ANNUAL REPORT 2007 - Mibiton · mibiton A N N U A L R E P O R T 2 0 0 7 3 Contents Gerard van Beynum PhD 2007, another year of transition for mibiton 4 Frank Heemskerk MSc Life science

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Contents

Gerard van Beynum PhD2007, another year of transition for mibiton 4

Frank Heemskerk MSc Life science companies gain a lot by entering foreign markets 6

Marcel H. Langoor PhD PROXY Laboratories expands abroad 8

Laurens N. Sierkstra PhD and Ingeborg A. van Gemeren PhDBAC on track to break even 10

Jeroen van der Leijé MSc, BiqualysFinding the needle in the haystack 12

Joost van Bree PhD and Peter C. van Dijken PhDWithout mibiton Pepscan Systems would not exist 14

Willem J. Zwalve PhD and Christine M. d’Oliveira PhDTime to capitalize on life science expertise 16

Kees Recourt PhDMibiton’s Life Sciences Facility Fund 18

Wil Hazenberg PhD and Edward C. van Wezel MSc BioGeneration and mibiton management team up 20

Mibiton, investing in innovative Dutch Life Science Facilities 22

Investments as of 2005 23

Investments 2000 – 2004 25

Investments 1994 - 1999 27

Financial summary 30

Foundation pps mibiton, The Hague 32

The mibiton Foundation 34

Colophon 34

4

Gerard M.A. van Beynum PhD (Chairman mibiton Foundation)

2007, another year of transition for mibiton

Mibiton started last year with two challenges.

The fi rst challenge was of a fi nancial nature.

We already knew that our fi nancing from the

‘Actieplan Life Sciences’ would have a shorter

life than originally expected.

m i b i t o n A N N U A L R E P O R T 2 0 0 7

However, the Government fortunately offered us a new fi nancing model, based on the yet-to-be-developed ‘Life Sciences & Gezondheid’ (LSG) programme. The second challenge was to tackle the low deal-fl ow in our relatively unknown Share-Solo construction. In addition to our core activity ‘fi nancing facilities in the life sciences sector and monitoring our investments’, these two challenges demanded a considerable amount of attention.

Thanks to the support we received from the life sciences sector, which time after time stressed the importance of the mibiton toolbox for young life science companies and their networks, continuation of our fi nances is now ensured. We will now be able to continue our supportive role within the life sciences sector until at least 2011/2012. An internal evaluation on the effectiveness of our market approach concluded that we needed to substantially improve our performance.

In 2007 we took an important step by entering into collaboration with the investment managers of the BioGeneration Fund. In this report you will read more about how and why this agreement was entered into.

Our new investment, Biqualys, is highlighted in this report, as is the Ministry of Economic Affairs, to whom we owe the source of our budget. A number of satisfi ed customers share their experiences with mibiton and emphasize the important role we play in their entrepreneurial lives. Their feedback proves once again that we fulfi l a clear need within the market. This is a strong incentive for us to continue in the direction we have chosen.

By continuing to fi nance facilities and by stimulating cooperation between companies and other institutions, we aim to maintain our reputation as a professional partner in the life sciences sector.


we owe the source of our budget. A number of satisfi ed

cooperation between companies and other institutions,

2 0 0 7 5


Life science companies gain a lot by entering foreign markets

“Life science companies can generate extra revenues by entering foreign markets.

This can be achieved through research cooperation, as well as through exports or

by investing abroad. My Ministry supports this in many different ways.”

Frank Heemskerk MSc (Secretary of State Ministry of Economic Affairs)


A question for Mr. Heemskerk: For one of mibiton’s stakeholders – Proxy Laboratories – your trade mission to India in 2007 was an international breakthrough. Proxy signed a contract with the Indian company Claris Life Sciences Limited for the quality testing of their drugs for the European markets. Proxy is greatly expanding its activities with new facilities fi nanced by mibiton. What opportunities do you see for Dutch life science companies abroad, and how can they use these opportunities in the best possible way?

Mr. Heemskerk answers: “The life sciences sector as a whole is a very important economic sector for the Netherlands. We have many innovative companies in the areas of agricultural seeds, animal sciences and food, originating from our internationally recognized agro-food network in Wageningen. We also have a growing number of spin-offs from our excellent Dutch medical research institutes. I believe that these companies can generate extra revenues by entering foreign markets. This can be achieved by setting up research cooperations, but also by exporting and by investing abroad. Fast internationalisation is often important for (small) innovative life sciences companies. This is not easy, especially when your company is in the start–up or growth phase. I support life science companies through a pro-active economic diplomacy, trade missions to important growth markets, and by supplying information and communication on conducting business abroad. I also invest in programmes spanning several years which explore foreign markets alongside the companies.”

Question: What makes the Netherlands interesting as a location for foreign life science companies, and how is this promoted by your Ministry?

Mr. Heemskerk: “Our very good infrastructure with many outstanding knowledge institutions makes the Netherlands an excellent location. We score highly on indicators such as taxes, the education of employees, and our ability to speak foreign languages. This is why we are attracting a number of big companies.Our trump cards in the life sciences are the excellent quality of our medical, agricultural and more fundamental genomics research. The Netherlands also has an outstanding network of university medical centres responsible for a considerable amount of

clinical research. The cooperation between industry and the knowledge infrastructure is very strong, as is illustrated by the large public-private partnerships in medical and food areas, such as the Top Institute Pharma, the Centre for Translational Molecular Medicine and the Top Institute Food & Nutrition.

In these large and industrially-strategic research programmes both large and young life sciences companies work closely together with excellent Dutch research groups and university medical centres. This enables us to attract a growing number of foreign companies.”

Question: How important is the contribution of the Dutch Life Sciences sector for the total national innovation authority, and what do you see as the strong and weak points of the sector?

Mr. Heemskerk: “In the life sciences it is the large sectors that are important: medical products such as drugs and diagnostics, the whole food chain and biotechnology, for example

the production of enzymes. We have a number of very large companies within these sectors, and, since 2000, a growing number of new life science companies. We are talking about a substantial part of our industry with considerable opportunities for innovation. One of our most important strengths is, as I said before, our strong knowledge position. A possible risk is the lack of human capital.”

Question: The valorisation of scientifi c knowledge is moving slowly, compared with countries like the USA, Singapore, Scotland and Belgium. What do you consider to be important elements in stimulating entrepreneurship and innovation power? How can the Netherlands take a leading position in Europe?

Mr. Heemskerk: “My colleague Ministers, Maria van der Hoeven (Economic Affairs) and Ronald Plasterk (Education, Culture and Sciences), are working hard on this issue in various different ways. For example, they stimulate entrepreneurship through the ‘TechnoPartner’ programme. This offers high tech start-ups various means of support. In the Life Sciences sector our Ministry supports an innovation programme designed by the sector itself. This Life Sciences & Health programme offi cially started this spring with a kick-off meeting attended by Maria van der Hoeven.

‘Our trump cards in the life sciences are the excellent quality of our medical,

agricultural and more fundamental genomics research’


PROXY Laboratories expands abroad

PROXY Laboratories B.V. is in the world top thirty of fast growing life science

companies. It is now expanding its quality control testing activities to the Indian

market. The mibiton foundation has played an essential role in this development

by fi nancing the expensive equipment.

Marcel H. Langoor PhD (Director Business Development PROXY Laboratories)


Over the fi ve years between 2002 and 2006, PROXY Laboratories (Leiden, NL) had a total growth of 299 percent in annual revenues. This resulted in a position in the “Stellar Performers Technology Fast 500 EMEA Ranking” of fast growing technology companies composed by Deloitte. It was ranked 26th within the market segment ‘Life Sciences/Biotech companies’. PROXY started in 2001 as an independent quality control laboratory for international life science companies. PROXY is certifi ed for testing medicines and their ingredients for these companies, taking advantage of a major trend in this sector: the outsourcing of (bio) chemical and microbiological analyses.

PROXY is involved in the whole chain of pharmaceutical development, from the analysis of lead compounds and raw materials to the control of fi nished drug products. The company provides analytical method development and validation, but also training and consultancy in quality control, quality assurance and regulatory affairs. PROXY’s customer base currently comprises about 125 companies, including several international top-15 players.

The company is rapidly expanding its activities, not only in Europe, but also in India. At the end of 2007 PROXY signed a major contract with the Indian company Claris Lifesciences Limited for the testing of its pharmaceutical products before they are distributed to the European market. Marcel Langoor, who is responsible for PROXY’s Business Development: “Claris was the seventh Indian customer to generate substantial business with us. The quality of the pharmaceutical products from this country is very good and I therefore expect a strong growth in the import of these products into the European Union. All of these products have to be certifi ed before they are allowed onto the EU-market, and this quality control is our core business. Claris, for example, certifi ed its products in several European countries; it was testing separately for each country, which is of course both ineffi cient and expensive. Our laboratory in Leiden is now performing the quality control of all Claris products for the entire EU-market.”

“Last autumn I visited the major pharmaceutical exhibition CPhI in Milan, where two hundred companies from India showed an interest in the European market. I spoke personally to forty of them. About twenty were seriously interested in Europe and I met all of them in

India at the end of 2007 whilst on a trade mission with the Dutch Minister of Foreign Trade, Mr. Frank Heemskerk. On this occasion, I offi cially signed the contract with Claris in the presence of the Indian Minister of Commerce and Industry, Mr Kamal Nath. In Europe there are many independent contract laboratories servicing the (bio)pharmaceutical industry. Before signing the contract with PROXY, Claris people visited seven of them. In the end we were given the contract. Furthermore, PROXY is internationally well recognized because we have an offi cial registration from the WHO for the testing of anti-TB medicines. This is a very good reference which further adds to our credibility in the worldwide pharmaceutical business.”

PROXY has just completed a major expansion of its laboratory space, followed by an offi cial audit by the Netherlands Health Care Inspectorate. The company is geared up for the next step in its expansion, which is setting up a small-scale GMP facility for the production of small batches of pharmaceutical products focusing on early-phase clinical trials.

Langoor: “This is a market niche, because biotech starters now have a growing stream of leads in the pipeline for clinical trials. These companies need both

production capacity and storage. We provide a GMP/GLP facility and GDP storage. As such we expect to grow alongside these growing companies and their products. We will collaborate from the very beginning of the product development and will

expand our tests along with the market development of the products. When young life science companies enter the clinical stage with their products, they can no longer apply the methods they used in their research laboratories. They have to develop and validate analytical methods in certifi ed laboratories and therefore need to invest in facilities with a GLP and/or GMP license. This is precisely what PROXY offers, combined with the training of the companies’ employees. Hence, the young companies can postpone the investment in their own certifi ed facilities and use their money for their core business.”

Mibiton plays a crucial role in the development of PROXY. Langoor: “In the beginning a start-up company is always short of cash. Thanks to mibiton we were able to lease several essential pieces of equipment. The lease construction gave us a fl ying start; it is a very fl exible fi nancial instrument.”

‘The mibiton lease construction gave us a fl ying start; it is a very

fl exible fi nancial instrument’


BAC on track to break even

2007 was a breakthrough year for BAC B.V., the Bio Affi nity Company, in Naarden (NL).

It announced two major agreements with two outstanding companies, sanofi pasteur

for the development of a specifi c vaccine purifi cation product and General Electric

Healthcare for the immobilization and sale of four BAC products. Mibiton supported

BAC by fi nancing the necessary chromatography unit for the dedicated purifi cation

process of BAC’s products. BAC’s products are now being used in the purifi cation step

of fi ve different pharmaceutical products, ranging between antibodies, recombinant

proteins and viruses.

Laurens N. Sierkstra PhD (CEO BAC) and Ingeborg A. van Gemeren PhD (VP Business Development BAC)


BAC was established in 1995 as a Unilever subsidiary with specifi c knowledge of fermentation with micro-organisms like Saccharomyces, Pichia, Aspergilli and bacteria. The company produced proteins, peptides, fl avour compounds and antibody fragments.In 2002 Unilever Ventures fi nanced the set up of a new business in affi nity ligands. That was the start of BAC BV’s spin-off, thereby capitalising on the large investments made by the Unilever Group in the discovery and production of single domain antibody fragments over the past ten years.

“Today BAC has two major activities” explains CEO Laurens Sierkstra “fermentation and down-stream processing as unit operations for the production of different products for the purifi cation of large scale pharmaceutical products and the discovery and development of these affi nity products for pharma-ceutical companies, as is the case in our contract with sanofi pasteur. With General Electric (GE) Healthcare we agreed to develop and market affi nity chromatography media for the purifi cation of therapeutic recombinant Factor VIII. Our CaptureSelect® affi nity ligands are used in a very effi cient process-scale purifi cation of Factor VIII. This product is essential for the prevention and treatment of bleeding in patients with Haemophilia A. The agreement with GE Healthcare was the result of an earlier strategic agreement in 2006, in which two other products were outlicensed to GE-Healthcare, one product for the purifi cation of AAV (AdenoAssociated Virus) and one for poly/monoclonal antibodies (IgSelect). BAC’s products are now being used in the production and development of fi ve major pharmaceutical products. Last year was certainly a breakthrough for BAC’s products.”

“We also use specifi c purifi cation processes to purify our own affi nity CaptureSelect® products. Thanks to a fi nancial agreement with the mibiton foundation, which provided us with a large scale chromatography unit, we are now able to produce on a kilogram scale. The mibiton construction was very useful because lease companies cannot be certain that a start-up company like BAC will be able to pay, and in addition to the uncertainty of re-payment, the equipment is too specifi c for lease companies to take that risk.”

“BAC doesn’t want to invest heavily in equipment. We prefer to invest in our research and development”, adds Ingeborg van Gemeren, Vice President Business Development. “We are, therefore, negotiating a new agreement with mibiton for two new facilities. Mibiton has a track record of making quick decisions. Together, the mibiton Board and the Investment Manager possess

a considerable amount of experience with respect to investing in life sciences companies. So we are very happy with their support, both in terms of know-how as well as fi nancial.”

In 2005 BAC completed an external private fi nancing round, which was necessary to continue the development of new lab scale separations and to advance its lead products toward launch for large scale use in pharmaceutical processes.Sierkstra: “We had a diffi cult time at the beginning of 2007, as we were investing heavily in our clean room facility in Naarden, while fi nalising some of the key contracts was taking longer than expected (although we were certain that these contracts would be settled). Therefore the mibiton offer was very welcome.”BAC currently employs 29 people, 14 in research and development in Vlaardingen and 10 in the production facility in Naarden. This year the R&D department, currently located in the Unilever R&D facility in Vlaardingen, will move to the BioScience Park in Leiden

to be closer to other Biotech companies. ”Nowadays it is very hard to fi nd laboratory space”, complains Sierkstra, “so it took a lot of time”. He expects the company to grow in number to about 35 people this year. “We are

much more comfortable now than last year, with new contracts with pharmaceutical companies for the specifi c development of purifi cation products, like our recently announced deal with Octapharma and Hematech, but also with the sales of our standard products via GE-Healthcare.”

He is optimistic about the future. “We are operating worldwide and we have a broad set of opportunities for operating in different markets both in life sciences and in food. We are now developing products with DSM and Friesland Foods in the Netherlands. With our intellectual property portfolio of more than 20 patents, patent applications and licences we can offer very interesting opportunities in these markets.”

