Information for OT1
Date of First Investment Aug 1999
Scancell- Investment Information for OT3
Date of First Investment Dec 2003

Scancell is an AIM listed biotechnology company in which Oxford Technology VCT was one of the original investors in 1999 when Professor Lindy Durrant, Scancell’s founder was based in a university lab in Nottingham. OT3 owns 4,425,920 shares in Scancell.

Scancell is developing novel immunotherapies for cancer based on two platform technologies, known as ImmunoBody and Moditope. Scancell’s first ImmunoBody, SCIB1 is being developed for the treatment of melanoma and is in Phase II clinical trials. In theory, these Scancell technologies could be used to treat many common forms of cancer, including breast and prostate. Data from the trials to date is encouraging and demonstrate that SCIB1, when used as monotherapy, has a marked effect on tumour load, produces a melanoma-specific immune response and highly encouraging survival trend without serious side effects.

Scancell has also identified and patented a series of modified epitopes that stimulate the production of killer CD4+ T cells that destroy tumours without toxicity. The Directors believe that the Moditope® platform could play a major role in the development of safe and effective cancer immunotherapies in the future.

Scancell Holdings is listed in the FTSE AIM All-Share Index in the Pharmaceuticals & Biotechnology sector. (Code SCLP)

Select Technology Ltd

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

Superhard Materials

Superhard Materials- Investment Information for OT3
Date of First Investment Feb 2012
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Superhard Materials- Investment Information for OT4
Date of First Investment Feb 2012

In early 2012, Lucian Falticeanu, who was employed by Metal Nanopowders discovered a method of treating certain powders to produce a material which is super hard. (Hardness > 45 Gpa – believed to be harder than anything except diamond itself). The powder may be pressed into a shape which is then sintered at very high temperature to produce the end product. This may be electrically machined and also polished if necessary. It is believed that this may have several applications. A new company, Superhard Materials Ltd has been established in which Lucian has a 40% shareholding, to take this forward. The rights to this material, now called Superduride, have been licensed to Precision Ceramics Ltd in Birmingham. Lucian has also joined Precision Ceramics as Technical Director. Precision Ceramics will pay all the costs of manufacture and marketing of Superduride, and Superhard Materials will receive a share of the gross margin on sales.


Share Price Information and RNS Announcements

For information from the London Stock Exchange on the share price for OT3 and all RNS announcements, please click on the image below: