X
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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 101.6p at at 29 Feb 2016.

Dividends paid to date total 17p, mainly resulting from the sale of Commerce Decisions, BioAnaLab and MET.


Portfolio

Abzena

Abzena - Investment Information for OT3
Date of First Investment Jan 2012
Total Investment to Date £115,095
Current Value of Holding (as at 29 May 2015) £219,007
% Equity 0.3%
Abzena - Investment Information for OT4
Date of First Investment Jan 2012
Total Investment to Date £42,349
Current Value of Holding (as at 29 May 2015) £81,882
% Equity 0.1%

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

At 29 May the bid price for Abzena’s shares was 85p per share. Abzena is listed in the FTSE AIM All-Share Index in the Pharmaceuticals & Biotechnology sector. (Code ABZA)


Last Updated: Tuesday, August 18, 2015

Allinea Software

Allinea - Investment Information for OT3
Date of First Investment May 2009
Total Investment to Date £14,929
Current Value of Holding (as at 31 May 2015) £136,866
% Equity 2.3%

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

Last Updated: Tuesday, August 18, 2015

Arecor

Arecor

Arecor- Investment Information for OT2
Date of First Investment Jul 2007
Total Investment to date £14,282
Current Value of Holding (as at 31 May 2015) £38,140
% Equity 0.6%
Arecor - Investment Information for OT3
Date of First Investment Jul 2007
Total Investment to Date £23,985
Current Value of Holding (as at 31 May 2015) £46,820
% Equity 0.7%
Arecor - Investment Information for OT4
Date of First Investment Jul 2007
Total Investment to Date £231,198
Current Value of Holding (as at 31 May 2015) £445,375
% Equity 6.4%

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

Last Updated: Tuesday, August 18, 2015

BioAnaLab

bioanalab

BioAnaLab - Investment Information for OT3
Date of First Investment Nov 2002
Total Investment to Date £239,000
Total Return on Sale - 2009 £1,123,154

BioAnaLab was acquired by Millipore (now Merck Millipore) in 2009.

BioAnaLab was founded in 2002 by Professor Geoff Hale to provide an outsourcing solution for the analysis of biopharmaceuticals by pharmaceutical companies. This was based on the experience of its founders at the Therapeutic Antibody Centre (University of Oxford) where a large number of therapeutic monoclonal antibodies, including CAMPATH®, were developed in a GMP setting.

Biopharmaceuticals are a rapidly growing sector of the pharmaceutical industry and present a unique set of challenges for their analysis. Novel methodologies are required to measure drug potency, pharmacokinetics and biodistribution, patient responses and product efficacy, and these all require development and validation in order to satisfy regulatory requirements.

BioAnaLab provides the scientific and regulatory insight necessary to overcome these challenges. It has a substantial team of experienced scientists, enabling it to offer a range of bespoke analytical services in the areas of assay development / transfer / establishment, assay validation and sample analysis. In 2009, the company was acquired by Millipore (which was subsequently acquired by Merck).

BioAnaLab's Laboratories

Last Updated: Tuesday, August 18, 2015

Commerce Decisions

Commerce Decisions

Commerce Decisions- Investment Information for OT2
Date of First Investment Aug 2001
Total Investment to date £200,000
Total Return on Sale - 2008 £637,271
Commerce Decisions- Investment Information for OT3
Date of First Investment Jul 2003
Total Investment to date £100,000
Total Return on Sale - 2008 £233,939

Commerce Decisions was acquired by Qinetiq in 2008.

Commerce Decisions Ltd developed a software package called AWARD that assists organisations making large, complex procurements manage the process more efficiently. For example, whilst the purchase of a single computer is an extremely simple process, the procurement of ten thousand computers, a sports stadium, or a battleship, is a vastly more complex undertaking involving bids from numerous contractors and subcontractors.

AWARD allows both bidders (AWARD for Bidders) and buyers (AWARD for Buyers) to manage the bid preparation and assessment process efficiently, reaching decisions rapidly, collaboratively, and with a transparent audit trail - potentially saving hundreds of thousands of pounds.

Commerce Decisions Office

Last Updated: Tuesday, August 18, 2015

Concurrent Thinking

Concurrent Thinking

Concurrent Thinking - Investment Information for OT3
Date of First Investment Nov 2009
Total Investment to date £96,603
Current Value of Holding (as at 31 May 2015) £23,667
% Equity 2.5%

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

Last Updated: Tuesday, August 18, 2015

Dataflow Ltd

www.dataflow.co.uk

Dataflow - Investment Information for OT1
Date of First Investment Mar 1998
Total Investment to date £156,185
Company Sold - September 2013 £23,000 to date
Further payment due 2015
Dataflow - Investment Information for OT3
Date of First Investment Jul 2002
Total Investment to date £70,002
Company Sold - September 2013 £54,803 to date
Further payment due 2015

Dataflow produces accounting software for medium sized companies with sales of up to £250m. Its software is multi currency and is very easy to use, and allows the user to integrate Excel spreadsheets for doing particular calculations. Dataflow did not manage to achieve the large jump in sales that was hoped for following the original investment, but it has survived and has been making steady if undramatic progress. It has many customers who have used its software for more than 25 years, and who like it and do not wish to change.