“We are also participating in public-private partnerships, such as the Centre for Translational Molecular Medicines and the Dutch Separation Technology Institute to generate new scientifi c knowledge and new technology enabling us to stay ahead of competing companies.”“Although the Dutch Government is investing heavily in these public-private partnerships, for SMEs like BAC it is hard to keep up with the investments of large companies and to have infl uence on the direction of the research programmes in these institutes. It would be very helpful if SMEs could invest ‘in kind’ only in these programmes, as is the case with universities and knowledge institutions”, says Van Gemeren.

‘We are very happy with the mibiton support, both in terms of know-how as well as fi nancial’

Laurens N. Sierkstra PhD (CEO BAC) and Ingeborg A. van Gemeren PhD (VP Business Development BAC)


Finding the needle in the haystackIn 2007 mibiton invested in Biqualys, a new contract laboratory in Wageningen

(NL). Biqualys offers extremely accurate chemical analysis for a broad range of

applications and markets, such as food, pharma and cosmetics; a combination of

state-of-the-art equipment and more than eighty years analytical experience.

From left to right Henk van As PhD (CSO Biqualys), Jacques Vervoort PhD (CSO Biqualys) and Jeroen van der Leijé MSc (CEO Biqualys)


Despite its short life, Biqualys has already booked excellent results. It was able to solve a major problem for RIZA, one of the Dutch Water Laboratories. For fi ve years the water authorities had been aware of the illegal dumping of chemicals in the river Maas, but were unable to identify the compounds and trace the source. The problem has now been solved, thanks to Biqualys’ very precise analytical equipment. Biqualys operates at the cutting edge of what is currently possible in chemical analysis. “We are able to fi nd the needle in the haystack”, says CEO Jeroen van der Leijé.

The idea for Biqualys was initiated in early 2006. Jacques Vervoort PhD and Henk van As PhD, both associate professors at Wageningen University (WUR), required new and unique (and therefore expensive) analytical equipment, but the funding within the University was continually delayed. The Wageningen Business Generator (the Technology Transfer Offi ce of the WUR) suggested setting up a company that could sell commercial analytical services, as a way of bypassing these funding issues.

Jeroen van der Leijé joined the Biqualys team in mid 2006 bringing with him his commercial and management skills. He developed the business model, negotiated the deals and arranged the funding. After nine years at Shell he is now CEO at Biqualys. Biqualys has six shareholders: the three founders, WUR, the mibiton Foundation and Biox Biosciences (an independent investor in the life sciences).Van der Leijé: “The role of mibiton was crucial because it’s very hard to fi nd investors in life science companies that bring a signifi cant and useful network in addition to their money. Quite often it is just one of the two.”Biqualys deploys high-throughput Ultra High Performance Liquid Chromatography (UPLC), linked to a high-resolution Mass Spectrometer (FTMS) and Nuclear Magnetic Resonance (LC-SPE-NMR-MS), which are the most advanced methods used to identify and quantify (bio- active) compounds in complex substances like food, dairy products, pharmaceutical products, water and so on.Vervoort: “Usually NMR and MS are two distinct fi elds of expertise, but their strengths are better utilised when they are combined. MS and NMR as complementary methods are particularly useful for online bio-assays to characterise a system’s biological processes and to identify biomarkers and fi ngerprints. The spectra from MS and NMR measurements are matched with specifi c, in-house developed databases.”

Because of its close relationship with Wageningen University, Biqualys has access to a broad range of analytical techniques, knowledge and equipment, in addition to in-house equipment. The company is located on the WUR compound, next to the University’s analytical department.It is a typical win-win situation explains Henk van As. “The WUR gains access to state-of-the-art analytical equipment to carry out research at the frontiers of analytical science, while at the same time we offer our equipment, skills and experience to the commercial market.”

Van der Leijé: “However, our commercial customers do receive preferential treatment, as we are after all a commercial company. Biqualys employs highly-experienced scientifi c people, who were educated at the university. Now their experience is available to the market. We operate close to the limits of the analytical possibilities and are therefore complementing the range of analytical laboratories. We are not a routine type of

laboratory; we like to do the diffi cult analysis and resolve unknown compounds.”Vervoort adds: “We offer a broad range of possibilities, not only in chemical analysis,

but also in experience. We are, for example, able to advise customers on how to prepare their samples. We also have access to a large database with reference materials and data of earlier measurements.”

Van der Leijé explains that it took some time to establish Biqualys for two reasons, one being the negotiations with investors on the equity share and the other being the discussions on the value of the intellectual property. “The WUR wanted a considerable share in the company, where we preferred a royalty agreement. Due to the risk profi le of start-up companies, I believe that public institutions like universities should only invest in start-ups when there is insuffi cient private equity available in the market.”Van As: “During the negotiations the role of the different partners changed. At a certain point I was not sure if this was the way to go, but in the end I am very glad everything is settled. One of the lessons learned is that decisions need to be taken quickly in order to keep the momentum going. This applies to all shareholders in Biqualys.”

The three founding fathers are optimistic about the future. They anticipate that the company will grow to twelve to fi fteen people within the next couple of years and will also break even in 2008.

‘Mibiton brings a signifi cant and useful network in addition to money’


Without mibiton Pepscan Systems would not exist

Last year Pepscan Systems became the outright owner of the peptide synthesizer

that the company had been leasing from mibiton for several years. This lease

construction helped Pepscan to overcome the diffi cult fi rst years of a life sciences

start-up company.

Joost van Bree PhD (CEO Pepscan Systems) and Peter C. van Dijken PhD (Chief Commercial Offi cer Pepscan Systems)


Since 2003 the mibiton lease construction provided Pepscan Systems (Lelystad, NL) with an essential peptide synthesizer worth more than half a million euro. In 2007 this equipment was handed over to the company. Mibiton certifi ed Pepscan with its special quality label for the ‘outstanding exploitation of the equipment’.

If would have been ironic if it had not been so tragic, but in the beginning of 2008 Pepscan was hit hard by a fi re in one of its laboratories at the BioScience Park in Lelystad, destroying a lot of expensive equipment, including the former mibiton synthesizer. After a few weeks however, the company was up and running again, operating from three different locations.Peter van Dijken PhD, Chief Commercial Offi cer: “We were very lucky to fi nd a location with laboratory equipment in the neighbourhood, from a company that recently went bankrupt. The insurance will cover all the damage from the fi re, and will also provide us with new equipment for the synthesis of peptides. This time we won’t have to apply to mibiton for fi nancing, because we now have a proven fi nancial track record and a positive cash-fl ow. Back in 2003 this was a very different situation. At that time it was impossible for us to fi nance the equipment through a loan or commercial leasing. Thanks to mibiton we were able to develop our business and to generate revenues from the synthesis of specifi c peptides. Basically, without mibiton Pepscan would not even exist.”

Pepscan provides peptide-based products and services for pharmaceutical and biotechnology companies. The company is specialized in identifying and reconstructing protein interaction sites in the human body, so called epitopes. These interactions play a major role in therapeutically relevant processes. The fees for service activities are increasing due the proprietary technologies for the production of special peptides and derivatives. Van Dijken: “We are able to simultaneously synthesize thousands of peptides with specifi ed amino acid sequences. The peptides can be of any length, 30 amino acids or more, and can be used to study epitopes and to identify and optimize leads for a wide range of targets.”

The company also has a drug discovery and development branch, Pepscan Therapeutics, which focuses on the development of innovative peptide-based technologies to build a pipeline of product candidates.

Van Dijken: “Our fee for service activities provides a positive cash-fl ow that enables us to develop therapeutic vaccines. We are now entering the clinical stage with our fi rst product, a prostate cancer vaccine. Further products in development include a pancreatic cancer vaccine. In order to develop these vaccines, the company attained venture capital investment.We have developed a special technology for the mimicry of the essential three dimensional structures of peptides. This CLIPS technology (Chemically Linked Peptides on Scaffolds) enables us to produce one or more peptides in the form of a spatially defi ned construct. Due to their rigid structure these molecules behave as synthetic protein domains. This makes them very suitable for identifying and reconstructing complex protein interaction sites.

