Annual Review UCLB's 25th year
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Annual Review UCLB’s 25th year
2017/18 Commercialising
UCL technology
£25,836k
Turnover
for 25 years
48
New Patent Applications
We’re the technology commercialisation company of UCL and
its partner NHS trusts.
As part of UCL Innovation & Enterprise, we bring to market
277
truly world-leading, world changing innovations that have a
real and positive impact on people’s lives.
Active Licences
63
£438 million Light touch UCL’s spinouts
investment for commercialisation have raised over
UCL gene therapy model launched – £1 billion in
Active Spinouts spinouts Portico Ventures investment in 10
years
247
Patent Families Trust us to bring
your ideas to
37
Drug Discovery Projects
commercial life and
share the income
uclb.com
1
A year of Numbers that
unprecedented add up to success
achievement
I am delighted to be contributing We continue to evolve our approach to ensure Our 25th anniversary has proven On behalf of everyone here, I’d like to bid Cengiz
the greatest impact; for example, we launched a fond farewell, thank him for his immense
to my first UCLB Annual Review, Portico Ventures as a pilot in June. This is run in to be quite a year for UCLB. The contribution to UCL and UCLB, and wish him
having taken up the role of partnership with UCL Computer Science, to test success of Autolus and Orchard well in retirement.
an innovative model that’s already producing
Managing Director in March positive results. You can read more about it later Therapeutics, two of our spinout Overall, we continue to move forward with 104
2019. This is a great time to be in this review. initial public offerings (IPOs) inventions disclosed, 48 new patents filed and 35
licence deals completed.
taking the company forward, 2018 was also the year the business was which now have a combined
after celebrating 25 years of rebranded. This reflected our shared mission, as value of more than £3bn, is I hope you enjoy reading about UCLB’s journey
part of UCL Innovation & Enterprise, of making a in this anniversary year. Please do not hesitate to
Dr Anne Lane
successful commercialisation positive difference to the wider world, developing
David Hunter
particularly timely and underpins get in touch if you’d like to know more about any
Managing of UCL’s technologies and leading technological innovations that have a real
and beneficial impact on people’s lives.
Chairman our celebrations. aspect of our work.
Director
12 months of unprecedented
achievement. Throughout the change there’s a constant:
offering our academics the support they need
UCLB was also able to contribute £15m to UCL’s
surplus and the board had great pleasure in
right from the conception of an idea – which confirming Anne Lane’s appointment as the new
2018 was an excellent year for UCL spinouts: could develop into licensable intellectual Managing Director, following the retirement of
property (IP) – through to the formation of a Cengiz Tarhan. Anne has a proven track record
Autolus Therapeutics, a biopharmaceutical spinout company. That includes assistance for and experience in licensing, technology transfer
company based on advanced cell programming our researchers throughout the translation stage, and commercial strategies for early-stage
technology pioneered by Dr Martin Pule (UCL investing through a number of different funds and technologies.
Cancer Institute), made its debut on NASDAQ, offering years of experience, tradition and unique
raising $160 million and now capitalised at over UCL know-how. Cengiz was UCLB’s MD for an impressive 25
$1.2bn. The company was also the biggest initial years, right from the very beginning, when UCLB
fundraiser in Europe for an SME. I am confident that no other university- was first established in 1993. He set up the
associated tech transfer company can offer its company to commercialise research from UCL
Orchard Therapeutics, a biopharmaceutical academics our track record. Our team of experts for the benefit of society and he was personally
company dedicated to transforming the lives are ready and waiting to help develop UCL’s involved in many of our greatest achievements,
of patients with serious and life-threatening ideas into successful commercial entities today, including the flotation of PolyMASC back in 1995
rare diseases through autologous ex vivo gene tomorrow and for the next 25 years. – the first university spinout ever to list on AIM.
therapies, raised $150m in Series C funding,
following $110m in Series B in December 2017. In
November it raised $225 million through its initial
public offering.
Freeline Therapeutics, a clinical stage
company focused on treatment of chronic
systemic diseases with liver targeted adeno-
associated virus (AAV) gene therapy, raised £88
million in Series B funding.
2 3How we can help you
We’re proud to be part of UCL Innovation & Enterprise, where we
help turn knowledge and ideas into reality. All the support you need, all at the
right time
The extraordinary Fast forward from Freemedic
quality of the research Our forerunner, Freemedic,
We manage and make
available to academics a
Invention disclosure Internal and external Social enterprise
funding
and technologies was launched in 1993 and was number of funds to help We carefully select the If you are looking to develop
arising from UCL’s one of the very first technology
transfer companies. Today we’re
develop ideas, including: innovations with the best
chance of commercial success
We’ll find the funding that’s
the best fit for your project
your UCL research for
public benefit – perhaps to
faculties and among the leaders in the field – The £53m UCL and help develop and launch – from within UCL, the UCL improve the quality of life
Technology Fund –
associated NHS trusts particularly in healthcare.
supports UCL’s researchers
them. Technology Fund (UCLTF),
our own organisation, or
of disadvantaged people,
address environmental issues
is world-renowned. We deliver the complete
to commercialise their
Proof of concept
other sources such as or reinvest profits back into
ideas. The fund benefits research councils and venture the community – we can
commercialisation solution
from IP commercialisation Transforming an idea capitalists. Read more about help you develop a social
For 25 years UCLB has been Our total end-to-end capability capabilities and venture into a proven innovation, the spinouts UCLTF has enterprise. UCLB is working
providing the expert support that includes: capital expertise, through a with a performance and invested in later in the review. with academics across the
links the university’s academics close collaboration between commercialisation potential university, from the UCL
with the outside world. Our • IP protection UCLB and Albion Capital. that can be realised, takes Great Ormond Street Institute
Marketing and negotiations
vision is ‘to help support and • Patent registration experience, expertise and of Child Health to the UCL
commercialise research from • Creating new businesses and Apollo Therapeutics funding. We can provide you We’ll help identify the best e-Health Unit, in order to create
UCL and NHS trusts associated spinouts – a £40m fund to support with this and more. exit point for your innovation, solutions that can benefit
with UCL for the benefit of • Licensing and/or sale of drug discovery projects whether that be licensing, joint society
humankind in its widest sense.’ technologies to industry and drive forward venture or spinout:
Patenting
partners therapeutic innovation, Licensing
it’s a unique collaboration Any IP you create with your We’ll find industry partners
Our NHS Trust partners
between AstraZeneca, technology is a valuable asset. that could benefit from your
include: Fairness first
GlaxoSmithKline, Johnson & Our patent team will identify innovation. We negotiate
• University College London UCLB operates differently to Johnson Innovation and the the strategy that offers the best agreements and provide you
Hospital researchers working in the technology transfer offices protection for it while managing with comprehensive advice and
• Moorfields Eye Hospital commercial world. When your of UCL, Imperial College the essential legal formalities. support facilities.
• Great Ormond Street Hospital business is acquired, the London and the University Spinouts
for Children value of the IP is shared with of Cambridge. If your technology could be
Project management
• The Royal Free London you, the originator/s, and your better served through a new
Hospital department. You concentrate on research company, we’ll establish,
and development while we brand, fund, manage, promote
take care of the business, and incubate it. And usually
including developing retain a stake in the new
commercial strategy and taking enterprise – read more about
your innovation through the some of our latest spinout
regulatory process. Visit our successes.
website to learn more about
what our team can offer.
4 5Our Route to Market
Project Licensing
Management
31 74 268
UCL
&
UCL Partner
Hospitals
Invention Patenting Investments Marketing &
Disclosure Negotiations Spinouts
84 103 70 108 11 37 62 99 38 30
Key
This diagram shows the total number of
our active projects at each stage of the
development process as of July 2018.
Engineering, Physical Sciences,
Arts & the Built Environment
Biomedical Sciences
Project Management
See previous page for descriptions of
each stage of the route to market.
6 7Biopharmaceutical
News
Overview 2018
Investors place their faith and funding in Autolus Therapeutics Orchard Therapeutics Glialign
UCL gene therapy spinouts The business is based on the advanced T cell In November, Orchard Therapeutics, a spinout dedicated Hundreds of thousands of people every year are affected
programming technology pioneered by Dr Martin Pule to transforming the lives of patients with serious and by severe peripheral nerve damage. This can result in
It’s been a record year for fundraising for a number of UCL of the UCL Cancer Institute. It made its debut on the life-threatening diseases through autologous (i.e. using paralysis and loss of sensation, often accompanied by
biopharmaceutical spinouts working at the cutting edge NASDAQ in June, raising $160 million investment. the patient’s own stem cells) ex vivo gene therapies, chronic pain. Current therapies are successful in fewer than
of the gene and cell therapy space to deliver advanced contributed $225million to the annual total through its initial half of all cases and often require grafting of a nerve from
therapeutics to treat a range of diseases. Their focus is on the development of precisely public offering on NASDAQ. another part of the body.
targeted, controlled and highly active T cell therapies.
During the 2017/2018 financial year, Orchard Therapeutics, These offer cancer patients substantial benefits over The capital raised builds upon three previous financing Dr James Phillips from the UCL School of Pharmacy, and
Autolus Therapeutics, MeiraGTx and Freeline Therapeutics existing standards of care, particularly in the areas of rounds, including a $150million series C round in August his team at the UCL Centre for Nerve Engineering, have
have, between them, raised in excess of $438million haematological cancer and solid tumours. of this year. The spinout, based upon research arising developed an allogeneic or ‘off-the-shelf’ cell therapy for
(£350million). Building on what was an unprecedented year from the groups of Professors Bobby Gaspar and Adrian the repair of peripheral nerve injury, called engineered
of investment, Orchard Therapeutics went on to raise a Thrasher at the UCL Great Ormond Street Institute of Child neural tissue (‘EngNT’). EngNT will provide a living nerve-
MeiraGTx Holdings
further $375million (£300million) through a financing round Health, also celebrated an award win in 2018. The accolade growth guide that mimics nerve structure, and has the
and initial public offering later in the year. This London and New York-based clinical stage gene was the Global University Venturing 2018 Deal of the Year potential to enable both neural regeneration and functional
therapy company is focused on developing potentially Award, for an oversubscribed $110million series B financing recovery.
curative treatments for patients living with serious round which closed in December, to which the UCL
Freeline Therapeutics
diseases. In June 2018, the business raised $75 million at Technology Fund (UCLTF) also contributed. Established in 2018 by Dr Phillips and CEO Dr John Sinden,
During the summer, Freeline Therapeutics, a clinical-stage the close of its initial public offering on the NASDAQ. Glialign is aiming to take forward the work of the UCL
company focused on treating chronic systemic diseases Dr Anne Lane, UCLB Managing Director commented, academic team in engineering live neural tissue. Their
with a liver-targeted gene therapy developed by Professor The company was founded by bringing together a UCLB “Over the last ten years alone, UCLB has helped the current project has been funded by the UCL Technology
Amit Nathwani of the UCL Cancer Institute, announced spinout, Athena Vision, and certain assets of Kadmon UCL community commercialise its world-leading, world- Fund, UK Innovation and Science: Seed Fund (UKI2S) and
that it had raised over £88 million of new capital in Series B Corporation LLC, a US specialty pharmaceutical company. changing technologies and innovations into spinout Innovate UK.
financing. They currently have a number of ongoing programmes. companies that have collectively raised in excess of £1
Initially focusing on diseases of the eye, salivary gland billion investment.” This is a highly innovative engineering solution to an unmet
The funds will enable Freeline to drive its leading programs and central nervous system the MeiraGTx team believe clinical need. EngNT overcomes many of the limitations
in haemophilia B and Fabry disease through clinical gene therapy has the broad potential to treat a range of Dr Celia Caulcott, UCL Vice-Provost (Enterprise) added, of nerve grafting, where healthy nerves need to be
development, and support the progress of the pipeline. conditions. “The phenomenal accomplishment of raising over £430 transplanted from a donor site.
million this year to bring new gene therapies to clinic,
In addition, it enables the company to further enhance demonstrates the immense value of supporting each other
its already substantial manufacturing and analytics and working collaboratively across the UCL community and
capabilities, with the aim of delivering high quality novel partner organisations.”
products to patients.
UCL Technology Fund - playing
a key role
Orchard, MeiraGTx and Freeline
have all benefited from investment
from the UCLTF.
