Uniseed Overview and Investments November 2014 1
Transcription
Uniseed Overview and Investments November 2014 1
Uniseed Overview and Investments November 2014 1 Uniseed • Commercialisation fund • Total commitment over $60 million – $20m proof of concept fund 2000-2005 – $40m commercialisation fund 2006-present • Shareholders – Top tier universities in Queensland, NSW and Victoria – AustralianSuper – one of the largest and best performing industry superannuation funds in Australia • First look right at technology arising from 3 university partners 2 Uniseed Timeline Fund 1: $20m; 24 Investments (Proof-of-Concept Fund) Uniseed formed (UQ/UM) UNSW Join (UIIT 3) Fund-1 Model •Managed by TTO •Fees to TTO •$250k - $500k •Fill gap - No Follow-on •Investment Decisions by TTO 2001 Fund 2: $40m; 19 Investments (Commercialisation Fund) 2002 2003 2005 Vintela Sale •Pargenex •Myalgen •Calibre •Colocare •QRxPharma •Dentil •Genedimmer •Chirogen •Vintela •Fultec •Combinomics •Vacquel •Hatchtech •Cryptopharma •Adipogen •Hepitope •Thrombostat •Radical Fund-2 Model •Expanded Management Team •Reduced Management Costs •↑Investment Limit (~$2m) •Follow-on / Co-Invest (AFSL) •IC Restructured W’Scheme Join (UIIT 2) 2004 AusSuper replaces Westscheme 2006 2007 2008 QRx Float 2009 2010 2011 2012 2013 2014 Fibrotech Sale Fultec Sale •Intelliguard •Audio Nomad •Tenasitech •BPT •ProGel •Spinifex •Hydrexia •Polyvacc •Dendrimed •Lightanate •Otifex •Neurotide •Pepfactants •Fibrotech •OPAL •BT-Imaging •Velacor •Verva •Active Torque •Xerocoat •Smart Sparrow •QSera •Nexgen •OccuRx 3 Uniseed Today • Up to $2 million / investment from Uniseed – Capacity for a further direct investment from individual shareholders • 16 active investments in portfolio • Seed fund, but Uniseed invests beyond seed – Now to Series F with some investments • Often able to bring in co-investments up-front • Relationships with Australian and International VCs 4 Benefits to Shareholders Pre-Seed Steady and substantial flow of research income Leverage of government grants and external investment Balance licensing and spin-out commercialisation strategies Seed Follow-On Follow-On Feed aspirations of entrepreneurial staff Preferred access to deal flow Develop commercialisation skills Recommendation of follow-on opportunities Value generated from IP Revenues to commercialisation companies Return on Investment Return on Investment Universities AustralianSuper Protects seed investment 5 What Uniseed Has Achieved • Distributions + Portfolio Value > Shareholder Funds Contributed • External capital committed over $450m (leverage 13:1) • More capital returned to universities in research funding from Uniseed start-ups than contributed collectively by universities • 3 trade sale exits – Fibrotech – fibrosis drug – sale to Shire Pharmaceuticals 2014 • US$75m up-front plus contingent milestone payments – Wedgetail/Vintela – IT security – sale to Quest Software Inc 2005 • AVCAL best early stage deal of year 2005 – Fultec Semiconductor – surge protection – sale to Bourns Inc 2008 • 1 IPO – QRxPharma, May 07 @ $150m post – More than funds invested returned at time of IPO • Investment history with 20 local and 15 International VCs, plus 4 local angel or high net worth groups • Excellent record on grants (federal and state) • Well regarded externally (benchmark for other funds) 6 Uniseed Scorecard 7 Exits Fibrosis drug - sold to Shire Pharmaceuticals IT security software - sold to Quest Software Surge protection - sold to Bourns Semiconductor Pain therapeutics - shares sold from listing on ASX 8 Acquired by Drugs that target fibrosis of kidney and other disorders • • • Acquired by Shire Pharmaceuticals for US$75m plus future contingent payments based on developmental and regulatory milestones ($14m to Uniseed) Shire responsible for future trials in focal segmental glomerulosclerosis and diabetic nephropathy AVCAL “Best early stage deal of year 2014” 9 Single sign-on security software for enterprise systems • • • • • Formed in 2000 - Spin off from CRC-DSTC in Brisbane 2001 - Co-investment - Uniseed with A&B ($3.3m) 2004 - Wedgetail merged with Vintela Inc, a Utah based security company 2005 - Acquired by Quest Software Inc., a NASDAQ-listed global company, for ~$100m (Postscript: Quest sold to Dell for $2.4bn in 2012) Substantial return for its founders, staff and foundation investors – AVCAL “Best early stage deal of year 2005” 10 Acquired by Devices which significantly improve the protection of vital telecommunications equipment from lightning strike and power surges – Co-Investors: Allen & Buckeridge; Mayfield Ventures ComVentures (USA); Crescendo Ventures (USA) – Relocated on US West Coast after US VC investment – First sales 2008 including ‘Top 4’ modem customers – Asset Sale to Bourns Semicinductor Inc. November 2008 (USA); 11 Initial Public Offering opioid pain drugs – The company listed on ASX in May 2007 • largest ever biotech IPO on ASX – More than funds invested returned at time of IPO 12 Leverage (13x) Other Investors Investment Uniseed Start-Ups $499m Grant Funding IP Research Funding Equity & Exits Uniseed Equity & Exits Direct People Employed Publications Funded Patents Supported Impact on Society Reputation Enhanced 13 Investment Partners ($388m) Australian International 14 106 Commercial Grants ($76m) 15 Impact: Beyond the start-up 16 Impact: Awards & Recognition • • • • • • • • • • • Fultec – Most Outstanding Research Commercialisation Opportunity in ICT/Mathematics 2003 (Commercialisation Forum & Fair of Ideas, Sydney) Vintela - Best Early Stage VC Deal 2005 (AVCAL) QRxPharma - New Product Innovation of the Year 2010 (Frost & Sullivan) Spinifex (EMA-401) - Named one of the five most promising drugs in Phase 2 trials 2011 (Thomson Reuters). Hydrexia - Queensland’s Engineering Excellence Awards 2012 (Engineers Australia) Smart Sparrow - 2012 Best in Class at Tech23 (Slattery IT) TenasiTech - Brisbane Innovation Scorecard 2012 (Deloitte, Brisbane City Council, Queensland Government). Spinifex - Emerging Company of the Year 2012 (BioSpectrum Asia) Hydrexia - Asia Pacific Company of the Year 2013 (Cleantech Group’s Global Cleantech 100 Awards) Smart Sparrow - IMS Global Learning Impact Award 2013 Fibrotech - Best Early Stage VC Deal 2014 (AVCAL) 17 Impact: Drugs Trials in Man Stage at Uniseed’s initial investment 18 Impact: Products to Market; Industry Engagement • IT Security – sold to Quest Software; acquired by Dell • Surge protection semi-conductor - sold by Bourns Inc. • Solar cell manufacture – Revenue $20m+; Applied Materials • e-Learning - Australian & US university customers • Plastics and acrylics - Commercial collaborations • Hydrogen storage - Air Liquide as investor & customer • Novel surfactants - collaborations with oil & gas majors • Food additives - collaboration with major food manufacturer • Virus-resistant plants - collaboration with agriculture major • Improved blood tube - collaborations with market leaders 19 Impact: Patents, Publications, People • Over 800 patents have been supported by Uniseed investee companies (over 100 patent families); • Over 300 people have been employed through the support of Uniseed investee companies, with many of these employed at our partner universities; • Over 130 journal articles have been published on research projects funded by these companies; – Over 2000 citations; Equivalent h-index 29 • Over 600 media releases and news articles have been published on Uniseed investee companies; and • Over 200 presentations have been made at conferences or industry seminars, or in industry magazines, based on research funded by Uniseed investee companies. 