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2013A N N U A L R E P O R T
Technology Transfer from the University of Oxford
Enabling Access to Oxford’s academic expertise
Global innovation management consultancy
Chairman’s Introduction	 1
Review of the Year	 2
Technology Transfer	 4	
Oxford University Consulting	 6	
Isis Enterprise	 8
Software Commercialisation	 10
Networks and Partnerships	 12
Communications	13
Accounts	14
Company Details	 16
25 years of technology
commercialisation
This report highlights the
achievements of the financial
year 2012-13. The report
presents the breadth and
depth of expertise within Isis,
working with colleagues across
the University and with our
external clients across the key
technology areas and sectors of
the economy.
This is our 25th year, a significant milestone. Over the years
the impact of our activities has grown significantly in a
wide range of areas. A summary of key successes during
this time is available in a special brochure, on our website,
www.isis-innovation.com.
Contents
Cover: Isis works with researchers across the University. Main picture : Department of Chemistry
Delivering consultancy to companies,
governments, and technology
transfer organisations worldwide.
Managing the commercialisation of
IP developed in Oxford – licensing,
spin-outs and material sales.
The latest innovations, collaborations
and technology transfer
25Isis insights
Providing access to academic
consultancy and services from
the University of Oxford.
www.isis-innovation.com
1
Chairman’s Introduction
OUC is now well established in the University and has
facilitated many hundreds of consulting relationships
between academics and clients, often leading to long
term collaborations.
Isis Enterprise continues to promote and sell our
expertise around the world, helping technology
providers and seekers to source, commercialise and
develop new technologies. In addition, Isis Enterprise
assists governments and other organisations interested
in establishing their own innovation activities.
This report is my last as Chairman of Isis Innovation.
I have been a member of the Isis Board for sixteen years
and Chairman for twelve years during which time the
company has grown from a handful of staff with modest
revenues to the position described in this report with
more than eighty staff and revenue of nearly £12m. Also
the company has played an important part in changing
the culture to one where innovation and technology
transfer is seen universally as a good thing.
This was not the case even ten years ago. I
have enjoyed my time at Isis very much and
it has been a huge pleasure to work with
my fellow directors, the staff of Isis,
and all those within the University
involved with Isis. I am delighted to
be succeeded as Chairman by my
fellow director, Nigel Keen. Nigel
has been on the board for seven
years, he understands the innovation
process better than anyone and I wish
him and the company every success in
the future.
I would like to close by thanking
everyone at Isis Innovation for their
support and hard work this year and
throughout my time as Chairman.
Isis Innovation Ltd is a growing and successful business owned by the University of Oxford.
Oxford is the biggest research-based University in the UK, with research expenditure of
£542m last year. Isis acts as the fund manager of the University’s Intellectual Property,
investing in and managing the portfolio of two thousand patent protected inventions arising
from the University’s research activities; and then transferring the IP to industry for further
investment and development around the world.
Isis revenues increased by 13% to £11.5m with growth
across all areas of the business. This continues our
record of impressive annual business performances
during a period of exceptional economic challenges
in many regions. The international reach of Isis, with
offices in Oxford, Madrid, Hong Kong and Kyoto,
attracts investment into Oxford technologies from
established companies and financial investors around
the world, and supports the growing technology transfer
and innovation management consulting business.
Isis continues to deliver a positive return on investment
to the University each year. The University provides Isis
with £2.5m to invest in protecting intellectual property
arising from the University’s research activities. This
involves managing a strong portfolio of international
patents (2105), technology licensing deals (644) and
new company formation (70). This year Isis generated
a return to the University and its researchers of £5.6m,
and created shareholdings for the University in four new
spin-out companies worth £0.5m.
Technology commercialisation is of growing importance
to the University, to research funders, to governments
and the economy. Translating the outputs of early stage
research from universities to the business environment
allows novel ideas to become new products which
address current challenges in healthcare, the
environment and communications.
Oxford University Consulting has had a very successful
year connecting the expertise of Oxford’s academic
community to client organisations around the world.
This year Isis generated a return to the
University and its researchers of £5.6m, and
created shareholdings for the University in
four new spin-out companies worth £0.5m.
Bernard Taylor, Chairman
2
Isis delivered another very strong performance in 2013, transferring new ideas out to
industry, generating financial returns and delivering impact for the University.
