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Touchstone Innovations

Termination of coverage

Update | Pharmaceutical & healthcare | 14 Dec 2017

Edison Investment Research is terminating coverage on Touchstone Innovations (IVO). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Touchstone Innovations

Strong deal flow highlights maturing portfolio

Update | Pharmaceutical & healthcare | 04 Apr 2017

Touchstone Innovations' (IVO) portfolio continues to grow o net portfolio value rose by £47.7m to £382.8m, mainly driven by investments of £29.0m across 18 companies (vs £27.5m in 17 companies in H116) and a fair value gain of £26.5m (mainly from a £21.9m uplift in the value of PsiOxus). Four new additions to the portfolio across both tech and healthcare, and the advancement of projects in both the UCL technology fund and Apollo Therapeutics, continue to strengthen the early-stage pipeline. We anticipate major deal activity to drive further value in the next 12 months.

Touchstone Innovations

New year, new name

Update | Pharmaceutical & healthcare | 06 Jan 2017

Touchstone Innovations (IVO), the new name for Imperial Innovations, aligns the brand behind its evolving and diversified portfolio. Strong newsflow in the final months of 2016 capped a year of momentum for Innovations. Notably in December PsiOxus Therapeutics secured a $936m deal with Bristol-Myers Squibb (BMS) for its next-generation ‘armed’ oncolytic virus (NG-348). This was the largest deal for an Innovations portfolio company, leap-frogging the $790m collaboration between Crescendo Biologics and Takeda signed in October. Numerous other portfolio companies including Abzena, Puridify and Yoyo Wallet expanded or formed new partnerships.

Touchstone Innovations

Strength builds in unquoted portfolio

Update | Pharmaceutical & 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

Shining a light on the oncology portfolio

Update | Pharmaceutical & healthcare | 27 Sep 2016

Imperial Innovations diversified investment portfolio includes seven unquoted oncology-focused companies (excluding the recently announced Artios Pharma), which represent 20% (72m) of total portfolio value. These companies (six in therapeutics, one in medtech) are focused on improving cancer care through the development of proprietary technology platforms, therapeutics and diagnostics. The size of recent funding rounds led by Innovations points to the increasing momentum in and maturity of this portfolio segment and, with several important milestones approaching in the near to mid-term, there is significant potential for value creation. This report profiles these seven companies, including their technology approach and upcoming catalysts.

Touchstone Innovations

ICT & digital portfolio update

Update | Pharmaceutical & healthcare | 06 Sep 2016

Imperial Innovations (IVO) has been executing on its intention to rebalance its investment portfolio away from therapeutics companies by building up activities in the non-therapeutics space, in particular ICT/digital. Ongoing investment in both established and new ICT/digital companies should see this sector grow in both importance and value. This report focuses on Featurespace, a company outside IVO's top 10 assets by value of holding at end-H116, but one that received additional investment in May ahead of important catalysts over the next year.

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 | Pharmaceutical & 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 flurry of activity to start 2016

Update | Financials | 11 Mar 2016

2016 has started at a rapid pace for Imperial Innovations (IVO), with a flurry of investments into its portfolio companies, a major strengthening of its relationship with UCL (University College London) and the raising of £100m via a new share issue (23.5m shares at 425p). Having significantly increased the frequency and level of portfolio investment in FY15, the availability of fresh funds suggest the rapid investment rate will continue (we estimate £70m in FY16 and FY17), which should help to bring potential valuation inflection points and/or ‘exits' (IPO/M&A) into view.

Touchstone Innovations

Putting capital to work

Outlook | Financials | 17 Jun 2015

Imperial Innovations (IVO) has invested approximately £47m in its portfolio of companies so far this year (FY15), a substantial increase over the £33m invested in FY14. With significant cash in hand (£153m at 31 Jan 2015), Innovations is making the required investments in its ever-maturing portfolio to propel a number of companies to their next valuation inflection points and possible ‘exits' (IPO/M&A). Unlocking hidden value from within its private company portfolio (typically with modest carrying values), is key to the investment case and the next few years could be transformational.

Touchstone Innovations

Diving deeper into the portfolio

Update | Financials | 12 Mar 2015

The investment case for Imperial Innovations rests in the potential to unlock hidden value from within its portfolio of 95 companies, which span healthcare (therapeutic/medtech), engineering/materials and ICT/digital. Healthcare currently accounts for c 70% of the portfolio value (£252m at 31 July 2014), although Innovations' management plans a rebalance to c 60% healthcare and c 40% technology (engineering/materials and ICT/digital). In this special report we highlight the potential within the technology portfolio, profiling seven companies that could add substantial value over the next few years, above their relatively modest carrying values.

Touchstone Exploration

Operating cautiously

Update | Oil & Gas | 23 Jan 2015

Touchstone Exploration (TXP) has put a strategy in place for 2015 aimed at weathering the current storm of low crude oil prices while maintaining the ongoing viability of its assets in Trinidad. In an effort to conserve the balance sheet, TXP is restricting capital spend in Q115 to funds generated from operations, in addition to pledging to cut operating expenses and corporate overheads in both Canada and Trinidad. In our view, TXP has a proven strategy in place to exploit its assets in Trinidad. In entering ‘temporary hibernation', the group is preserving its assets for reactivation under a more favourable macro environment.