The interaction of proteins is mediated by surface-exposed domains consisting of one or more loops. Linear peptides are usually structurally undefi ned,

which makes them poor mimics of protein domains.”

The company’s unique peptide synthesizing ability has attracted considerable attention from various kinds of life science and

pharmaceutical companies. Pepscan currently has several agreements for the co-discovery of monoclonals. Recently, such an agreement with Genmab was announced. Van Dijken: “With our CLIPS technology we are able to fi nd targets that were supposed to be intractable.”

According to Joost van Bree, Pepscan’s CEO, the company is now ready to set up a facility in the USA, which is the main market for the (bio)pharmaceutical industry. “We currently employ 35 people in the Netherlands and this number is not expected to change for the time-being. However, during this year we will explore the possibilities in the USA and will decide where to start. Possible locations are the Bay Area of San Diego (California) or the Boston area.”Both Van Dijken and Van Bree are optimistic about the life sciences climate in the Netherlands. The Ministry of Economic Affairs’ new Life Sciences and Heath programme offers new incentives for companies like Pepscan who face the long and winding fi nancial road of clinical development of new therapeutics. “We would very much like to see specifi c incentives for individual companies as we had in the past. These incentives proved to be very attractive for us.”

‘Thanks to mibiton we were able to develop our business and to

generate revenues’


Time to capitalize on life science expertise

Since 2003 the Dutch government has invested and committed more than

€ 1.5 billion to the knowledge infrastructure for life sciences with dedicated

programmes for genomics, medicines and biomedical materials. “Now it is time

to reap the societal and economic benefi ts from these programmes”, says

Willem Zwalve of SenterNovem. “We want to combine scientifi c excellence with

capitalization.”

Willem J. Zwalve PhD (Director Innovation SenterNovem) and Christine M. d’Oliveira PhD (Project Consultant SenterNovem)


Over the last six years the Dutch government has given the life sciences sector an enormous boost. The government has invested both in scientifi c programmes and public-private partnerships for genomics, translational molecular medicine, biomedical materials, pharma and dedicated databases. It facilitated the second stage of the Netherlands Genomics Initiative (NGI) with € 272 million. The government has also supported three public-private platforms in this fi eld: the Centre for Translational Molecular Medicines (CTMM) with € 150 million, the new Top Institute Pharma (TIP) with € 130 million and a BioMedical Materials (BMM) programme with € 50 million. The same amount of money will become available for these three initiatives from industry and universities, including the university hospitals. On top of this, the government has committed to the ‘Life Sciences & Gezondheid’ (LSG) programme (LSG = Life Sciences & Health) aimed at capitalizing on the scientifi c knowledge from all of these initiatives and creating new companies within the health sector, with new products for cure, care and diagnostics. Within ten years this programme should generate €15 billion extra revenue from industrial life science activities, double the number of R&D-oriented life science companies to 300, and create 15,000 new jobs in this sector. “LSG is the roof that has been created on top of the already impressive life sciences building. The roof is resting on the ‘pillars’ NGI, CTMM, BMM. This building will not only contribute to the generation of economic added value, but also to added value for society. The programme fi ts perfectly into one of this government’s main innovation targets, namely ‘healthcare’. By investing in life sciences the government expects to be able to signifi cantly lower the cost of healthcare. It’s a win-win-win situation. We contribute to the generation of excellent scientifi c knowledge, and we create new opportunities for the economy as well as extra benefi ts to keep healthcare affordable”, says Willem Zwalve, Director of Innovation for SenterNovem.In the new LSG programme mibiton can play an important role in the stimulation of economic activity by fi nancing shared facilities and equipment for young life science companies. An important tool in the LSG programme is a credit facility to help life science companies to attract capital for the costly clinical development of new pharmaceutical products; the step from the proof-of-principle to the proof-in-patients.Zwalve: “This credit facility completes our fi nancial toolbox. By combining different fi nancial instruments we are now able to support new life science initiatives in the entire early stages of their development. We have seed funds available for the early stage, a credit facility for the following stage, and after that we can help the

companies to attract the venture capital necessary to ensure further growth. We are aware that the research & development process in the life sciences is different from lets say ICT. The clinical development process is very expensive and time consuming and will take several years of careful research. In the past companies too often became stuck in the so called ‘death valley’, due to a lack of venture capital. We, therefore, developed a dedicated set of instruments to meet the needs of the sector. The LSG programme has been formulated by the life sciences sector itself, in a bottom up process in dialogue with our Ministry of Economic Affairs. The Ministry acts as an import investor, but always behind the scenes. We leave the investment decisions to the dedicated investment fund managers. The mibiton fund fi ts very well into this landscape; it has a proven track record in the sharing of facilities and helping young companies by fi nancing expensive equipment. The policy of the Dutch government is to facilitate an outstanding climate for excellent scientifi c research and for innovation and valorisation of the generated knowledge. In addition to this, we will

facilitate programmes aiming at the availability of qualifi ed human capital and identifying methods to simplify the regulations for life science companies. We will create a favourable biotope that will not only be attractive to start-up companies, but will also attract foreign life

science companies wanting to set up research and development and production activities in the Netherlands. I think we have brought all the right ‘ecosystems’ together. Now we will spread this message across the world.”

Dr. Christine d’Oliveira is the new representative for the Ministry of Economic Affairs on the mibiton Board. She holds a PhD in Animal Sciences from the University of Utrecht where she wrote her thesis on the development of a recombinant vaccine. Since 2004 she has worked as a consultant at SenterNovem (an agency of the Ministry of Economic Affairs). She advises on grants and credit facilities for life science companies, with particular emphasis on the biopharmaceutical sector. The focus of her activities is in the management and monitoring of projects in the fi eld of food, health, genomics and biotechnology. As a member of the mibiton Board she will act as a liaison offi cer and broker with SenterNovem and the Ministry. “It will provide an excellent opportunity to ensure a fruitful cross fertilisation between mibiton and SenterNovem by connecting the networks of the two organisations. Life science companies can gain a lot from the combination of expertise and fi nancial instruments.”

‘Now it is time to reap the societal and economic benefi ts

from the life sciences programmes’

Dr. Christine d’Oliveira is the new representative for the Ministry of Economic Affairs on the mibiton Board. ibiton Board. She holds a PhD in Animal Sciences from the University of Utrecht where she wrote her thesis on the development of a recombinant vaccine. Since 2004 she has worked as a consultant at SenterNovem 2004 she has worked as a consultant at SenterNovem (an agency of the Ministry of Economic Affairs). She advises on grants and credit facilities for life science companies, with particular emphasis on the biopharmaceutical sector. The focus of her activities is biopharmaceutical sector. The focus of her activities is in the management and monitoring of projects in the fi eld of food, health, genomics and biotechnology. As a member of the mibiton Board she will act as a liaison offi cer and broker with SenterNovem and the Ministry. “It will provide an excellent opportunity to ensure a fruitful cross fertilisation between mibiton and SenterNovem by connecting the networks of the two organisations. Life science companies can gain a lot from the combination of expertise and fi nancial instruments.”

Willem J. Zwalve PhD (Director Innovation SenterNovem) and Christine M. d’Oliveira PhD (Project Consultant SenterNovem)


Kees Recourt PhD (Investment Manager mibiton Foundation)

Mibiton’s Life Sciences Facility Fund

Mibiton will extend it activities in the form of a Life

Sciences Facility Fund. This fi ts very well into the

framework of the Life Sciences & Gezondheid (LSG)

programme of the Ministry of Economic Affairs.

