Circassia indicative pricing notification

26 February 2014

Imperial Innovations Group plc

Indicative pricing notification relating to Circassia

Imperial Innovations Group plc (AIM: IVO, "Innovations",) notes the indicative pricing notification relating to its largest portfolio company Circassia Pharmaceuticals plc ("Circassia" ) which was issued today by the bookrunners to the proposed flotation of Circassia.

Circassia intends to apply for admission of its Shares, issued and to be issued, to the premium listing segment of the Official List and to trading on the Main Market of the London Stock Exchange (together, "Admission"). It is expected that the Admission will occur in March 2014.

The price guidance indicates a price per share for Circassia in the range of 250p to 310p, with a primary issue to raise approximately £200 million.

Although at this time there can be no certainty that the Admission will occur, the range indicated would value Innovations' equity stake in Circassia at approximately £72 million to £82 million. This compares to the fair value of the stake at the last reporting date of 31 July 2013 of £45.1 million.

A further announcement will be made in due course as appropriate.

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 Notes to editors

Circassia

Circassia is a clinical-stage specialty biopharmaceutical company focused on the development and commercialisation of a range of immunotherapy products for the treatment of allergies such as cat, grass, house dust mite and ragweed.

Imperial Innovations - www.imperialinnovations.co.uk 

Since founding in 1986, Innovations has invested in the most promising technologies from our brightest scientists. Today it is connected with four of the world's top research universities: Imperial College London, Cambridge and Oxford Universities and University College London. These centres of scientific excellence between them have a research income of over £1.3 billion per annum. Innovations supports scientist-entrepreneurs in the commercialisation of their ideas. It adds value by leading the formation of new spin-out companies, providing investment, encouraging co-investment as well as through its operational expertise. It also runs an Incubator in London that is the initial home for many of its technology spin-outs.

Originally formed as the Technology Transfer office for Imperial College - a role it still carries out - Innovations is today a significant technology investor and has built a portfolio of around 90 companies. Almost £150m has been invested by Innovations and £0.5bn has been raised in total by the portfolio companies. In 2013, a £30 million loan facility was agreed with the European Investment Bank (EIB) for investment in biotech and therapeutics businesses.

Innovations invests in the most promising opportunities from whichever technology sector they arise and has built particular expertise in the key sectors of: Therapeutics, Medtech and devices, Engineering and materials and ICT.

This announcement is an advertisement and not a prospectus and investors should not subscribe for or purchase any shares referred to in this announcement except on the basis of information in the prospectus (the "Prospectus") to be published by Circassia in due course in connection with the offer of its ordinary shares (the "Shares") and the proposed admission of its Shares to the premium listing segment of the Official List of the UK Listing Authority ("Official List") and to trading on the main market for listed securities (the "Main Market") of the London Stock Exchange plc (the "London Stock Exchange"). Copies of the Prospectus will, following publication, be available from http://www.circassia.co.uk/, subject to applicable securities laws, and at the company's registered office.