Over the year, Isis returned £5.6m to the University and its researchers (an increase of 6% overall from 2012). Isis
provided the University with shareholdings in four new spin-out companies (valued at £0.5m) and six new software
start-ups; invested £3.27m in protecting University intellectual property, increased the University’s assets by 105
new patent applications, and assisted Oxford researchers in winning translational funding awards totalling £22m.
This was the final year of the 2009 to 2013 five year growth plan for Isis, with Isis receiving from the University an
annual subvention of £2.5m. The University has increased investment levels to £3.1m under the new plan.
Revenue growth
Isis revenues increased by 13% to £11.5m (2012: £10.2m). This is an impressive business performance during a year
of continued challenging circumstances from the global financial crisis.
•• The Technology Transfer Group revenues increased by 5% to £6.7m (2012: £6.4m).
•• Oxford University Consulting revenues increased by 31% to £2.5m (2012: £1.9m).
•• Isis Enterprise revenues increased by 31% to £2.1m (2012: £1.6m).
Isis is responsible for these activities:
Technology Transfer for Oxford
Isis helps Oxford University researchers to commercialise intellectual property arising from their research through
patenting, copyright, licensing, spin-out companies, research reagents and patient reported outcome measures. Isis
manages the following:
Isis Angels Network
IAN introduces private investors and seed/venture capitalists interested in investing in Oxford spin-out
companies to investment opportunities, on behalf of the University.
Oxford Invention Fund & Oxford University Challenge Seed Fund
Isis manages these funds on behalf of the University to provide financial investment for accelerating the
transfer of Oxford technologies to market.
Isis Software Incubator
The incubator supports Oxford University staff and students to develop software business ventures by offering
specific technical and commercial advice, and allowing incubatees to develop their products and start trading.
Oxford University Consulting (OUC)
Isis manages OUC which helps Oxford University researchers to identify and manage consulting opportunities and
helps clients access expertise from Oxford’s world-class, interdisciplinary research base.
Oxford Innovation Society
Isis runs the Oxford Innovation Society, a leading forum for open innovation, bringing together industry, investors,
government and the business professions with researchers and inventors from the University.
Isis Enterprise
Isis provides consulting expertise and advice in technology transfer and innovation management to clients across
the public and private sectors around the world.
Tom Hockaday, Managing Director
Review of the year
3
Total Isis revenues in 2013 (2012: £10.2m)
£11.5
REVENUES
Patents and patent applications on Oxford inventions
managed by Isis (includes 873 granted patents)
2015
PATENTS
New companies supported by the Isis Software Incubator
(2012: 3)
6
SOFTWARE START-UPS
Translational research funding won by Oxford researchers
with direct Isis support
Technology Licence (98) and Oxford University Consulting
(297) deals signed (2012: 356)
£22
395
Translational Funding
DEALS
Returned to Oxford University and its researchers
(2012: £5.3m)
£5.6
£9.3
millionmillion
DistributionS
Isis is a world leading technology transfer business, creating links between the outstanding
research capability at Oxford, and elsewhere, for the benefit of society in the UK and
around the world. Isis provides opportunities for business that creates sustainable economic
growth and for the University of Oxford to demonstrate substantial impact from its
research activities.
New technology spin-outs created by Isis (2012: 5)
4
SPIN-OUTS
Total amount awarded to develop Oxford research from
Proof-of-Concept and seed funds managed by Isis Innovation
Seed Fund Awards
millionmillion
Isis Highlights
4
Technology Transfer
The Technology Transfer group commercialises University of Oxford intellectual property
through patenting, licensing and material sales. Isis holds a portfolio of more than 2000
patents and patent applications, with more than 650 active licensing deals and 70 completed
spin-outs. A close and highly-valued working relationship with colleagues in Research
Services ensures that IP is correctly assigned and handled.
Improving vaccine effectiveness
Oxford Vacmedix, one of this year’s spin-outs, offers
the potential to significantly reduce the cost of vaccine
development and to increase the effectiveness of
vaccines in providing immunity against both infectious
diseases and cancer.
The technology makes use of techniques that have
already produced effective vaccines under laboratory
conditions - manufacturing new ‘overlapping peptide’
vaccines using a natural expression system. A team from
the University of Oxford, Department of Oncology and
the Weatherall Institute of Molecular Medicine led by Dr
Shisong Jiang is responsible for the promising technology.