Since 1994, mibiton has successfully invested approximately € 19 million in 51 facilities in the Dutch Life Sciences sector. The unique revolving fund structure has generated €10 million to date. This corresponds to an overall return of almost 60 percent and is well in line with the high risk fi nancing mibiton has provided. The returns have been re-invested in additional mibiton programmes. Mibiton has enabled companies and research institutes to acquire essential hardware when there were no other means of fi nancing available, and has played an important role in the creation and

development of a large number of companies and entrepreneurial activities in the life sciences sector. In addition, mibiton has played an active role in the creation of larger multi-purpose facilities that are being used by a number of enterprises and research institutions, such as the recent investments in BioConnection and Biqualys.With the introduction of the Ministry of Economic Affairs’ new LSG programme, mibiton will provide a unique set of fi nancing instruments in the form of the Life Sciences Facility Fund.


’Mibiton will provide tailor-made solutions for the further emerging Dutch Life Sciences sector’

The Fund will be managed by mibiton’s current manager, Kees Recourt, together with BioGeneration Management BV. Recourt has four years experience in investing in facilities in the life sciences sector. Mibiton has entered into collaboration with BioGeneration Management BV for the services of its life science investment professionals, Wil Hazenberg and Edward van Wezel (See also the article elsewhere in this annual report).

Kees Recourt: “I am happy to collaborate with my new colleagues Wil and Edward. Since the start of mibiton, the entire deal-fl ow and deal-making was the responsibility of only one (part-time) investment manager. This was fi ne until recently. However, the growing complexity of the investment process (equity investments), coupled with the changing landscape of the Life Sciences, now demands additional critical mass and specifi c know-how. I am confi dent that we can continue on the new path mibiton has chosen: providing tailor-made solutions for the further emerging Dutch Life Sciences sector.” Recourt recalls that much has changed in the Dutch Life Sciences landscape since his fi rst year with mibiton in 2004. The BioPartner programme was discontinued and replaced by TechnoPartner, a number of novel life science seed funds were established, credit facilities became available, to mention but a few. With all these new stakeholders, mibiton needs to continuously refresh its approach in order to ensure that the fund does not become obsolete. On the other hand, the foundation has established a vast amount of know-how in the fi eld of infrastructure, making it one of the few players that has been around since the early days of the entrepreneurial Life Sciences sector.

The new Life Sciences Facility Fund aims to provide loans, leasing and equity-type fi nancing for equipment to companies and research institutes, with a particular focus on emerging early-stage life sciences companies. Mibiton’s specifi c knowledge and experience will be drawn upon to address the need for capital expenditure in equipment and facilities and to enable the sharing of such instruments between different parties. Mibiton continues to be a revolving fund and consequently structures its investments in such a way that a substantial payback is built into its agreements at the

portfolio level. In line with mibiton’s recent activities, the Fund will also invest in specialized multi-purpose infrastructure facilities, such as small scale units for the production of specialized pharmaceuticals, analytical services, engineering labs and bioinformatics services. Mibiton has already invested in two such facilities: BioConnection, focusing on the fi ll & fi nishing of

pharmaceuticals, and Biqualys, which is specialised in high-end analytical services. Kees Recourt: “Investments in capital expenditures are often diffi cult to fi nance for early- stage companies in the life

sciences. It is within this specifi c niche, as well as through the participation in key facilities and services in the sector, that mibiton wants to maintain and extend its role.”

Focal points of the mibiton Fund

In order to maximize mibiton’s leverage with other supportive instruments, mibiton will focus on:• Tailor-made solutions for infrastructural investments in the entrepreneurial Life Sciences sector; • Integration within the ‘Life Sciences & Gezondheid’

programme;• A close collaboration with the Ministry of Economic Affairs and SenterNovem with respect to strategic developments and credit facilities;• Collaboration with relevant top institutes, such as TI Pharma, CTMM and BMM, to recognize the trends and needs of the emerging Life Sciences & Health sector;• Regular contacts, presentations and related

marketing activities for relevant stakeholders such as Life Sciences sector organizations, SKE networks, regional Technology Transfer Offi ces, and regional investment companies.


BioGeneration and mibiton management team up

Mibiton has started collaboration with BioGeneration Management for the

services of its Life Science investment professionals to increase the business

opportunities and to share the networks. The aim is to extend mibiton’s

important role for young Life Science companies.

Wil Hazenberg PhD and Edward C. van Wezel MSc (Investment Managers BioGeneration Ventures)


Investments in capital expenditures are often diffi cult to fi nance for early stage companies in the life sciences. It is within this specifi c niche that mibiton wants to maintain and extend its role, by participating in key facilities and services within the sector. Mibiton has entered into collaboration with BioGeneration Management for the services of its life science investment professionals, Wil Hazenberg PhD and Edward van Wezel MSc. This collaboration will increase the critical mass of the management and will ensure an effi cient and professional fund management. It will also increase the deal fl ow and signifi cantly strengthen the ability of mibiton to act as an equity investor.

BioGeneration Management also manages BioGeneration Ventures, which specifi cally invests in Dutch start-up and early stage life science companies to bridge the current ’equity gap’, which hinders the development of new life science companies. Its € 13 million BioGeneration Ventures Fund is fi nanced by the Netherlands Genomics Initiative (NGI), the Netherlands Organisation for Scientifi c Research (NWO), Leiden University’s holding company and ABN-AMRO Participaties B.V. BioGeneration Ventures aims to make private equity investments in emerging Life Sciences companies in the Netherlands, specifi cally targeting investments in the range of k€ 100 to € 2.5 million.

Edward van Wezel, who has extensive international expertise in small and large pharma and biotech companies as well as with several small start-up and early stage companies in the Netherlands: “Mibiton will gain from our network and our experience with the evaluation of business plans and early stage fi nancing in the life sciences sector. The added value is a larger pool of fi nancial and life science experience. This will lead to a broader investment base.”

Van Wezel’s colleague, Wil Hazenberg, has entrepreneurial experience in creating and working for several start-up companies and has a broad international background and network. He has experience as an Investment Manager with an investment fund and as a Business Development executive in Life Science companies, and was involved in the creation and incubation of over ten Life Science companies. Hazenberg “We will be involved in all of mibiton’s activities and will focus on investments in shared facilities, such as BioConnection and Biqualys. But we will also evaluate applications for the mibiton lease instrument and the loans.”

Van Wezel: “The Life Sciences sector in the Netherlands is entering a new area; signifi cant investments in research in recent years have already advanced the knowledge base. The valorization of this research,

although increasing, has only recently been professionalized by the establishment of proper technology transfer offi ces at all universities. This has already resulted in an increasing number of spin-off companies, which is expected to continue over the

coming years. This will lead to an increasing stream of opportunities for mibiton and an increasing deal fl ow.”

The investments from the government are intended to lead to an increased contribution by the Life Sciences sector to the Dutch economy. The goals for the sector, as formulated by the Life Sciences & Gezondheid (LSG) programme, are: to double the number of R&D-oriented health-related life science companies from 150 to 300, and to double the revenue of the sector from € 15 billion to € 30 billion by 2017 for the full programme, as proposed in the LSG Business Plan. The combination of mibiton’s management skills with those of BioGeneration Management will tune the fund to fulfi l its new role within the Dutch Life Sciences sector.”