20 Top 30 Uniseed Company Publications by Citation 139 publications; h-index 29 Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Company Verva GeneDimmer Calibre Adipogen Velacor Chirogen Radical Radical BTi Radical Combinomics Cryptopharma Cryptopharma Adipogen Radical Opal Adipogen QRxPharma BTi Myalgen Cryptopharma Neurotide Velacor BTi Chirogen Calibre BTi Calibre Verva Pepfactants Citations 115 89 87 83 79 72 68 65 63 50 44 43 39 39 39 38 37 37 37 36 36 35 35 35 33 33 33 30 28 28 Impact 6.31 8.808 4.6 8.474 3.753 n/a 6.018 4.99 3.515 5.339 4.621 5.964 4.12 5.48 4.012 8.057 4.088 4.088 2.343 1.409 8.193 2.951 1.318 2.185 2.165 1.862 5.03 4.6 4.544 3.856 Author(s) Tital Year Journal/Book K. Bozaoglu, D. Segal, K. A. Shields, et al.Chemerin Is Associated with Metabolic Syndrome Phenotypes 2009 Journal in a Mexican-American of Clinical Endocrinology Population & Metabolism X. Q. Wang and J. A. Rothnagel 5 '-untranslated regions with multiple upstream aug codons 2004 can Nucleic support Acids low-level Research translation via leaky scanning and reinitiation P. D. O'leary and R. A. Hughes Design of potent peptide mimetics of brain-derived neurotrophic 2003 Journal factor of Biological Chemistry L. Hutley, W. Shurety, F. Newell, et al. Fibroblast growth factor 1 - A key regulator of human adipogenesis 2004 Diabetes N. M. Corcoran, M. Najdovska and A. J. Costello Inorganic selenium retards progression of experimental 2004 hormone Journal refractory of Urology prostate cancer J. Beckmann, D. Dakternieks and C. H. Schiesser Asymmetric free-radical reductions mediated by chiral2006 stannanes, Handbook germanes, of chiral and chemicals silanes A. A. Miller, G. R. Drummond, A. E. Mast,Effect et al. of gender on nadph-oxidase activity, expression,2007 and function Stroke in the cerebral circulation - role of estrogen K. A. Jackman, A. A. Miller, T. M. De Silva, Reduction et al. of cerebral infarct volume by apocynin requires 2009pretreatment British Journal and of is absent Pharmacology in nox2-deficient mice H. Kampwerth, T. Trupke, J. W. Weber, et Advanced al. luminescence based effective series resistance 2008imaging Applied of silicon Physics solar Letters cells T. M. Paravicini, A. A. Miller, G. R. Drummond, Flow-induced et al. cerebral vasodilatation in vivo involves activation 2006 Journal of phosphatidylinositol-3 of Cerebral Blood Flow kinase, and Metabolism nadph-oxidase, and nitric oxid J. M. Keith, P. Adams, D. Bryant, et al. A simulated annealing algorithm for finding consensus2002 sequences Bioinformatics T. E. Sutherland, R. L. Anderson, R. A. Hughes, 2-methoxyestradiol et al. - a unique blend of activities generating 2007 aDrug new Discovery class of anti-tumour/anti-inflammatory Today agents R. A. Hughes, T. Harris, E. Altmann, et al.2-methoxyestradiol and analogs as novel antiproliferative 2002agents: Molecular Analysis Pharmacology of three-dimensional quantitative structure-activity r F. S. Newell, H. Su, H. Tornqvist, et al. Characterization of the transcriptional and functional effects 2006 ofFaseb fibroblast Journal growth factor-1 on human preadipocyte differentiation A. A. Miller, G. R. Drummond, T. M. De Silva, Nadph et oxidase al. activity is higher in cerebral versus systemic 2009 arteries American of four Journal animal of Physiology-Heart species: Role of nox2 and Circulatory Physiology R. De Rose, C. S. Fernandez, M. Z. Smith,Control et al. of viremia and prevention of aids following immunotherapy 2008 Plos Pathogens of siv-infected macaques with peptide-pulsed blood C. H. Widberg, F. S. Newell, A. W. Bachmann, Fibroblast et al.growth factor receptor 1 is a key regulator of2009 early adipogenic American Journal events in of human Physiology-Endocrinology preadipocytes and Metabolism Y. Sulub, B. Wabuyele, P. Gargiulo, et al.Real-time on-line blend uniformity monitoring using near-infrared 2009 Journal reflectance of Pharmaceutical spectrometry: and Biomedical A noninvasive Analysis off-line calibration a T. Trupke, J. Nyhus and J. Haunschild Luminescence imaging for inline characterisation in silicon 2011 photovoltaics Physica Status Solidi-Rapid Research Letters D. J. Torpy, A. W. Bachmann, M. Gartside, Association et al. between chronic fatigue syndrome and the2004 corticosteroid-binding Endocrine Research globulin gene ala ser224 