International collaboration
An increasing number of Oxford spin-outs are created
with international partners, this formation is a fine
exemplar. The UK company formed a joint venture
in Hong Kong with Chinese investors, enabling the
majority of the early stage validation of the Oxford
technology to be undertaken at the Changzhou
Biopharmaceutical Incubator, supported by Chinese
private investment and government funding. The joint
venture company is focused on the Chinese market,
and is eligible to access up to 2 million RMB in funding
from the Changzhou Government.
Describing the advantages of their work, Dr. Jiang said:
“The present way of making overlapping peptides is to
chemically synthesise all the peptides. The use of the
peptide synthesiser, and the limited quantity of peptides
produced in this way, made the overlapping peptides
very expensive to produce.”
“In contrast, our new method of making overlapping
peptides in a bacterial system will allow us to obtain the
Avian flu, strain H5N1. Coloured transmission electron
micrograph (TEM) of influenza A virus particles (red) in MDCK
culture cells.
recombinant protein and then the overlapping peptides
endlessly. It is a great improvement compared with the
previous method.”
“There are two clear advantages to this approach to
developing new vaccines. Firstly, we expect that this
technique will allow us to design an effective vaccine much
more quickly than using standard vaccine development
methods. Secondly, these vaccines can be made using
recombinant techniques, potentially a thousand times
cheaper than the current solid-phase synthesis processes
used to manufacture similar vaccines.”
The best of both worlds
The CEO and investor, Dr Hong Hoi Ting, who will be
leading the business and technology validation said:
“We are extremely excited about the opportunity to
commercially develop this Oxford technology in a region
where its potential impact on healthcare is huge. This
business allows us to continue building links between
Oxford and China, taking advantage of the best of both
and to realise the commercial potential in the technology.”
5
Solar materials
Isis spin-out Oxford PV continued to make great
progress in developing products for Building Integrated
Photovoltaics applications, including additional recently
licenced Oxford technology that gives best in class
efficiency and promises the lowest cost per Watt
generated in the field of photovoltaics. Construction of
a new product development centre is being funded by a
successful £2.7m investment round.
Hot enough?
Assessing the spiciness of chilli peppers in food has
traditionally been performed by a panel of human
tasters. Oxford researchers have invented a sensitive
electroanalytical methodology for the determination of
capsaicin using adsorptive stripping voltammetry (ASV)
with multi-walled carbon nanotube (MWCNT) based
electrodes.
The chilli tester has been found to be particularly
useful for quality assurance in the food industry; food
producers can check raw materials and finished products
using this fast and simple method. Isis has a licence
agreement with Singapore-based partner, Bio-X, to
commercialise the chilli tester, and Bio-X is currently
working with a number of customers and electronics
suppliers to build the chilli tester units
Reducing statin side effects
Having signed an exclusive US licence with Isis for a
genetic biomarker for statin induced myopathy in
2011, US-based Boston Heart Diagnostics successfully
developed the diagnostic test and launched it in the US
market this year.
Many patients benefit from statin therapy, which
effectively lowers cholesterol and results in a
substantial reduction in heart attacks and stroke. This
diagnostic test identifies those who are at risk of a side
effect known as myopathy, a condition that causes
significant pain, therefore allowing clinicians to make
better choices about cholesterol lowering treatments..
PROs
Isis Outcomes again saw rapid growth in the last year
(4th year running) with revenues up 40% on the previous
year, taking the business into profit. With 331 licenses
signed last year, Isis Outcomes continues to expand its
provision and support of high quality patient reported
outcome (PRO) measures. These PRO measures are
increasingly being adopted and recognised by the
pharmaceutical industry, medical device manufacturers,
healthcare providers and academia as essential tools in
quantifying the benefit of medical interventions.
Researchers in the Chemistry Department developing the
Chilli Sensor
Colour range of solid state dye sensitised solar cells
6
Oxford University Consulting
Oxford University Consulting (OUC) became part of Isis Innovation in 2002, with
responsibility for assisting academics and researchers to engage in consultancy
activities and for supporting University departments to make their facilities and
resources available to external organisations. Today, OUC has over 1,000 consultants on
its books, drawing together expertise from across the University. We negotiate around
300 client contracts a year.
Expertise in action
Oxford University’s Department of Education has made
a major contribution to the study of education for over
100 years and today it has a world class reputation for
teaching and research in this field. The Department
maximises its research impact by applying its expertise
to provide consultancy services to governments, NGOs
and commercial organisations.