8 9Physical Sciences & Intrinsic
Founded in 2016, UCL and Imperial College London
spinout Bramble Energy Ltd provides an innovative
Engineering News
Spun-out from the UCL Department of Electronic and element of the emerging hydrogen energy sector. The
Electrical Engineering by UCLB in February 2018, Intrinsic company’s patent-protected Printed Circuit Board Fuel
Ltd is seeking to commercialise a novel memristive RRAM Cell™ technology reduces the cost and complexity of the
device technology developed by Professor Tony Kenyon fuel cell manufacturing process. Bramble capitalizes upon
and Dr Adnan Mehonic. joint research from the Electrochemical Innovation Lab,
Overview 2018 led by Professor Dan Brett within UCL’s Department of
Computer hardware is being pushed to manage increasing Chemical Engineering, together with Imperial’s Department
numbers of tasks at high speed, which results in significant of Chemistry, under the direction of Professor Anthony
costs in terms of energy usage and cooling requirements. Kucernak.
A great year for our spinouts Intrinsic’s RRAM technology overcomes this. It is low
power, fast, has excellent cycling endurance and is wholly The company is poised to play a major role in the protection
based on silicon oxide, so it’s compatible with existing of our fragile planet and to support those efforts, in 2018,
semiconductor industry fabrication. Bramble raised a seed round of investment from IP Group
and the UCL Technology Fund (UCLTF), which is enabling
Hazy MediaGamma
Intrinsic’s devices herald an exciting range of new and the team to leverage exciting opportunities for their
GDPR won’t have escaped your notice. Its introduction in Spun out by UCLB in 2014 to commercialise research disruptive technologies. The team have been supported to technology platform in Europe and China.
2018 brought data privacy into sharp new focus. developed by Professor Jun Wang in UCL Computer date on their translational journey by funds from EPSRC,
Science, predictive analytics software business UCL Business (via our Proof of Concept scheme) and the
Senceive
However, the advent of data analysis as a tool – which has MediaGamma received funding from the UCL Technology UCL Technology Fund.
reached every corner of industry and research application Fund as part of a £2m round in partnership with Park Walk Senceive Ltd was spun out by UCLB in 2005 to
– depends on sharing large volumes of data which may Advisors and the London Co-Investment Fund (LCIF). commercialise an innovative wireless communications
Endomag
contain information subject to GDPR. Data security technology that had been developed in the Department
spinout Hazy uses advanced AI techniques to automate 2018 has been a fantastic year for UCLB spinout Endomag, of Electronic and Electrical Engineering. Fast forward
Portico Ventures
the anonymisation of large data sets, enabling them to be the surgical guidance company. 13 years, and the company is now widely recognized as
shared in a GDPR-compliant fashion. The company was Portico Ventures is a pilot programme that aims to Europe’s leading provider of wireless Remote Condition
the recipient of a $1million investment from Microsoft’s increase the number of UCL researchers who seek to take The company secured an £8m Series C investment round, Monitoring (RCM) solutions for the rail and geotechnical
Venture Fund M12 and Notion, after being named the their research-inspired ideas to market through spinouts. won a prestigious British Business Innovation Award from industries.
European winner of Microsoft’s Innovate.AI global startup Developed as a concept by UCLB with support from the the Institute of Physics, received the Queen’s Award for
competition. A further $1.8million of funding was raised Department of Computer Science and UCL Innovation & Enterprise in Innovation, and gained premarket approval Senceive’s monitoring solutions provide vital information
later in 2018 in a round led by the UCL Technology Fund. Enterprise, the programme recognises entrepreneurial (PMA) from the U.S. Food and Drug Administration (FDA) and insights on the state of infrastructure assets, ranging
aspirations within the UCL research base and the huge for Magtrace, the first non-radioactive dual-tracer for from buildings and construction sites through to railway
Hazy was founded just two years ago by software opportunities in digital tech which can be captured lymphatic mapping in breast cancer patients undergoing a tracks and embankments, which assists in improving asset
developers Harry Keen and James Arthur in collaboration through the creation of businesses that can thrive in a fast- mastectomy. reliability and safety in a highly cost-effective and robust
with Dr Fintan Nagle, a machine learning scientist in UCL’s moving innovation ecosystem. manner.
