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Presentation given to VINNOVA visit, November 2012
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UMI3 LtdThe University of Manchester Innovation Group
Rich Ferrie PhD
Director of IP CommercialisationHead of UMIP Division
Presentation Overview• UMI3 Ltd – its role and organisation• The University of Manchester approach to
IP commercialisation• UMIP Division• Proof-of-principle funding• UMIP Premier Fund• Track record
Company Structure
UMI3 LtdThe Innovation Group of The
University of Manchester
Clive Rowland
UMIP DivisionIntellectual Property
Rich Ferrie
UMIC DivisionInnovation CentreYvonne Loughlin
IPR Commercialisation• University owns IPR from academic research• University’s IPR policy is progressive and designed to
incentivise• UMIP Division is the University’s sole agent for
commercialising IPR• UMIP Finances Proof-of-Principle Funding• UMIP Premier Fund (£32M) is the largest venture
fund linked to a single University in Europe
UMIP Overview• Identifies, protects and commercialises IPR• Organised into BioMedica and Technologies Teams• Inward interface - Commercialisation Executives• Outward interface - Venture Managers and Licensing
Managers• Commercialisation typically via spin-out, partnering
and licencing
Operational mode
• Secure invention disclosures from Faculties• Rapid evaluation of ideas and inventions for
commercial potential• Ensure a consistent, robust and high quality decision
making process across UMIP• Select and prioritise ideas and inventions with
commercial potential for active • Secure PoP/create NewCos/secure
investment/license out
ContextProof of Principle
(PoP)
UMIP/UPF Investment Committee
UPF
CorporatePartners
Seedcorn Investors
Seedcorn Investment
Series A Finance
UPF
&/orSyndicatio
n
£75K £250K £1MScreening &Selection
PROJECT COMPANY
Proof-of-Principle Funding• UMIP engages early in the innovation process• IP is initially raw, poorly exemplified, and is of
low value• High level of inherent technical risk confounds
spinning out or licensing• Intervention through providing development
capital is essential
POP Selection Criteria• IPR addresses unmet market needs• Project has significant commercial potential and clear
route to market• Base IPR is too immature for immediate licence or
investment• 6-12 month project addresses key technical risks• Project bolsters IPR position• Project enables downstream development• Academic committed to project• Average amount of cash provided is GBP75,000
Total Investment in the PoP Scheme
• £9.59M has been invested in the scheme• £4.15M has been invested in 43 spin-out
projects– Average award per spin out project is £96.6K
• £5.44M has been invested in 81 licensing development projects– Average award per licensing project is £67.1K
Leveraged Cash
• Further development capital from either investment, grant or charitable sources
• £73.8M has been invested in University PoP spin-out projects
• £14.5M of has been secured by University PoP licensing projects
• £88.3M has been leveraged by the PoP activity overall
Facts & Figures – Annual Performance
• Invention Disclosures 300
• Value of External Investments c£50M
• No. of External Investments 10 • Sales of Shares c£6M • Licence Income £1M • Number of Licences >40
UMIP Premier Fund
• £32M limited partnership• 5 year invest/5 year realisation• 50 Proof-of-Principle projects• 20-25 spin-outs• Positioned as late seedcorn• Managed by MTI Partners• Offices in Watford and Boston, MA
Investment Preferences
• IT• Smart materials• Medical Technology• >80% UoM – up to 20% elsewhere
Valuation
Late Seed Classic Venture Development CapitalIPO /
SustainableBusinessSeed
0
© - MTI Partners - UMIP, 2006/2007
Investment Context
Technology to
Product
Productto
Market
Market toMoney
Project
Investment £75K £250K £750K £2M + £10M +
PoP
Proof of
Market
EXIT
InvestorReady
MarketReady
Proof
Business
UMIP Venture Pipeline
Phagenesis
Arvia
Nanoco
Transitive
Early Stage/Seed Development ExitPoP Phase
HexrotorBiomaterials
Renephra
Bioxydyn
Energy Harvesting
Breath Diagnostics
IF sensing
Arago
VaxCo
Nano ePrint
Cablesense
Curapel
Conformetrix
Multisensor Systems
Neutec Pharma
Renovo
Myconostica
Ai2
Oncoprobe
ViBio
PharmaKure
Gelexir
F2G
Motac
Stratastem