OUC put in place the contractual framework to support
a ‘Leadership for Learning’ programme being delivered
to Oxford City Council. This two-year programme for
primary schools involves up to 40 staff and governors
each receiving up to 12 training days a year from leading
national and international researchers and practitioners.
The programme is being provided through a collaboration
between the University of Oxford’s Department of
Education and Oxford Brookes University’s School
of Education. On completion of the programme, each
participant will be eligible to receive accreditation
towards a Master’s degree (20 module credits towards
the 180 credits required for a Master’s degree).
The University in the community
This programme is a fine example of a mutually beneficial
relationship between the University and the local
community. Programme Director Ian Menter, Professor
of Teacher Education and Director of Professional
Programmes at Oxford University, said: “We hope
that through the Leadership for Learning programme,
teachers and governors will be able to tap into a pool of
expertise and support each other and that this will help
them to develop new leadership strategies. By working
in this way, and building upon many recent positive
developments, the quality of teaching in our primary
schools should continue to improve.”
Across the Social Sciences Division, OUC has seen a
steady increase in the number and diversity of consultancy
projects. In the last three years, we have managed more
than 150 Social Science projects, successfully contracting
work for more than 250 academic consultants.
7
Mind the gap
The efficiency of jet engines can be improved through
tighter clearance between the tip of the rotating
blade and the casing. Helping with the design of an
eddy current sensor, capable of operating at
temperatures in the order of 1500-1600K, formed
the basis of an OUC consultancy project for Qinetiq,
undertaken by Kam Chana from the Department of
Engineering Science.
Flight consultants
OUC works with the Oxford Animal Flight Group to
apply their expertise in biological sensors and actuators,
low-speed aerodynamics, flapping flight, passive flow
control, and acoustic noise reduction. This year, clients
ranged from a film production company needing studio
support to better handle insects being filmed for a 3D
documentary on insect flight, through to aerospace
companies seeking to learn lessons from nature in the
area of flight dynamics
Access to services
OUC continues to be active in arranging laboratory
service contracts with external organisations on
behalf of University departments. Through OUC, the
Central Proteomics Facility at the Sir William Dunn
School of Pathology is providing analytical services
to Allergy Therapeutics, a European-based speciality
pharmaceutical company focused upon the treatment
and prevention of allergy.
“The services have increased characterisation
of our products to a more advanced level
using cutting edge analytical procedures.”
according to the client’s Development Scientist,
James Hutchings. “This has allowed a deeper
understanding of drug mechanisms, thus facilitating our
route to product registration and ensuring a safe and
efficacious product is manufactured and released.”
Services work is important because clients not only
gain access to a range of equipment and techniques
but also benefit from the expertise of the teams that
run the facilities in the University - frequently active
researchers, working at the cutting edge of their fields.
In return, as well as income, departments develop
relationships that may lead to future collaborative
research, whilst contributing to the wider research
impact agenda by maximising use of equipment
and facilities.
Photo:SimonWalker
8
Towards an innovative future
As universities throughout the world seek, and are
required, to play a more active role in their regional
economies there is a growing need for entrepreneurial
skills learning at all levels. Governments and businesses
recognise the need for innovation to stimulate economic
growth. This brings universities to the fore - creating
demand for basic and applied research, consultancy
and training.
Transformation in practice
Isis Enterprise is working with the University of Malta
(UoM) to build and support the local innovation
ecosystem, to consolidate a knowledge transfer
framework and to launch a formal training programme
in technology entrepreneurship. The overall goal of the
programme is to assist the UoM to achieve its goal of
transforming itself into an entrepreneurial University.
Recognising that transformation does not happen
overnight, a roadmap of activities and support was agreed
to develop a knowledge transfer framework around the
themes of business collaborations, consultancy services,
technology transfer and business incubation.
Together these strands will deliver support to business
by providing research, innovation and skills, support to
the UoM and its individual researchers by making their
expertise and resources more accessible, and support
to the economy by creating business growth through
licensing and formation of new companies.
Qualified students of the programme also gain credits
which can be used towards the award of a Master in
Entrepreneurship.
From theory to practice
The programme in technology entrepreneurship has
been launched with its first group of students. Isis
Innovation consultants have provided ten external and
internal seminars, and are supporting the local ecosystem
and UoM by providing advice on the most appropriate
structures and processes of knowledge transfer, and
through the provision of advanced training in technology
transfer and business incubation.
Expertise from Isis
Isis Enterprise consultants bring extensive experience
of building innovation ecosystems and processes to
enhance university-business interactions worldwide.
