Inivata completes £31.5m Series A funding round

26 January 2015

Imperial Innovations Group plc

Innovations genomics company Inivata completes £31.5m Series A funding round

Imperial Innovations Group plc (AIM: IVO, 'the Group', 'Innovations') announces that portfolio company Inivata Limited ('Inivata' or the 'Company') has completed a £31.5 million Series A fundraising.

Innovations has committed £10.0 million to the round alongside existing investors Cambridge Innovation Capital, and Johnson and Johnson Innovation (JJDC) who also participated in the round, as did new investor Woodford Patient Capital Trust.

Inivata is a clinical cancer genomics company harnessing the emerging potential of circulating DNA analysis to improve testing and treatment for oncologists and their patients. Unlike conventional invasive biopsies, Inivata detects and analyses genomic material from a cancer patient's cell-free, circulating tumour DNA (ctDNA) which can be collected through a simple blood sample.

This minimally-invasive approach - a liquid biopsy - offers a revolution in how cancer is detected, monitored and treated. The test allows precise analysis of cancer-related mutations present in ctDNA, and is designed to provide oncologists with clinically actionable genomic information to guide therapy selection, monitor treatment progress and detect new mutations as they emerge.

As of 31 July 2015, Innovations had invested £1.5 million in Inivata with a net carrying value of £1.5 million. Following this new investment, Innovations will have increased its investment to £11.5 million and the Group will hold a 30.6% interest in the Company.

Dr Rob Woodman, Director of Healthcare Ventures, Imperial Innovations added:

"Analysis of ctDNA has the potential to transform cancer care and resolve many of the limitations inherent in current tissue-based standard protocols that are highly invasive and are not amenable to serial monitoring.

"Innovations led a seed financing round for Inivata in September 2014. The fact that the Company has secured funding of this size reflects the great progress it has made in such a short time, not least in developing innovative molecular profiling and monitoring products.

"Inivata is already widely recognised as a leader in the field of ctDNA analysis. This new funding will be used to accelerate clinical studies to demonstrate the clinical benefits of Inivata's approach and provides a strong platform for the Company to roll these products out."

Michael Stocum, CEO of Inivata added:

"Our mission is to partner with oncologists to revolutionise cancer treatments and outcomes for their patients - part of a new landscape of personalised healthcare. We are grateful to our existing investors for their continuing strong support and are very pleased to welcome Woodford Patient Capital Trust to augment what is already a blue-chip investor base."

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Notes to editors

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 £346.0 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 has invested a total of £236.8 million across its portfolio companies, which have raised collectively investment of £1.3 billion.

About Inivata Limited - www.inivata.com

Inivata, an international clinical cancer genomics company, is employing the precision of ctDNA analysis to improve personalised healthcare in oncology. Using a simple blood test, circulating tumour DNA (ctDNA) analysis is a new tool for oncologists to detect cancer, stratify patients, and assess individual response to treatment. Inivata's proprietary technology is based on pioneering research from the Rosenfeld Lab at Cancer Research (CRUK), Cambridge.