In recent years, Dataflow has produced versions of its software that are tailored to certain market applications, such as haulage and waste disposal. In this case the software is integrated with a mobile application, so that the administrator may inform the drivers of their route/delivery schedules, and by the same action enter this data into the accounts software.

Dataflow has also developed a sophisticated job costing package, suitable for companies who run projects amounting ot several £m, and which may take 18 months or longer to complete. Keeping accurate track of the costs of such projects over time is not trivial. Dataflow was commissioned to write this package (~£100,000) by a customer who could not find a suitable package from any other supplier.

In 2013 OT1 and OT3 agreed the sale of its shareholdings in Dataflow to the company.

Last Updated: Tuesday, January 18, 2015

Equitalk

www.equitalk.co.uk

Equitalk - Investment Information for OT1
Date of First Investment Jan 2000
Total Investment to date £135,672
Total Return on Sale - July 2006 £9,107
Equitalk - Investment Information for OT2
Date of First Investment Jul 2001
Total Investment to date £270,211
Total Return on Sale - July 2006 £34,939
Equitalk - Investment Information for OT3
Date of First Investment Jan 2003
Total Investment to date £101,598
Total Return on Sale - July 2006 £23,356

Kleeneze Conference LaunchEquitalk was founded in January 2000 with the objective of creating a low cost, paperless, telephone service. A typical user saves about 30% of the cost of calls from BT. Any shareholder wishing to reduce telephone and internet connection charges may email customer.service@equitalk.co.uk The service is inexpensive to run since its processes are automated, customers are e-mailed their bill and pay by direct debit. At no point is there any paper. Customers are able to see details of their calls within 24 hours on the internet. However, the market became increasingly competitive, with more and more companies entering the business, some of them very large and well-funded. In July 2006 Equitalk was sold to X-Fone.

Last Updated: Tuesday, August 18, 2015

Glide Pharma

Glide Pharma

Glide Pharma - Investment Information for OT3
Date of First Investment Nov 2003
Total Investment to date £224,995
Current Value of Holding (as at 31 May 2015) £813,621
% Equity 3.3%
Glide Pharma - Investment Information for OT4
Date of First Investment Feb 2005
Total Investment to date £975,001
Current Value of Holding (as at 31 May 2015) £1,438,604
% Equity 5.8%

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
Total Investment to date £175,000
Current Value of Holding £12,352 (as at 31 May 2015)
% Equity 0.3%
ImmunoBiology- Investment Information for OT3
Date of First Investment May 2003
Total Investment to date £250,000
Current Value of Holding (as at 31 May 2015) £187,356
% Equity 3.8%
ImmunoBiology- Investment Information for OT4
Date of First Investment Dec 2000
Total Investment to date £375,000
Current Value of Holding (as at 31 May 2015) £350,386
% Equity 7.2%

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

Last Updated: Tuesday, August 18, 2015

Inaplex

Inaplex

Inaplex- Investment Information for OT2
Date of First Investment Jan 2001
Total Investment to date £138,317
Current Value of Holding (as at 31 May 2015) £36,308
% Equity 21.5%
Inaplex- Investment Information for OT3
Date of First Investment Mar 2003
Total Investment to date £57,955
Current Value of Holding (as at 31 May 2015) £22,416
% Equity 13.3%

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.

Last Updated: Tuesday, August 18, 2015

Insense

Insense

Insense - Investment Information for OT2
Date of First Investment Jun 2001
Total Investment to date £204,259
Value of Holding (As at 31 May 2015) £37,927
% Equity 3.5 %
Insense - Investment Information for OT3
Date of First Investment May 2003
Total Investment to date £316,894
Value of Holding (As at 31 May 2015) £43,868
% Equity 4.1 %
Insense - Investment Information for OT4
Date of First Investment May 2003
Total Investment to date £457,306
Value of Holding (As at 31 May 2015) £48,488
% Equity 4.5 %

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.

Last Updated: Tuesday, August 18, 2015

Invro

Invro

Invro - Investment Information for OT3
Date of First Investment Apr 2004
Total Investment to date £50,000
Current Value of Holding (as at 31 May 2015) £20,000
% Equity 33.1%

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.

