Circassia cat allergy Phase III study

20 June 2016

Imperial Innovations Group plc

Circassia cat allergy Phase III study

Imperial Innovations Group plc (AIM: IVO, "Innovations" or the "Group") notes the publication by Circassia Pharmaceuticals (LSE: CIR, "Circassia" or the "Company"') of top-line results from its investigational cat allergy immunotherapy Phase III study.

In the study, both treatment regimens and placebo greatly, and equally, reduced subjects' combined allergy symptom and rescue medication use score from baseline. As a result, despite dramatic improvements in subjects' allergy symptoms and rescue medication use, the very marked placebo effect meant that the treatment did not meet the study's primary endpoint.

 Russ Cummings, CEO of Imperial Innovations, said:

"Although these results are disappointing, we continue to be supportive long-term shareholders in Circassia. The experienced management team have diversified the business since its IPO in 2014. In addition to its immunotherapy products, Circassia has a fast-growing asthma diagnostics and management platform, and a broad pipeline of respiratory products, each of which have considerable value in their own right.

"Our strategy is to build a portfolio of high quality, well-managed, well-funded businesses with significant potential. Circassia, in which we have a 9.3% stake, continues to be one."

Innovations' portfolio currently comprises 105 companies, of which there are 45 accelerated growth companies in which the Group actively invests and takes a seat on the Board.

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About Imperial Innovations - www.imperialinnovations.co.uk 

Imperial Innovations Group plc ("Innovations") creates, builds and invests in pioneering technology companies and licensing opportunities developed from outstanding scientific research from the 'Golden Triangle', the geographical region broadly bounded by London, Cambridge and Oxford. This area has an unrivalled cluster of outstanding academic research and technology businesses, and is home to four of the world's top 10 universities, as well as leading research institutions, the cream of the UK's science and technology businesses and many of its leading investors.

Innovations supports scientists and entrepreneurs in the commercialisation of their ideas, through the licensing of intellectual property, by leading the formation of new companies, by recruiting high-calibre management teams and by providing investment and encouraging co-investment. Innovations remains an active investor over the life of its portfolio companies, with the majority of Innovations' investment going into businesses in which it is already a shareholder.

Since becoming a public company in 2006, Innovations has raised more than £440 million of equity from investors, which has enabled it to invest in some of the most exciting spin-outs to come out of UK academic research. In addition, the Group has agreed £80.0 million in loan facilities from the European Investment Bank (EIB).

Between Innovations' admission to AIM (August 2006) and 31 July 2015, Innovations had invested a total of £236.8 million across its portfolio companies, which had raised collectively investment of £1.3 billion.