polymorphism T. E. Sutherland, M. Schuliga, T. Harris, et2-methoxyestradiol al. is an estrogen receptor agonist that 2005 supports Clinical tumor Cancer growth Research in murine xenograft models of breast cancer Y. Koda, M. Del Borgo, S. T. Wessling, et Synthesis al. and in vitro evaluation of a library of modified 2008 endomorphin Bioorganic 1 peptides & Medicinal Chemistry N. M. Corcoran, D. Martin, B. Hutter-Paier, Sodium et al. selenate specifically activates pp2a phosphatase, 2010dephosphorylates Journal of Clinical tau Neuroscience and reverses memory deficits in an alzheimer's d B. Mitchell, T. Trupke, J. W. Weber, et al.Bulk minority carrier lifetimes and doping of silicon bricks 2011fromJournal photoluminescence of Applied Physics intensity ratios D. Dakternieks, V. T. Perchyonok and C. Single H. Schiesser enantiomer free-radical chemistry - lewis acid-mediated 2003 Tetrahedron-Asymmetry reductions of racemic halides using chiral non-racemic stannanes J. M. Fletcher and R. A. Hughes Novel monocyclic and bicyclic loop mimetics of brain-derived 2006 neurotrophic Journal of Peptide factorScience B. Mitchell, J. Greulich and T. Trupke Quantifying the effect of minority carrier diffusion and2012 free carrier Solarabsorption Energy Materials on photoluminescence and Solar Cells bulk lifetime imaging of sil J. M. Fletcher, C. J. Morton, R. A. Zwar, etDesign al. of a conformationally defined and proteolytically 2008 stableJournal circular ofmimetic Biological of Chemistry brain-derived neurotrophic factor V. C. Foletta, M. J. Prior, N. Stupka, et al.NDRG2, a novel regulator of myoblast proliferation, is 2009 regulated Journal by anabolic of Physiology-London and catabolic factors A. P. J. Middelberg, L. He, A. F. Dexter, et The al. interfacial structure and Young's modulus of peptide 2008 filmsJournal having of switchable the Royalmechanical Society Interface properties 21 Management Brisbane Melbourne Peter Devine CEO John Kurek Investment Manager BSc; PhD; MBA; Grad Dip Appl. Finance; GAICD; FAICD 4 Australian start-ups Products to market Start-ups to successful exit Centenary Medal BSc; PhD; Grad. Dip. Drug Eval. & Pharm Science; GAICD 2 Australian biotechs Preclinical & Clinical Drug Development 22 Portfolio Drug Development Other Biotech Other Tech 23 Portfolio Drug Development Other Biotech Other Technologies Obesity & Diabetes Verva Pharmaceuticals Medical Consumable Q-Sera Hydrogen Storage Hydrexia Human Headlice Hatchtech Crop Protection Nexgen Plants Novel Surfactants Pepfactants Pain Therapeutics Spinifex Pharmaceuticals Drug Delivery Bioparticle Technologies In-line QC for Solar Cells BT Imaging Kidney Disease Fibrotech Therapeutics Encapsulation of Active Ingredients ProGel Novel Plastics & Acrylics Tenasitech Otitis Media with Effusion Otifex Therapeutics Adaptive e-Learning Smart Sparrow Diabetic Retinopathy OccuRx 24 Drug Development Obesity & diabetes Human Head Lice Neuropathic pain drug Kidney disease Otitis media Diabetic retinopathy 25 Stage of Drug Development 26 Hatchtech is developing a new treatment for human head lice that kills both adult lice and their eggs • Status – Phase 3 clinical completed – Phase 1 and TQT study completed – Phase 2a clinical trial on human head lice successfully completed in India – Phase 2b clinical trial successfully completed under IND with U.S. FDA – Phase 3 pivotal studies met primary & secondary end points; efficacy superior to marketed products – Ovidical activity confirmed in phase 3 study (100% efficacy) • Co-Investors: • Contact: Hugh Alsop, CEO [email protected] +61 (0)439 080 353 27 Spinifex is developing a drug for the treatment of neuropathic pain based on a novel target • Status – Phase 2a clinical trials completed – Single and repeat dose phase I studies successfully completed – Phase 2a study in post herpetic neuralgia completed • Statistically significant primary and secondary endpoints achieved – Chemotherapy induced peripheral neuropathy open label trial • Reduction