Published 31st March 2017

Touchstone Innovations Interim Results 2017

Increased partnership drives value growth as unlisted portfolio companies mature

Touchstone Innovations plc (AIM: IVO, "Innovations" or "the Group"), a leading technology commercialisation and investment group, has published its results for the six months ended 31 January 2017.


  • Strong dealflow and notable pick-up in activity in maturing accelerated growth portfolio:
    • PsiOxus Therapeutics signed licence agreement with Bristol-Myers Squibb for up to US $936.0 million
    • Crescendo Biologics signed collaboration and licence agreement with Takeda Pharmaceutical for up to US $790.0 million
    • Circassia signed US $230.0 million collaboration with AstraZeneca (March 2017)
    • Cell Medica completed £60.0 million funding round (March 2017)
  • Number of maturing unlisted portfolio companies approaching inflexion points and potential realisations
  • Profitable cash realisations: disposal of Oxford Immunotec Global plc and Permsense raised £11.3 million and £3.7 million respectively


Financial highlights

  • Net portfolio value up by £47.7 million to £382.8 million (FY 2016: £335.1 million)
  • Unquoted portfolio value up 16% to £340.3 million (FY 2016: £292.2 million)
  • Pre-tax profit of £16.0 million (H1 2016: loss of £5.9 million) including £26.5 million in net fair value gains:
  • Unquoted portfolio - net fair value gain of £23.1 million
  • Quoted portfolio - marked to market net fair value gain of £3.4 million
  • £29.0 million invested in 18 companies (H1 2016: £27.5 million in 17 companies)
  • Continuing to back portfolio: £23.0 million invested into 14 existing portfolio companies
  • Investing for the future: £6.0 million invested in four new unquoted companies
  • Further £11.6 million invested since half year end - total invested in financial year £40.6 million
  • Net assets increased to £472.4 million (FY 2016: £455.9 million), NAV per share £2.93
  • £163.3 million available for investment and operations, including £50.0 million loan facility from European Investment Bank, which was drawn down post period end


Russ Cummings, Chief Executive of Touchstone Innovations, said:

"Our patient and focussed approach to investing for the long-term is now showing real results, with a number of substantial transactions endorsing our model - notably the recent PsiOxus Therapeutics' and Crescendo Biologics' collaborations worth potentially $936.0 million and $790.0 million respectively. More recently, Cell Medica and Pulmocide completed material funding rounds and Circassia agreed a $230.0 million collaboration with AstraZeneca.

"We have a dozen companies of material scale and considerable potential.  Most of our larger and maturing unlisted companies made significant progress and are approaching key inflexion points.  We have great depth to our portfolio, with another 20 portfolio companies or so making significant progress and showing rapid development.

"This not only reflects the fruits of  ten years of investment, but also the more recent acceleration of capital deployment, with 63% of all funds invested by Innovations being made within the last three and a half years. The vast majority of this capital has gone into existing portfolio companies that we know well.

"We are actively involved in discussions about partnerships, licensing and other corporate developments across a number of our larger unlisted portfolio companies.  Despite the macro-economic backdrop, we have the people, platform and skills to continue to build on our successful investments for the long-term. Furthermore, our participation in the UCL Technology Fund and Apollo Therapeutics, means we are in a great position to access and invest in some of the best IP coming out of the Golden Triangle."

A pdf copy of the results is available at