‘The added value is a larger pool of fi nancial and life science

experience. This will lead to a broader investment base’


Mibiton, investing in innovative Dutch Life Science Facilities

51 mibiton facilities in the NetherlandsThe mibiton foundation (Material Infrastructure Biotechnology Netherlands) was founded in 1994 to stimulate the use of innovative equipment and facilities in the fi eld of the Life Sciences. Fifty-one facilities were founded in the Netherlands between 1994 and 2007. The total investment was about € 19 million, of which € 10 million has been refunded. Various programmes were created to meet market requirements. These programmes focus on the stimulation of public-private collaborations (mibiton), the foundation of spin-outs from research organisations (BioPartner) and the development of young companies (Solo programme). The mibiton Share fund, focusing on LS development- and production facilities for SMEs has been operational since 2005. Investments can either be structured as loans, lease arrangements or equity capital. The mibiton organisation consists of the Investment Team, an Offi ce Manager and the 5-membered Board with representatives from the scientifi c, industrial and fi nancial community. The Ministry of Economic Affairs has been co-fi nancing mibiton since 2000.

8,7

10,8

6,1

OC&W

Invested

Revolved(57%)

2,5

3,8

2,2

Ec.Affairs

Invested

Revolved(58%)

1,71,5

Invested

Revolved(88%)

1,6

2,4

0,23

Ec.Affairs

Invested

Revolved(9%)

1. Public-Private sharing of Facilities (’94-’03)

4. Sharing of Facilities by SMEs (’05-’07)

2. Sharing of Facilities between Start-up companies and Academic Centres (‘00-‘04)

3. Equipment for young Life Sciences companies (’03-’07)

Mibiton 1&2: 26 investments.(€ 10,8 million for soft loans)

BioPartner:10 investments.(€ 3,8 million for soft loans)

26 mibiton Life Sciences research facilities were realized between 1994-2004. These facilities are used both by public and private organizations.

10 BioPartner facilities were realized between 2000-2004, stimulating the spin-out of young LS companies.

Mibiton Solo (2003) enables young companies with high potential to acquire equipment. Until now, 11 facilities have been fi nanced. Mibiton Share (2005) stimulates the development of young LS companies. Until now, 4 facilities have been realized.

Dutch Life Science Facilities

ibiton foundation (Material Infrastructure Biotechnology Netherlands) was founded in 1994 to stimulate

Solo:11 investments.(€ 1,7 million for high risk leasing)

Share:4 investments.(€ 2,4 million for equity, loans and leasing)

Mibiton 1994 – 2007, evolution of infrastructure instruments. € 18,7 million is invested in 51 facilities. Until now, € 10 million is

revolved and is being used for novel investments.


Mibiton investments as of 2005

Mibiton Share programme

Facility BioConnection Investment € 2,000,000 Project leaders H. Dalderop MSc and Mrs. M.J.A. Peters PhDShareholders AKZO-Nobel, Brabant Development Company, mibiton

A new centre, unique in Europe, established in Oss, The Netherlands, providing facilities and expertise for the development and production of new biopharmaceutical medicines. The Ministry of Economic Affairs, the Brabant Development Company, the mibiton Foundation, the Province of North Brabant, the Oss Municipality and Organon BioSciences together invested in the ’biotechnological centre’. BioConnection is a company that makes knowledge and facilities available for the development and production of biopharmaceutical medicines. These resources are intended for small and medium-sized biopharmaceutical businesses that do not have their own production facilities (Small scale class A fi lling and freeze drying of biopharmaceuticals).

Facility Oligonucleotide based on drug development using LC-MS in a GLP certifi ed environment

Investment € 212,642 Project leader G. Platenburg PhDCompany ProsensaPartner PROXY Laboratories (R.E. Santing PhD)

Prosensa and PROXY Laboratories, both located at the Life Sciences Business Park in Leiden, initiated a GLP collaboration for the development and validation of therapeutic products. The liquid chromatochraphy (LC) and capillary gel electrophoresis (CGE) coupled with mass spectrometry are used to analyse novel RNA modulating molecules. These compounds are the basis for the development of a novel therapy to treat Duchenne Muscular Dystrophy.

Facility UPLC high throughput HPLCInvestment € 84,998Project leader J. Bender MSc, PharmDCompany Bactimm / FarmalysePartner Feyecon (G.F. Woerlee PhD)

Two Dutch companies, Farmalyse and FeyeCon, are well on their way to bringing THC to the pharmaceutical market. THC is the active ingredient of cannabis and might be a drug for diseases like Multiple Sclerosis and neuropathic pain. The UPLC is an analytical chemical technique that enables the separation of, in this case, very specifi c cannabinoid fractions. Cannabis contains twelve different types of cannabinoids, like THC. For pharmaceutical purposes, the purity of the substance as well as the characteristics of the impurities needs to be determined rapidly and precisely.

Mibiton Share programme


Mibiton Solo programme

Facility Gene Expression Profi ling for Molecular Diagnostics of Leukaemia and other Malignancies

Investment € 165,194Project leaders H.E. Viëtor PhD, Prof. B. Löwenberg PhDCompany Skyline Diagnostics

Skyline Diagnostics is a start-up company from the Erasmus University Medical Center in Rotterdam. The company fi nalised a Series A fi nancing round in 2007. Mibiton facilitated the purchase of an Affymetrix instrument for the development of DNA-chips for the diagnosis of leukaemia. Leukaemia is a disease that can be treated effectively, and can be cured in a signifi cant proportion of patients when the appropriate treatment is available. A biochip has been developed for the diagnosis of Acute Myeloid Leukaemia (AML), which will enable the effective treatment of AML patients.

Facility AKTA ProcessInvestment € 170,000Project leaders A. van Brakel, L.N. Sierkstra PhDCompany BAC

The Bio Affi nity Company (BAC) is a spin-off company of Unilever NV and specialised in the production of affi nity ligands which, amongst others, can be applied for the purifi cation biotherapeutic medicines. The affi nity ligands are created by a proprietary technology based on Camelid derived single domain antibody fragments.The mibiton investment involves the fi nancing of equipment which can be used to purify the ligands on a large scale. This purifi cation facility and the collaboration with GE-Healthcare will help BAC to become an important player in the fi eld of biomedicines.

Facility Expansion PROXY Laboratories, analytical equipmentInvestment € 90,000Project leader R.E. Santing PhDCompany PROXY Laboratories

PROXY Laboratories, a contract laboratory in Leiden, is expanding its services for foreign customers to India. The company therefore invests in novel microbiological and chemical facilities including class A and B clean rooms. Mibiton will fi nance specifi c analytical equipment and the clean rooms will be used to test the quality of medicines. Moreover, the facilities will be used for the small-scale production of biotechnological medicines under Good Manufacturing Practices (GMP).

Facility Biqualys Investment € 125,000Project leader J. van der Leijé MScShareholders Wageningen Business Generator B.V., Biox BioSciences B.V, mibiton

Biqualys is a contract laboratory and offers extremely accurate analysis of complex mixtures, solids, matrices and cell suspensions in order to quantify and identify their molecular composition. Biqualys deploys high-throughput High Performance Liquid Chromatography (HPLC), linked to a high-resolution Mass Spectrometer (FT-MS) and Nuclear Magnetic Resonance (LC-NMR-MS), which are the most advanced methods to identify and quantify (bio- active) compounds in complex substances. The investment of Biox BioSciences, Wageningen Business Generator, mibiton and the MT enables Biqualys to provide a wide range of analytical services to food-related SMEs, as well as to companies active in the fi elds of Agriculture, Feed, Cosmetics, Pharmaceuticals, Environment and the Chemical industry.