Working with the UoM Isis continues to assist with
implementation of the knowledge transfer framework,
working with local lecturers to deliver the study
units that have been designed to transform science,
technology, engineering and media graduates
into successful knowledge-based entrepreneurs.
Isis Enterprise
Isis Enterprise (IE) was formed as a business group within Isis Innovation in 2004,
to provide consulting expertise and advice in technology transfer and innovation
management to clients worldwide. This year consultants and associate consultants
worked in 24 different countries, and additional staff joined the IE team in the UK, Spain,
China and Australia.
University of Malta
L-Università ta’ Malta
9
Siberian technology
An International Commercialisation programme with the Tomsk Regional Administration in Russia, started in January
2011, has continued with further training programmes and brokered introductions to more than five European
companies, leading to research agreements, product distribution and a licensing agreement.
Adoption of LED Lighting
The development policy of the Malaysian Government is shifting more towards a high income and knowledge-based
economy under its New Economic Model. In line with this, the government has set targets to assist local LED/SSL
manufacturers to achieve world class standards. Together with The Eurasia Consortium Malaysia, Isis Enterprise
has been supporting this initiative, working closely with SMECorp Malaysia to develop Malaysian LED Lighting
manufacturers’ internationalisation strategies to address new global markets. Activities have included market
landscape research, company audits, and strategic planning.
Sharing experience
Advising and supporting other universities’ technology transfer operations is an important part of Isis Enterprise’s
business. In the UK assistance was provided to six universities, through IP identification and protection, project
evaluation, technology commercialisation and licensing support. Clients can reduce their on-going patent maintenance
costs from patent portfolio assessment exercises which highlight non-core IP to be dropped or out-licensed. A well-
received software commercialisation course was held in Oxford and attended by representatives of universities and
research centres across the UK.
Tomsk, located in the Siberian region of Russia
10
Software Commercialisation
Commercialisation of software is an important activity within Isis, and can take a number of
forms such as traditional licensing of some of the world’s leading software packages, access
to unique software tools and algorithms developed in Oxford, and the creation of ambitious
new software-based ventures through the Software Incubator.
Incubating software companies towards investor readiness
An early participant in the Isis Software Incubator, colwiz (collective wizdom), demonstrates how Isis’ incubation
processes help to create new business opportunities for entrepreneurs and investors. colwiz made great progress this
year with the announcement of a development partnership and a strategic investment from the American Chemical
Society, the world’s largest scientific society.
colwiz is a free research management, collaboration and productivity platform for individual researchers, groups,
departments and organisations. Using web, desktop, and mobile applications synched in real time, the platform
manages the entire research lifecycle from an initial idea, through complex collaboration, to publication of the
results. The idea for colwiz was developed by leading researchers from the University of Oxford and transformed
into a thriving new venture with users from industry and leading universities worldwide by its own founders with
help from the Isis Software Incubator.
Adopted by industry leader
Trade and investment are undeniable proof of the commercial viability of new ideas and technologies and are the
essential ingredients for business growth. In this case the American Chemical Society (ACS) investment has resulted in
colwiz providing much of the underlying technology for ACS ChemWorx, which enables researchers to quickly create
online profiles with comprehensive messaging and social communication features, to organise secure workgroups and
Isis Software Incubator Portfolio Venture Companies
Isis Software Incubator
The ISI has continued to attract exciting and innovative projects from undergraduates, researchers, staff and alumni
of the University. At the end of the 2012-13 financial year 21 ventures had entered the incubator, of which a number
are already fully fledged businesses, providing trade, employment and investment opportunities. Others are, with
the support of the incubator, trading or engaging investors whilst continuing to develop their products and services.
This demonstrates that the incubator is a great launchpad for establishing new businesses for the benefit of the
individuals concerned and the wider economy.
11
projects, share document libraries, manage calendars and group task lists, and to maintain private discussion areas.
Integrated web, desktop, and mobile applications provide powerful capabilities for content discovery, reference and
document management, coordinated storage and retrieval of data, and collaborative manuscript preparation and
editing, as well as personal publication tracking with ACS Publications.
Every step of the research process - from forming an initial concept, to exchanging documents and literature
references with a network of global collaborators, to assembling the resulting research findings with co-authors -
can now be performed within the secure and interoperable ACS ChemWorx environment.
