The 'BML Ventures Imperial Fund', with a target size of UKP50 million, will make investments in 12-15 start-up and early-stage companies in the healthcare sector.
The Fund will have exclusive preferential access to opportunities emerging from Imperial College London in the medical and life sciences sectors, and anticipates that approximately 50% of its funds will be invested in young companies built upon Imperial College science, including research from one of the largest medical schools in Europe. The remainder will be invested in similar opportunities predominantly in the UK.
BML and Imperial College believe there is a significant unmet market need in the UK for venture funds that bridge the gap between early-stage entrepreneurial activities - backed for example by local business angels or the government's University Challenge Fund scheme - and the types of investment opportunity in which the traditional, mainstream venture capital firms are engaged.
The BML Ventures Imperial Fund will aim to close this crucial 'development gap' which currently leaves newly formed science, technology and healthcare companies struggling to raise funds between UKP0.5 million and UKP5 million.
The Fund intends to focus on companies that are built upon superior science or technologies, with strong intellectual property positions and global potential, providing a hands-on, value-adding resource to create differentiated companies led by outstanding management.
The Fund's investment team will be led by Alex Korda, founder of listed biotechnology companies such as Xenova and Morphosys and Dr Graham Fagg, who built and led Catalyst BioMedica, the Wellcome Trust subsidiary focused on early-stage healthcare opportunities, and supported by Dr Jonathan Hepple, formerly part of the Rothschild Asset Management team.
The investment team will be backed up by BML, the fund management and corporate advisory group founded by Jeremy Curnock-Cook, former head of the life science private equity team at Rothschild, and will work closely with Imperial College Innovations, the wholly-owned technology transfer company of Imperial College led by Susan Searle.
BML has commenced marketing the Fund and is in discussions with a number of potential corporate and institutional investors.
Sir Richard Sykes, Rector of Imperial College London, commented: "Imperial College was founded with the express aim of supporting science that is applicable to industry and we continue to nurture that enterprise culture. Researchers want to see their discoveries out in the world making a difference. The launch of this new fund is an exciting and timely way for some of our very best science with high growth potential to make that difference."
Jeremy Curnock-Cook, Chairman of BML, said: "There is a dearth of funds for early-stage bioscience companies in the UK. The growth of entrepreneurialism during the past few years has regrettably coincided with a downturn in market conditions, with the result that there is a wealth of early-stage opportunity and nowhere for it to go. This has created an exceptional opportunity for investment funds that have the experienced management to analyse, select and manage investments in early-stage companies. We are delighted to be working with Imperial College to close this gap."
Susan Searle, Managing Director of Imperial College Innovations, said: "Imperial Innovations has launched a number of novel financing initiatives during the past year and this new fund is another first for the university sector. We are especially pleased to be working with the BML team, which has exceptional breadth and depth of experience, and look forward to building some outstanding new healthcare companies with them."
Alex Korda, Joint Managing Partner BML Ventures Imperial Fund, said: "Imperial College is a world-renowned institution, encompassing one of the largest medical schools in Europe, that has a rich and diverse pipeline of commercial opportunity built upon a multidisciplinary research base spanning medical science, biomaterials, bioengineering, nanotechnology and electronics. We are delighted to be working with the team at Imperial Innovations to help turn some of this great science into new business opportunities."
For further information, please contact:
MEDIA
For BML - David Yates
Managing Director
Financial Dynamics
Tel: 44-207-269-7156/7831-3113
Mobile: 44-7788-144459
E-mail: david.yates@fd.com
Tom Miller
Imperial College London Press Office
Tel: 44-207-594-6704
Mobile: 44-780-388-6248
E-mail: t.miller@imperial.ac.uk
Photographs of the College and research activities available on request
Notes to editors
About Imperial College Innovations Ltd
Imperial Innovations has a track record of innovative approaches to funding and maximising value from the College's IP, bringing together 25 professionals with commercial and industrial experience, and investor networks built around the College's entrepreneurial activities.
- Over 150 invention disclosures per year, for the last three years.
- 40 new patents per year.
- Portfolio of nearly 60 spin-out companies.
- Spin-outs from Imperial College London have created 500 new jobs in the last four years.
In the last 12 months Imperial College Innovations has launched a number of novel technology transfer deals:
- April 2002, a partnership with Nikko Principal Investments Ltd for co-investment in Imperial spin-outs, worth UKP20 million.