in spontaneous pain and sensitivity to cold touch – Raised US$45m for expanded Phase 2 clinical program • Co-investors: • Contact: Tom McCarthy, CEO [email protected] +1 203 321 7130 (USA) 28 Verva Pharmaceuticals is developing diabetes and obesity therapies • Status – Phase 2a clinical trial completed – Phase 2a clinical trial of insulin sensitizer (VVP808) in diabetic patients with or without metformin medication successfully completed: • Statistically-significant reduction in average plasma glucose concentration from baseline after 24 weeks treatment – Obesity target partnered with ISIS Pharmaceuticals – Phase 1 completed • Co-investors: • Contact: Vince Wacher, CEO [email protected] +61 (0)448 871 479 29 Fibrotech is developing drugs that target the fibrosis of kidney and other disorders. • Status – Phase 1 clinical trial in progress – Orally available lead NCE FT-011 selected for development – Novel drug target identified – Phase 1b trial in progress – Deal with Shire Pharmaceuticals • Co-investors: • Contact: Darren Kelly, CEO [email protected] +61 (0)416 088 824 30 Otifex is clinically repositioning the histamine agonist betahistine for the treatment of Otitis Media with Effusion (OME) • Status – Phase 1a trial completed – Betahistine has a long history of safe use in adults – It is proposed to complete preclinical studies and progress the drug into human clinical trials in OME. – Formulation development of a nasal spray completed – Phase 1a trial completed; Phase 1b trial to start • Co-investor: • Contact: Chris Wraight, CEO [email protected] +61 (0)438 544 321 31 OccuRx is developing drugs that treat the cause of blindness in diabetic retinopathy. • Status – New Investment (Fibrotech team doing it again) – IP from Fibrotech not acquired by Shire – Preclinical lead selection and optimization – Novel drug target identified – Lead molecules have shown efficacy in animal models using intra-ocular injection – Series A funds will be used to develop a lead compound through preclinical development and a phase I clinical trial • Co-investors: • Contact: Darren Kelly [email protected] +61 (0)416 088 824 32 Other Biotech Improved blood collection tubes Virus resistant plants Drug delivery via pulmonary route Encapsulation of active ingredients 33 Q-Sera is developing a new blood serum collection tube using a clotting agent from snake venom • Status – proof of concept – Initial development has demonstrated rapid clotting of all patient blood types, including patients on anti-coagulants. – Series A investment is being used to develop a prototype tube, demonstrate clinical utility and superiority against existing commercial tubes and partner the project • Co-investor: • Contact: Michael Grant, CEO [email protected] +61 (0) 477 358 623 34 Nexgen is developing a technology that disrupts plant viruses and re-instates viral resistance into plants • Status – proof of concept – The technology has application for viruses across a number of economically significant crops including sugarcane, soybean, corn/maize, rice, potato, wheat, cotton & tomato. – Partnership with Syngenta - a number of virus resistant plant varieties in development. • Co-investor: • Contact: Brian Ruddle, CEO [email protected] +61 (0)407 169 979 35 BioParticle Technologies has developed a technology known as ARISE: Atomised Rapid Injection for Solvent Extraction, allowing pulmonary delivery of drugs • Status – Proof of Concept: – The ARISE process can be applied to proteins as well as small molecules, and laboratory proof of concept has been demonstrated with insulin and tobramycin. – BPT IP licensed for use in ARC Linkage grant with UNSW and Indonesian generics company Soho Group investigating pulmonary therapeutic delivery for the treatment of irritable bowel syndrome – Open to new collaborative partnerships • Contact: John Kurek, +61 (0)400 551 431, Email: [email protected] 36 ProGel is developing a revolutionary method of encapsulating active ingredients for inclusion