Members of the UltraWire consortium are as follows:

  • University of Cambridge (UK)
  • Outotec Oy (Finland)
  • National Grid Electricity Transmission plc (UK)
  • Aurubis (Belgium)
  • Aalto University (Finland)
  • Cambridge Nanomaterials Technology Ltd (UK)
  • Nexans S.A.S (France)
  • AGH University (Poland)
  • KME GMBH (Germany)
  • Institute of Occupational Medecine (UK)
  • Peugeot Citroen Automobiles S.A. (France)
  • Wieland-Werke AG (Germany)
  • PE International (UK)
  • Invro Ltd. (UK)

Invro

Last Updated: Tuesday, August 18, 2015

Ixaris

Ixaris

Ixaris- Investment Information for OT3
Date of First Investment Aug 2002
Total Investment to date £218,038
Current Value of Holding (as at 31 May 2015) £1,461,170
% Equity 7.1%

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 was awarded an EU grant of €2.5 million, of which €1.6m will be received over three years, to help fund the existing platform technology roadmap which highlights the innovative nature of the Payment System.

OT3 also took its share of a venture loan to Ixaris, investing a further £108,000 in summer 2011.

Ixaris

Last Updated: Tuseday, August 18, 2015

MET Ltd

MET

 MET - Investment Information for OT1
 Date of First Investment  Dec 1998
 Total Investment to Date  £210,000
 Total Return on Sale - March 2010  £816,500
MET - Investment Information for OT2
 Date of First Investment  May 2002
  Total Investment to Date  £75,000
  Total Return on Sale - March 2010  £192,459
 MET - Investment Information for OT3
  Date of First Investment  May 2002
  Total Investment to Date  £75,000
  Total Return on Sale - March 2010  £192,459

Membrane Extraction Technology (MET) was founded by Andrew Livingston, Professor of Chemical Engineering at Imperial College in 1995. OT1 was the first external investor in December 1998. Originally based at Imperial College, the company specialised in developing methods for improving the separation stage of chemical preparations. Sometimes the task was to remove an impurity by developing a membrane-based process which would allow the impurity to pass selectively through the membrane, sometimes the membrane would allow only the desired chemical to pass through the membrane. During these initial years, MET used membranes manufactured by others. But these were not always ideal for the task.

So, in 2006, MET began developing membranes of its own, and established a facility for manufacturing these. By this time, MET was based at a small industrial unit in Fulham. Sales, including grants, were £681,000 in the year to July 2008 and MET recorded a profit of £90,000. During 2009, MET moved all its operations into a larger factory in North London, where it has offices, a laboratory for R&D and testing/quality control, and a facility for manufacturing its proprietary range of organic nanofiltration membranes, Duramem, produced in spiral-wound format so that each module incorporates many square meters of membrane.

MET LtdMET has supplied "MET cells" to many of the worlds largest pharmaceutical companies. These are bench-top devices which enable companies to try out separations using a variety of membranes and process conditions at lab scale. The hope and expectation is that these trials will result in some of the membranes being used in production, in which case the companies concerned will order production quantities of membranes from MET. This process has started to work with one of the largest pharma companies using Duramem at process scale, when on 1st March 2010, MET was acquired by Evonik Industries AG, Essen, Germany.

Last Updated: Tuesday, August 18, 2015

Metal Nanopowders

Metal Nanopowders- Investment Information for OT3
Date of First Investment Nov 2002
Total Investment to date £152,864
Current Value of Holding (as at 31 May 2015) £12,864
% Equity 20%
Metal Nanopowders- Investment Information for OT4
Date of First Investment Aug 2006
Total Investment to date £52,273
Current Value of Holding (as at 31 May 2015) £10,606
% Equity 16.7%

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

Last Updated: Tuesday, August 18, 2015

Orthogem

Orthogem

 Orthogem - Investment Information for OT2
Date of First Investment Dec 2000
Total Investment to Date £303,937
Current Value of Holding (as at 31 May 2015) £62,475
% Equity 7.3%
Orthogem - Investment Information for OT3
Date of First Investment Dec 2004
Total Investment to Date £113,999
Current Value of Holding (as at 31 May 2015) £21,831
% Equity 2.5%
Orthogem - Investment Information for OT4
Date of First Investment May 2007
Total Investment to Date £114,915
Current Value of Holding (as at 31 May 2015) £14,646
% Equity 1.7%

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.