Mibiton Solo programmeMibiton Solo programme


Mibiton (+) programme Facility Advanced Fermentation Facilities (Phase 2)Investment € 318,235 Project leader Prof. J.G. Kuenen PhD (Delft University of Technology)Partners Micromass, anonymous company

Facility Biacore 3000 Investment € 228,251Project leaders M.C.R. Franssen PhD, Prof. J.A. van den Berg PhD (Wageningen University)Partners Danisco Ingredients, DSM Food Specialties

Facility Proteomics GroningenInvestment € 713,314Project leader Prof. R.J. Vonk PhD (University of Groningen)Partners Danone, Merck, Agilent, IQ Corporation, Pharma Key, Biacore, Simac

Facility Proteomics Nijmegen Investment € 844,000Project leader Prof. R.A. Wevers PhD (Radboud University Nijmegen)Partners Amersham Biosciences, KGCN, Multigen, Tecan, Thermo Elektron, Yamanouchi

BioPartner Facilities Support programme Facility Production pipeline for natural compoundsInvestment € 616,317 Project leader Prof. R. Verpoorte PhD (Leiden University)Partners Enzyscreen, Feyecon, Xenobiosis and Farmalyse

Facility High throughput capillair system, micro-organismsInvestment € 150,000Project leader Prof. J.D. van Elsas PhD (University of Groningen) Partners Ingeny, BioClear

Facility High throughput capillair system, human disease genesInvestment € 150,000Project leader Prof. C.H.C.M. Buys PhD (Academic Medical Centre Groningen)Partners Ingeny, Synvolux

Facility CombiChem Synthesis Investment € 301,435Project leader Prof. F.P.J.T. Rutjes PhD (Radboud University Nijmegen)Partners Chiralix, DSM Geleen

Facility Elisa robot Investment € 191,373Project leaders Prof. J. Brouwer PhD, Prof. H.A. de Boer PhD (Leiden University)Partners MucoVax, Biocult, Pharming Transgenic Technology

Mibiton investments 2000 – 2004

Mibiton (+) programme

BioPartner Facilities Support programme


Facility Membrane Protein Laboratory Investment € 483,323Project leaders Prof. A.P. IJzerman PhD, Mrs. M.W. Beukers PhD (Leiden University)Partners APBiotech, Applikon, Beckman Coulter, Perkin-Elmer, Screentec (Kiadis)

Facility Molecular Device FLEX StationInvestment € 235,249Project leader J.A.G. van Strijp PhD (University Medical Center Utrecht).Partners Pepscan Systems, JARI Pharmaceuticals, Sopachem NV

Facility Multiple Imaging Plant Stress Investment € 181,517Project leaders A.J. Koops PhD, W.J.M.R. Jordi PhD (Plant Research International)Partners Plant Dynamics, Growlab, Syngenta Mogen

Facility Test facility for marine invertebratesInvestment € 173,557Project leader Prof. R.H. Wijffels PhD (Wageningen University)Partners EcoDeco, Diergaarde Blijdorp, S::can

Facility Seldi Proteomics Investment € 879,431Project leaders C.G. de Koster, Prof. J.M.F.G. Aerts PhD, D. Zonneveld BSc (AMC Amsterdam)Partners MacroZyme, Primagen, Genzyme

Mibiton solo programme Facility Laboratory equipment Investment € 120,259Project leader A.D. de Boer PhDCompany Genetwister Technologies (Expressive Research)

Facility Salmonella Serovar-Array Investment € 94,900Project leader J. Thijssen MScCompany Check-Points

Facility HPLC Alliance system in a GLP settingInvestment € 46,229Project leader R.E. Santing PhDCompany PROXY laboratories

Facility Dedicated Raman InstrumentInvestment € 110,000Project leaders W.M. Riggs, G.J. Puppels PhDCompany River Diagnostics

Facility PCR and sequencing equipment Investment € 262,710Project leader A.D. de Boer PhDCompany Genetwister Technologies (Expressive Research)

Mibiton solo programmeMibiton solo programme


Facility DNA Multiplex PlatformInvestment € 140,295Project leader G. Simons PhDCompany PathoFinder

Facility Multiple Peptides SynthesizerInvestment € 324,452Project leader P.C. van Dijken PhDCompany Pepscan Systems

Facility ZQ2000Investment € 150,000Project leader P.C. van Dijken PhDCompany Pepscan Systems

Facility PK-3 GreenhousesInvestment € 760,964Project leader Th.P. Straathof PhD (Unifarm) Partners Dutch Agro Industry (11 companies)

Facility PK-3 FacilityInvestment € 93,025Project leader A.R. Stuitje (VU Amsterdam)Partners Rijk Zwaan, S&G Seeds

Facility Laboratory for carbohydrate analysesInvestment € 283,434Project leader Prof. R.G.F. Visser PhD (Wageningen University)Partners Avebe B.A., Mettler Toledo

Facility Analyses plant materialInvestment € 156,917Project leaders A.A.J.M. Franken PhD, B. Vosman (Plant Research International)Partner Ansynth Service, BMTC, Pharmacia, Registerbureau Lelieweefselkweek

Facility X-ray Structure Analyses CentreInvestment € 461,214Project leader R. de Vos (University of Groningen)Partners Unilever Research, N.V. Organon, DSM Central laboratory

Facility Laboratory for Plant BiotechnologyInvestment € 215,562Project leader Prof. J.C.M. Smeekens PhD (Utrecht University)Partners VanderHave Research, MOGEN International, Cooperation SuikerUnie

Facility Microscopy CentreInvestment € 202,495Project leaders Prof. A.J.W.G. Visser PhD (Wageningen University), Prof. H.J.Tanke PhD (Leiden University)Partners Unilever Research Lab, Quest International, AKZO Nobel, Kreatech, Beun de Ronde, ISS,

Carl Zeiss

Mibiton investments 1994 - 1999


Facility DNA-robotsInvestment € 145,210Project leader R.D. Hall PhD (Plant Research International)Partner Avebe, Unilever Research Lab, Westburg

Facility Lab. for Animal genome analysisInvestment € 277,479Project leader J.A.M. van Arendonk PhD (Wageningen University)Partner Euribrid Inc., Holland Genetics V.O.F.

Facility Characterization biopolymersInvestment € 928,451Project leader G. Eggink PhD (Agrotechnology and Food Innovations)Partners Campina, Coberco, CSM Suiker, Friesland Frico Domo, DSM (G-B), Nutreco, Applikon,

Hercules, S&G Seeds, Solvay Duphar, Quest International, LHS Micro-Filtrations

Facility Advanced Fermentation Facilities (phase 1)Investment € 820,629Project leader Prof. J.G. Kuenen PhD (Delft University of Technology)Partners DSM (G-B), Applikon, S&G Seeds, Hewlett Packet, anonymous company

Facility Molecular laboratory for HIV analysisInvestment € 952,938Project leader J.M. Eekel (AMC Amsterdam)Partner ASD, Bristol Myers Squibb, Glaxo Wellcome, Igen, Merck, Organon, anonymous company

Facility CAVE Biotechnology CentreInvestment € 181,512Project leader A. Berg PhD (SARA)Partner Silicon Graphics, Unilever Research Lab

Facility Electronic NoseInvestment € 151,597Project leaders J. Roozen PhD, M. Bucking PhD (Agrotechnology and Food Innovations)Partner Bromyc, Coberco Isoco, Cacao De Zaan, Hitma

Facility High Throughput Screening CentreInvestment € 470,865Project leaders G.J.W. Euverink PhD, Prof. L. Dijkhuizen PhD (University of Groningen)Partner Hercules, DSM Research

Facility MALDI-TOF-MSInvestment € 172,436Project leader G. Beldman PhD (Wageningen University)Partner B&L Systems, Campina, Hercules, Isogen Biosciences, Nedalco, Nunhems Zaden,

anonymous company

Facility Physiology laboratoryInvestment € 114,477Project leaders A.J. Koops PhD, W.J.R.M. Jordi PhD (Plant Research International)Partner Nunhems, VanderHave Research, MOGEN International


Facility Detection laboratoryInvestment € 489,648Project leader A.D. de Boer PhD (Genetwister Technologies)Partner Beckman, B&L Systems, Enthoven Breeding, Enza Zaden, Humako Holding, Pharmacia,