in foods, cosmetics or pharmaceuticals. • Status – product prototyping and scale-up – In certain applications ProGel allows for the first time encapsulated high value additives small enough to remain undetectable by the consumer (improved stability, delivery and taste masking), whilst still being cost effective to the manufacturer of the ingredients. • Co-investor: • Contact: Cameron Turner, CEO [email protected] +61 (0)437 448 773 37 Other Technologies In-line QC for solar panels Hydrogen storage Novel surfactants Adaptive e-Learning Superior plastics and 38 BT Imaging is developing an in-line quality control (imaging) technology for photovoltaic cells • Status – product revenue – Sales of R&D and in line tools, with over 50 tools and modules sold – Investment from Applied Ventures, USA – venture arm of Applied Materials • Co-investors: • Contact: Ian Maxwell, CEO [email protected] +61 (0)414 606 334 39 Hydrexia is developing a cost effective hydrogen storage alloy • Status – product revenue – First sale of industrial hydrogen storage and delivery unit to Air Liquide – $9m investment from ALIAD (venture arm of Air Liquide) and Southern Cross Renewable Energy Fund (SCREF) closed March 2013 – Business development activities ongoing • Co-investors: • Contact: Chris Reid, Executive Chairman [email protected] j 40 Pepfactants is developing a new biological surfactant which will provide reversible control of emulsions and foams • Status – proof of concept in different applications – Strong customer interest in industrial emulsions and water, oil recovery, agrochemical and cosmetics. – Co-development projects in progress • Co-investor: • Contact: Richard Marshall, CEO [email protected] +1 (518) 572 8572 41 Smart Sparrow is driving the future of online education with its adaptive, intelligent tutoring and e-learning platform • Status – early customer adoption – $13m raised from Series A & B investment and grant funding – Deployed solution, offered as a service (hosted in the ‘cloud’) used by more than 40 academics and 10,000 students at UNSW and five other universities including one in the US. – Focus on accelerating platform development and uptake in key university accounts. • Co-investors: • Contact: David Rowe, Commercial Manager +61 (0)419 226 417 [email protected] 42 Tenasitech is a nanotechnology company developing better plastics and acrylics • Status – proof of concept in different applications – Scaling-up the production of the nanocomposite enhanced additives – Joint development projects with commercial partners • Co-investors: • Contact: Richard Marshall, CEO [email protected] +1 (518) 572 8572 43 Disclaimer Uniseed Management Pty Ltd (Uniseed) is Authorised Representative of UIIT Pty Ltd, a holder of an Australian financial services licence #299900. This license and authority allows Uniseed to: •Provide general financial product advice only for securities; and •Deal in securities, •To wholesale clients only. •Uniseed will not provide personal financial product advice under any circumstances. •This means that Uniseed will not take into consideration your particular objectives or financial situation and needs. •If you require financial product advice that takes into consideration your objectives or financial situation and needs, you should speak with your financial adviser, accountant, stockbroker, lawyer or other professional adviser. •Only wholesale clients may invest in any company that we present to you. If you are not a wholesale client, then it will not be possible for you to invest in the company. •As wholesale clients, Uniseed is not required to provide you with a financial services guide. •We notify you that Uniseed and/or its related parties may have or will have an interest in the companies being presented. As such, Uniseed and/or its related parties may obtain an advantage from your investment. •Uniseed staff may be remunerated, in part, on the basis of their success in assisting start-up companies to raise funds. 44