Last Updated: Tuesday, August 18, 2015

Plasma Antennas

Plasma Antennas

Plasma Antennas - Investment Information for OT2
Date of First Investment Nov 2001
Total Investment to Date £187,550
Current Value of Holding (as at 31 May 2015) £188,856
% Equity 8.26%
Plasma Antennas - Investment Information for OT3
Date of First Investment Sep 2004
Total Investment to Date £108,057
Current Value of Holding (as at 31 May 2015) £108,956
% Equity 5.32%
Plasma Antennas - Investment Information for OT4
Date of First Investment Mar 2005
Total Investment to Date £447,562
Current Value of Holding (as at 31 May 2015) £576,694
% Equity 24.9%

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

Scancell Ltd

www.scancell.co.uk

Scancell- Investment Information for OT1
Date of First Investment Aug 1999
Total Investment to date £391,665
Current Value of Holding (as at 31 May 2015) £2,426,363
% Equity 3.1%
Scancell- Investment Information for OT3
Date of First Investment Dec 2003
Total Investment to date £324,999
Current Value of Holding (as at 31 May 2015) £1,560,137
% Equity 2.0%

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 remains a high risk investment – clinical trials can go either way, but if the trials go well, we would expect to see a significant increase in the share price. The whole area of cancer immunology is now centre stage for major pharmaceutical companies seeking to secure a long term position, as this very new exciting area starts to deliver excellent clinical outcomes, which are anticipated to replace current crude, but often effective, treatments based around chemotherapy and radiotherapy.

New data published in March 2015 demonstrated that animals treated with a combination of SCIB2, Scancell's ImmunoBody® vaccine in development for the treatment of lung, oesophageal, prostate and other epithelial cancers, and checkpoint inhibition showed enhanced tumour destruction and significantly longer survival times than when either treatment was used alone which is positive news.

The bid price of Scancell's shares used for the calculation of the 31 May 2015 NAV was 35.25p. Scancell Holdings is listed in the FTSE AIM All-Share Index in the Pharmaceuticals & Biotechnology sector. (Code SCLP)

Last Updated: Tuesday, August 18, 2015

Select Technology Ltd

www.selectec.co.uk

Select Technology- Investment Information for OT1
Date of First Investment Sep 1999
Total Investment to date £488,224
Current Value of Holding (as at 31 May 2015) £1,198,306
% Equity 30.0%
Select Technology- Investment Information for OT2
Date of First Investment Nov 2001
Total Investment to date £132,000
Current Value of Holding (as at 31 May 2015) £296,384
% Equity 7.4%
Select Technology- Investment Information for OT3
Date of First Investment Nov 2004
Total Investment to date £47,051
Current Value of Holding (as at 31 May 2015) £112,307
% Equity 2.8%
Select Technology- Investment Information for OT4
Date of First Investment Aug 2006
Total Investment to date £236,703
Current Value of Holding (as at 31 May 2015) £734,226
% Equity 18.4%

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

Last Updated: Tuesday, August 18, 2015

Superhard Materials

Superhard Materials- Investment Information for OT3
Date of First Investment Feb 2012
Total Investment to date £10,909
Current Value of Holding (as at 31 May 2015) £10,909
% Equity 21.8%
Superhard Materials- Investment Information for OT4
Date of First Investment Feb 2012
Total Investment to date £9,091
Current Value of Holding (as at 31 May 2015) £9,091
% Equity 18.2%

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.

The first samples have now been supplied to potential customers, and trials should start soon. No orders have been received yet.

Last Updated: Tuesday, August 18, 2015

Telegesis

Telegesis

Telegesis - Investment Information for OT2
Date of First Investment Dec 2003
Total Investment to Date £7,824
Total return on holding - 2015 £355,000
Telegesis - Investment Information for OT3
Date of First Investment Oct 2003
Total Investment to Date £147,019
Total return on holding - 2015 £3,330,000
Telegesis - Investment Information for OT4
Date of First Investment Dec 2005
Total Investment to Date £230,520
Total return on holding - 2015 £1,620,000

Telegesis designs, manufactures and supplies Zigbee modules. Zigbee is a communications protocol, in the same way that Bluetooth is a communications protocol. Bluetooth is for sending large volumes of data over short distances and is power hungry. Zigbee is for sending small amounts of data over larger distances with very low power consumption. Each Zigbee device can communicate with up to 64,000 other devices up to 1km apart, and the devices automatically configure themselves into a mesh network, with the data hopping from node to node.

The company has been making very good progress with increasing sales year on year and an expanding customer base all over the world.

Telegesis has joined Thread, a home automation group founded by Google. The objective is to be able to automate everything in the home, using the internet of things. If Zigbee becomes the protocol, then Telegesis will be well-placed to benefit.

Telegesis was acquired by Silicon Laboratories UK Ltd on 20 Nov 2015.

The new Zigbee modules

Last Updated: Tuesday, August 18, 2015

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