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Circassia Pharmaceuticals

Joining the dots

QuickView | Pharmaceuticals & healthcare | 09 Nov 2018

Circassia's recent interims demonstrated 55% y-o-y revenue growth to £28.4m and a 75% R&D expense reduction (to £6.9m from £27.2m in H117) while growing the commercial infrastructure that now includes China. Investors should see a path to profitability, but we note recent licensing opportunities in the respiratory therapeutic area could accelerate this.

Touchstone Innovations

Strength builds in unquoted portfolio

Update | Pharmaceuticals & healthcare | 03 Nov 2016

A strong year for Imperial Innovations (IVO) was defined by continued momentum in the unquoted portfolio, a strengthened balance sheet and the extension of connections to university IP. The net portfolio value (£335.1m) grew over FY15 (£327.2m), but was affected by the disappointing Phase III Cat SPIRE results from Circassia. Multiple inflection points approach in FY17 and IVO is in a strong position to continue to drive value across its entire portfolio.

Touchstone Innovations

Circassia Phase III study misses primary endpoint

Flash note | Financials | 20 Jun 2016

Imperial Innovations (IVO) portfolio company Circassia has announced that its Phase III cat allergy study did not meet the primary endpoint. Both placebo and treatment arm demonstrated a significant reduction in symptoms and combined score, but the strength of the placebo response resulted in no statistically significant differences between either arm. While the allergy pipeline is being reassessed, Circassia's broader business strategy (NIOX and respiratory franchises) remains unchanged. At 31 January IVO has a 9.3% interest in Circassia's issued share capital.

Touchstone Innovations

Gathering portfolio momentum

Outlook | Pharmaceuticals & healthcare | 14 Jun 2016

The breadth and depth of Imperial Innovations' investment portfolio was showcased at its Capital Markets Day, with a focus on six companies. Investor focus is keenly on Circassia's impending CAT-SPIRE Phase III results, anticipated this quarter. Circassia represented c 22% of portfolio NAV at end-HY16, hence this binary event will affect near-term portfolio NAV. Nevertheless, with portfolio momentum gathering and a number of material near-term milestones drawing nearer, the potential for valuation creation beyond Circassia is becoming more visible.

Touchstone Innovations

A demonstrative year

Update | Financials | 24 Oct 2014

Imperial Innovations reported a record year in 2014, in terms of portfolio value growth, up £69.4m to £252m, and profits (£27.4m). The main driver was Circassia's IPO, which realised a £33.2m fair value gain to Innovations' portfolio, demonstrating the potential value that can be unlocked from a maturing portfolio of companies. To date, Circassia has delivered an IRR of 32% and a 3x return on investment. Yet the top 10 private companies in the portfolio are modestly valued at just 1.3x cash invested, highlighting the potential for further value creation in 2015 and beyond.

Touchstone Innovations

Coming of age

Outlook | Pharmaceuticals & healthcare | 29 Apr 2014

Imperial Innovations' H114 results revealed a 26% (£47m) uplift in net portfolio value to £229.6m. This is largely due to the IPO of its largest portfolio company Circassia on the London Stock Exchange, in which Innovations now owns 14%. The portfolio also increased in value on account of continued new investment (£17.8m gross; £13.8m net) providing further evidence of Innovations' focus on building, growing and supporting technology-based businesses.

Allergy Therapeutics

Daily comment

Institutional Comment | Pharmaceuticals & healthcare | 27 Feb 2014

Imperial Innovations disclosed the indicative pricing notification relating to its largest portfolio company Circassia ahead of the latter's proposed flotation. The price guidance indicates a range of 250p to 310p price per share for Circassia with the company aiming to raise c £200m. The range indicated would value Innovations' equity stake (19.7%) in Circassia at £72-82m, compared with a fair value of the stake on 31 July 2013 of £45.1m. This gives Circassia a pre-money valuation of £365-416m.

Allergy Therapeutics

Cats wake up investors to potential of AIT market

Update | Pharmaceuticals & healthcare | 26 Feb 2014

A surge of investor interest in allergy immunotherapy (AIT) brought about by Circassia's high-profile float plans seems to have helped catalyse a 50% rise in Allergy Therapeutics' share price in the past two weeks. Yet in terms of value, Allergy still ranks in a distant fourth position to its rivals: ALK-Abello (market cap c £750m), Stallergenes (c £640m) and Circassia (presumed £365-420m). Allergy, which has just gained Health Canada blessing for its trial plans for Pollinex Quattro (PQ) Grass, hopes the potential imminent US approval of its competitors' AIT products will help it attract a US partner for its PQ platform. Such a deal would materially transform Allergy's prospects and substantially increase our valuation.

Touchstone Innovations

Circassia confirms plans to float on LSE

Update | Financials | 13 Feb 2014

Circassia, Imperial Innovations' largest individual portfolio company, has announced its intention to float on the LSE. The allergy immunotherapy company, which is in Phase III studies with its cat allergy product, Cat-SPIRE, is reportedly seeking to raise £175m to advance a number of earlier-stage products o including therapies for house dust mite, grass and ragweed allergies o into late-stage clinical studies. The success of this IPO will be a key test of the UK market's enthusiasm for biotech stocks, as well as a validation of Innovations's long-term investment strategy.

Touchstone Innovations

No pussyfooting around

Update | Financials | 10 Oct 2012

Imperial Innovations' largest bio/med portfolio company, Circassia, has started a pivotal Phase III trial of its lead allergy therapy. ToleroMune cat is the most advanced cat allergy programme in development and could reach the market by 2016. Trial initiation, data and potential regulatory filings (around end-2014) all mark significant potential value inflection points for Circassia and for Imperial Innovations through its 20.3% holding. Ahead of trial results in mid-2014, news flow is also expected in relation to Circassia's wider pipeline of ragweed, dust mite and grass allergy products.

Touchstone Innovations

Investing in a start-up portfolio

Outlook | Financials | 03 Aug 2012

Imperial Innovations offers the potential for significant value creation from the maturation of, and realisations from, its portfolio of equity holdings in early-stage biotech and technology companies. Its investment strategy is to be directly involved in the management of companies from start-up, while making progressively larger investments over time. Two portfolio companies, Circassia and Nexeon, have reached the stage where significant investments have been made. This report highlights the portfolio and profiles some of the leading investee companies.

Touchstone Innovations

Not to be sneezed at

QuickView | Financials | 12 Mar 2012

Positive Phase II data in a subset of ragweed allergy patients treated with Circassia's T-cell vaccine ToleroMune have highlighted this Imperial Innovations portfolio company as one to watch. Circassia and the battery materials developer Nexeon are Imperial's two most important investments, together accounting for 53% of the total portfolio value. ToleroMune was well tolerated in all groups tested, and should generate additional data this year.