Wallac EG&G, Westburg

Facility Central GMP & GLP facilityInvestment € 722,914Project leaders Prof. J.A. Schalken PhD, Ir. J. de Koning (Radboud University Nijmegen)Partners Beckman, Bioprocon, BioRad, Eurodiagnostics, Future Diagnostics, IKS, Intertrial, Perkin

Elmer, Yamanouchi

Facility Genotyping CompanyInvestment € 494,711Project leader G. van der Steege PhD (University of Groningen)Partners Pharma Bioresearch, Amersham Pharmacia, Solvay Duphar

Facility Cytokine laboratoryInvestment € 279,342Project leader Prof. H. Schellekens PhD (Utrecht University)Partner Biosource, BPRC, Innogenetics, Medarex, U-CyTech

Facility 1500 litre G51 BioreactorInvestment € 293,823Project leader G. Eggink PhD (Agrotechnology and Food Innovations)Partners CSK Food Enrichment, Fuji Photo Film, Hercules, Numico Research, Applikon Dependable

Instruments


Mibiton 1 (* 1000 €) Ultimo 2006 1995 - 1999 2000 - 2004 2005 - 2007

RevenuesContribution from ICES (projects) 8670 8670Contribution ICES (management) 330 330Income projects (revolved) 4929 3070 1733 126Income projects (to be revolved) 26 108 -82Interest 777 428 338 11

Operating expensesProject investments -8670 -8670Contribution to mibition+ -1983 -182 -1801Contribution to Share -1933 -1266 -667Contribution to BioPartner Facilities Management Support

-125 -125

Contribution to mibiton+ -124 -124Loan lease (mibiton+ contribution) -600 -600Tax payments -29 -29Management contribution Foundation -495 -330 -137 -28Management contribution projects -235 -235Management contribution BioPartner FS -204 -204

Revolving Fund mibiton 1 334 3052 -1829 -889

Mibiton+ (* 1000 €) Ultimo 2006 1995 –1999 2000 – 2004 2005 - 2007

RevenuesContribution from mibiton 1 1980 180 1800Income projects (revolved) 1243 8 574 661Income projects (to be revolved) 237 898 -661Contribution mibiton 1 (loan lease) 600 600Contribution mibiton 1 124 124Interest 537 226 311

Operating expensesProject investments -2104 -180 -1800 -124Management contribution Foundation -206 -137 -69Management contribution projects

Revolving Fund mibiton+ 2411 8 2161 242

Loan to mibiton lease -724 -1324 600

MMibiton+ (* 1000 €) Ultimo 2006 1995 –1999 2000 – 2004 2005 - 2007

Financial summaryMMibiton 1 (* 1000 €) Ultimo 2006 1995 - 1999 2000 - 2004 2005 - 2007


Mibiton Share (* 1000 €) Ultimo 2006 2005 2007

RevenuesFormation mibiton Share Fund (revolved) 1234 1234Contribution from mibiton 1 (projects) 333 333Contribution from mibiton 1 (management)Contribution from Min. Economic Affairs (projects) 938 57 881Contribution from Min. Economic Affairs (management) 151 44 107

Income projects (revolved) 1112 428 684Income projects (to be revolved) 2598 722 1876Interest 242 29 213

Operating expensesProject investments -1407 -85 -1322Management contribution (Foundation) -226 -66 -160Management contribution (projects)

Revolving Fund BioPartner FS 4975 2363 2612

Mibiton Solo (* 1000 €) Ultimo 2006 1995 - 1999 2000 -2004 2005 - 2007

RevenuesLoan from mibiton+ 724 1324 -600Income operational Lease contracts 1372 469 903Interest 78 26 52

Operating expensesLoan to mibiton+ -724 -1324 600Depreciation equipment -1139 -347 -792Loss through sale -67 -67Interest -336 -97 -239Management -194 -91 -103

Net Income -286 -107 -179

Mibiton Share (* 1000 €) Ultimo 2006 2005 2007

Mibiton Solo (* 1000 €) Ultimo 2006 1995 - 1999 2000 -2004 2005 - 2007


Foundation pps mibiton, The Hague1. Balance sheet as at 31 december 2007 (x € 1,000)

(after appropriation of the results)

31 December 2007 31 December 2006

€ € € €

ASSETS

Fixed assets

tangible fi xed assets 293 368fi nancial fi xed assets 2,902 2,217

3,195 2,585Current assets

stock 1 1receivables, prepayments and accrued income 609 452cash at bank and in hand 3,873 3,724

4,483 4,177

Total 7,678 6,762

LIABILITIES

Reserves

revolving fund mibiton I 334 328revolving fund mibiton+ 2,411 2,335revolving fund mibiton Share 4,975 3,824fund BPFMS 125 196general reserve ( 286) ( 236)

7,559 6,447

Long-term liabilities 21 55

Short-term liabilities, accruals and deferred income 98 260

Total 7,678 6,762

31 December 2007 31 December 2006


2. Statement of income and expenditure for 2007 (x € 1,000)

Actual 2007 Budget 2007 Actual 2006

€ € €

INCOME

Income from products/services 417 pm 729Income from products/services, mibiton Solo 256 327 293Income from government 136 pm 852 809 327 1,874

EXPENDITURE

Investments in equipment 0 pm 321Partcipation in projects 125 pm 1.000Depreciation and book losses, mibiton Solo 223 280 304Costs of personnel, administration 113 121 136Depreciation, administration 3 3 2Other costs, administration 98 146 89 562 550 1,852

Result from operating activities 247 ( 223) 22Result from fi nancial activities 176 pm 113Result from fi nancial activities, mibiton Solo 4 ( 5) 12

Total result before corporation tax 427 ( 228) 147

Corporation tax 0 0 0

Total net result 427 ( 228) 147

Summary:Costs of administration (minus mibiton Solo expenditures) ( 178) ( 230) ( 192)Interest income mibiton+ on receivables mibiton Solo 52 50 81Result from pm-budgeted items 604 pm 374

Total net result 478 ( 180) 263

Result from mibiton Solo (taking part of administration costs and interest into account) ( 51) ( 48) ( 116)

Total result before corporation tax 427 ( 228) 147

Actual 2007 Budget 2007 Actual 2006


Colophon Edited by Falcon Text, Leiden and Debra Romaniuk

Interviews Fridus Valkema

Design Optima Forma B.V., Voorburg

Photography Capital Photos, Amsterdam

Printed by Opmeer Drukkerij B.V., Den Haag

Organisation Vera Blom, mibiton

The mibiton Foundation stimulates entrepreneurship and public-private partnerships by investing in Life Sciences facilities.

Offi ce Management Mrs. Vera Blom

Investment TeamKees Recourt PhD (Recourt Life Sciences)Edward van Wezel MSc (BioGeneration Ventures)Wil Hazenberg PhD (BioGeneration Ventures)

BoardProf. Gerard van Beynum PhD, Chairman (former BioPartner, misAmigos)

Hans van den Berg MSc, Secretary (NV Organon, part of Schering-Plough corporation)

Prof. Evert Jacobsen PhD, Treasurer (Wageningen University)

Prof. Clemens van Blitterswijk PhD (Twente University)

Bart Bergstein MSc (Forbion Capital Partners)

Delegates Ministry of Economic Affairs/SenterNovemMrs. Christine d’Oliveira PhDMenno Horning MSc

The mibiton Foundation

Material Infrastructure Biotechnology Netherlands

The photographs give an impression of the closing of the mibiton investment Biqualys.

The mibiton Foundation

P.O. Box 4432260 AK Leidschendam

The Netherlands

Tel.: +31 (0)70 337 87 80Fax: +31 (0)70 337 87 37

www.mibiton.nl

Documents

ANNUAL REPORT 2007 - Mibiton · mibiton A N N U A L R E P O R T 2 0 0 7 3 Contents Gerard van Beynum PhD 2007, another year of transition for mibiton 4 Frank Heemskerk MSc Life science