- May 2002, a spin-out portfolio deal with Fleming Family & Partners Limited and Gordon House Asset Management Limited.
- February 2003, the announcement of a tripartite partnership with Columbia University and Exploit Technologies Pte Ltd of Singapore to strengthen collaboration across countries on technology exchange and commercialisation on projects of mutual interest.
Website: www.imperialinnovations.co.uk
About Imperial College London
Consistently rated in the top three UK university institutions, Imperial College London is a world leading science-based university whose reputation for excellence in teaching and research attracts students (10,000) and staff (5,000) of the highest international quality.
Innovative research at the College explores the interface between science, medicine, engineering and management and delivers practical solutions, which enhance the quality of life and the environment - underpinned by a dynamic enterprise culture.
Website: www.imperial.ac.uk
About BioScience Managers Ltd
BioScience Managers Limited (BML) is a premier FSA-regulated international fund management and corporate advisory firm dedicated to building value in the life sciences.
With a team of ten executives offering well over 100 years combined experience in the global life science industry, BML operates throughout the UK, Europe and the USA, applying its extensive multidisciplinary skill base proactively to build strong bioscience businesses from start-up through IPO or trade sale.
BML was founded by Jeremy Curnock Cook, former head of the life science private equity team at Rothschild Asset Management, and by Michael Forer and Jonathan Hepple, also of Rothschild. Under Mr Curnock Cook's stewardship, Rothschild managed a number of funds including the early-stage Biotechnology Investments Limited and the mid-stage International Biotechnology Trust.
The BML professional team comprises executives drawn from the fund management, venture capital, investment banking, biotechnology and pharmaceutical sectors, with a diversity of backgrounds spanning finance, investment banking, venture investment, law, business development, scientific research, medicine and operational corporate management. This team is complemented by a prestigious Scientific Advisory Board with which it works closely to integrate leading-edge scientific knowledge with business judgement and experience.
Alex Korda BA MBA
Joint Managing Partner, BML Ventures Imperial Fund
Prior to joining BML in 2002, Alex Korda spent 21 years as Joint Managing Director of Korda & Company (an FSA-regulated management consultancy and venture capital firm in technology markets), during which time he was a prime mover in 13 venture funded start-ups (including eight in the life sciences) in the UK, Germany and France. Korda & Company raised and managed the UKP6.8 million Korda Seed Capital Fund LP, which has to date returned 4.5-times capital.
Mr Korda has served on the Boards of 13 venture funded start-up companies, chairing eight of them, including Xenova (NASDAQ/LSE), which he co-founded in 1986 and led as chairman through its initial funding rounds, and Morphosys (Neuer Markt), in which he was the founding investor in 1992 and subsequently chairman or director until 1999.
Mr Korda holds a BA in Chemistry from the University of Oxford and an MBA from INSEAD.
Graham Fagg PhD
Joint Managing Partner, BML Ventures Imperial Fund
Prior to joining BML in 2003, Graham Fagg was founder and managing director of Catalyst BioMedica Limited , a subsidiary of the Wellcome Trust focused on the translation of biomedical technologies into commercial opportunity. Catalyst managed a UKP20 million Development Fund that supported pre-seed and start-up opportunities, building a portfolio that has to date led to more than 15 start-up companies (including De Novo Pharmaceuticals, Paradigm Therapeutics and Oxxon Pharmaccines, which have achieved significant second-round venture financings).
Prior to Catalyst, Dr Fagg spent 10 years at Ciba (Basel), holding positions in drug discovery, business development and corporate venturing before being appointed Head of Research Planning and manager of Ciba's partnership with Chiron.
Dr Fagg holds a BSc in Pharmacology from the University of Liverpool and PhD from University College London.
Jonathan Hepple PhD
Investment Director, BML
Jonathan Hepple co-founded BML in 2001 and leads the scientific evaluation and due diligence function that spans the firm's fund management and corporate advisory activities. Dr Hepple is responsible for analysing therapeutic area and corporate opportunities globally, managing the interface with the Scientific Advisory Board and integrating BML's knowledge base to facilitate high-quality business decisions.
Prior to BML, Dr Hepple was at Rothschild, where he was an investment analyst for two global funds, Biotechnology Investments Limited and the International Biotechnology Trust, and a member of the multidisciplinary team responsible for sourcing, evaluating and leading investments across Europe, the USA, Canada and Australia.
Dr Hepple holds a BA in Biology from the University of Oxford and a PhD from the University of Cambridge.