Appliance of science the future for Fusion IP
UNIVERSITY intellectual property commercialisation company Fusion IP today said it had been encouraged by its ability to raise investment for its portfolio companies despite the downturn.
The Sheffield-based firm, which turns world class university research into business, has a broad range of companies specialising in fields ranging from vaccination to renewable energy.
Chief executive David Baynes said Fusion IP was upbeat about its future despite posting losses for the six months ended January 31.
Losses for the period including the cost of subsidiary spin-outs and amortisation was £2.2m compared to a loss of £1.9m over the same period last time.
Revenue was £139,000 compared to £182,000 over the same period last year.
Cash invested in spin-out companies over the six months was £1.3m, while £2.1m was raised via a share placing with institutional investors last August.
Mr Baynes said: “Despite a challenging economic outlook, Fusion IP has continued to raise funds for its portfolio companies in conjunction with its partners.
“This is testament not only to Fusion IP’s abilities, but to the compelling investment cases that our portfolio companies offer and the anticipated news flow that they continue to deliver.
“On a corporate level, Fusion IP has managed to keep its operating costs low while still making key strategic investments in promising technologies. As a result, we look forward to updating our investors on the company’s progress throughout the remainder of the year.”
Over the period, Fusion IP expanded its exclusive 10 year agreement with the University of Sheffield to include all physical sciences intellectual property (IP) within the university.
Other highlights saw Magnomatics, an engineering and renewable energy company, complete a £565,000 funding round led by White Rose Seedcorn Technology Fund; Mesuro, an advanced high frequency waveform engineering business, launch out of Fusion IP’s partnership with Cardiff University; and Adjuvantix, a vaccine company, complete a £350,000 funding round led by Yorkshire Cancer Research.
Fusion IP sold its majority stake in Sheffield University spin-out Axordia, which was founded in 2001 by Professor Peter Andrews and Professor Harry Moore and focuses on the development of stem cell therapies, to Intercytex Group in a £1.68m deal last December.
However, since the disposal Fusion IP, which still has shares in the company, has learnt that Intercytex’s trials of a product which Fusion had high hopes for had failed, leading to a drop in the value of Intercytex.