Department of Cognitive, Perceptual and Brain Sciences. Launched in Europe in 2013, Endomag’s device has been
Portico Ventures is differentiated from traditional IP used in over 30,000 breast cancer procedures, at 300 By acquiring asset data quickly and easily through
commercialisation models, as it incentivises commercially- hospitals in 30 countries. wireless communications that can last for up to 15
Matrix Mill
minded researchers who wish to invest their considerable years, Senceive’s customers can predict the state of
UCL machine vision spinout Matrix Mill was acquired by time and effort into building successful spinouts, by degradation of their infrastructure assets over many years
Bramble Energy
Niantic Inc. in June 2018 to establish a London research offering a clean intellectual property (IP) licence to non- and make appropriate and, if necessary, rapid decisions
base. Niantic is the developer of an advanced, large scale patentable IP in exchange for a pre-agreed low percentage When it comes to renewable and sustainable energy and management choices for efficient, economical and –
Augmented Reality (AR) platform and is best known for its equity stake. sources, new technologies ranging from battery powered importantly – safe operations.
globally popular mobile AR game Pokémon Go. electric cars to solar arrays and wind farms have become
Currently being trialled in UCL Computer Science, the commonplace. This past year has been an exciting one for Senceive,
Matrix Mill was co-founded by Dr Gabriel Brostow (UCL programme demonstrates that academic knowledge with substantial growth in revenues from domestic and
Computer Science) with two of his team, Dr Michael and expertise in the form of know-how, software and Fuel cells are relative newcomers to the sustainable energy international markets coupled with a move to new premises
Firman and Dr Daniyar Turmukhambetov, and specialises datasets can be translated into new ideas, algorithms or arena, but in 2018 they received a lot of attention as a in Fulham to accommodate a substantial expansion in
in applying deep neural network techniques (machine models that can transform markets, generating economic source of ‘green energy’ with the potential to assist in de- headcount across all areas of the business. With new
learning) in order to infer 3D information from images of and social value. For example, Odin are using advanced carbonising heat generation and motive power. innovations, like the GeoWAN™ Internet of Things (IoT)
the surrounding world. The acquisition supports Niantic in computer vision and machine learning to help physicians wireless platform, with its long range transmission
advancing its AR, computer vision and machine learning to improve the detection and treatment of colorectal capability, and the Optical Displacement Sensor, which
capabilities. cancer during endoscopic procedures. takes high precision displacement measurements,
Senceive is well positioned to continue to lead the field in
wireless enabled RCM.
10 11Celebrating 25 years UCLB financial results
of commercialisation summary
As UCLB reaches the close of its 25th year, we We’re thrilled to see some great
are celebrating some important achievements –
looking back at outstanding milestones for our achievements from UCL spinouts Income analysis for 2017/18 Bring your bright
spinouts and looking forward to an exciting 2019
and beyond for UCL technologies.
this year. The year of successes Royalties and intellectual property income
£’000
7,266
idea to us
is a testament to the hard work Spinout exit 6,546 If you are a UCL academic
Just one example is the recent launch of the
spinout Intrinsic. This semiconductor company,
and innovative ideas of UCL Fair value gain on quoted investments
Services to UCL
7,883
1,505 or work for one of our
based upon the research of Professor Tony researchers and the foresight of Research and Proof of Concept funding 1,066 partner hospitals, and
Kenyon and Dr Adnan Mehonic from UCL
Electronic and Electrical Engineering, shows
the UCLB team in recognising Other 1,570
25,836 have an innovation that
great promise. commercial opportunities. you think might have
We also go forward into 2019 with our new brand Dr Anne Lane
Expenditure analysis for 2017/18 commercial potential,
in place, ready to take us on toward our next
25 years of commercialising the research and
Managing Director, UCLB.
Patent Costs
£’000
1,755
please get in touch for a
expertise of UCL. Distribution to academics and external parties 4,095 confidential, no obligation
Distributions to UCL
Research and consultancy
3,246
1,413
discussion.
Operating costs (Staff and other costs) 4,590
15,099
We can put you in contact
with one of our specialist
business managers who
will provide commercial
advice tailored to your
specific subject area.
Email us info@uclb.com
The above figures include the fair value gains on quoted or visit our website to learn
investments and exclude the values of investments and
loans impaired during the year. more: uclb.com
The Balance Sheet is not included in this report.
Full sets of accounts are available from:
H. Rothera,
Director of Finance,
UCL Business PLC,
The Network Building,
97 Tottenham Court Road,
London W1T 4TP
12 13UCL Business PLC The Network Building, 97 Tottenham Court Road, London, W1T 4TP T +44 (0)20 7679 9000 F +44 (0)20 7679 9838 uclb.com Registered in England & Wales. Number 02776963 UCL Business PLC is a wholly owned subsidiary of University College London.
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