Professor David Gavaghan of Oxford University, colwiz Chief Scientist, commented, “colwiz shares ACS Publication’s
vision of providing researchers with the tools they need to work together across continents and across disciplines,
via software that manages the entire research lifecycle from an initial idea, through complex collaborations, and on
to publication of the results.”
FMRI of the brain listening to sounds (blue) and seeing
pictures (orange)
Improving stroke treatment
Patients who suffer a stroke need urgent assessment
of their brains’ computed tomography (CT) scan in
order to receive optimum treatment. Specialist stroke
experts worldwide use the Alberta Stroke Program
Early CT Score (ASPECTS) pioneered by Alastair Buchan,
Professor of Stroke Medicine and Head of the Medical
Sciences Division at the University of Oxford to predict
stroke outcomes and decide on treatment.
Brainomix, a start-up from the Isis Software Incubator,
will put this specialist expertise in the hands of any
doctor in an emergency department by automating
the ASPECTS method, leading to better patient
selection for stroke treatment and a higher chance of
recovering the patient’s physical and mental function. Dr
Michalis Papadakis, Managing Director and co-founder
of Brainomix, said “The e-ASPECTS software we are
developing encompasses both clinical and medical
imaging innovation which we aim to translate into
significant commercial and ultimately healthcare impact”.
The company co-founded
by Professor Buchan,
l a u n c h e d a f t e r
just six months in
the Incubator, and
subsequently received
an £820K development
grant from the Technology
Strategy Board (TSB).
Brain imaging analysis
Oxford’s multidisciplinary neuroimaging facility (FMRIB)
brings together scientists and clinicians involved in
all aspects of brain imaging research. Functional MRI
provides new insight into memory formation, language,
pain, learning and emotion, as well as being widely used
to investigate conditions such as multiple sclerosis,
stroke and Alzheimer’s. It is also helping us to better
understand and manage these conditions, and to develop
new treatments.
The FMRIB Software Library, available to license from
Isis, has been downloaded over 10,000 times since its
release in 2000, and has been commercially licensed to
seven of the top 10 global pharmaceutical companies.
12
Networks and Partnerships
International Technology Transfer
In Asia Isis is pioneering a networking and collaboration
model called an international technology transfer centre
(ITTC). Each centre requires some Isis staff, some
investors with Oxford connections and one or more local
partners such as a government agency, private investor
or technology corporation. Through the recruitment of
a team, and identifying the needs of the local economy,
we create a networked platform for the introduction
of new business opportunities based on ideas sourced
from innovators and companies from all over the world,
including Oxford.
The activities undertaken at each ITTC vary according
to the local business sector priorities and local business
competencies.
In Jiangsu Province (East China) our ITTC company
is initially focused on biopharmaceuticals, medical
devices, medical instruments and environmental
technologies. When Isis identified a group of Ukrainian
scientists with world leading heart monitoring
technologies our ITTC secured investment from China.
Together we are creating a new company to coordinate
further development of the technology, establish
manufacturing in China and manage clinical trials with
carefully selected partners in Europe and China.
Meanwhile in Guangxi Province (West China) we are
mainly focusing on projects relating to the regional
strengths in automotive components, manufacturing,
materials, tourism and agriculture. This joint venture
is also establishing a 10,000m2
technology business
An important aspect of Isis’ role is to build networks and contacts with participants at all
stages of the IP commercialisation value chain. We do this through long-standing networking
groups run by Isis – the Oxford Innovation Society, and Isis Angels Network, working to
maximise commercial and patient benefits by managing IP from the Oxford University
Hospitals NHS Trust, and forming joint venture companies.
incubator facility (The Jinhui Technology Business
Incubator, illustrated above) and an industrial product
design platform. This incubator is due to open in
November 2013 and will provide an ideal landing ground
for companies looking to establish a base in one of
China’s up and coming regions.
We are in discussions to create similar collaborations in
Guangdong Province (South China), India and Malaysia.
Oxford Innovation Society
The OIS continues to be a pivotal network that bridges
the gap between researchers and business people,
building relationships that allow technologies to be
commercialised and new companies formed. During the
year members received more than 70 profiles of new
technologies from Oxford, and attended events that
showcased technologies such as organ preservation and
computer games animation.
13
Ii
Issue69Autumn2012
Also inside: Consultancy, training, new Oxford technologies and more
Isis insights
The latest innovations, collaborations
and technology transfer
Understanding
Parkinson’s disease
Ii
Issue70Winter2012
Also inside: The Kennedy Trust, Expert Witness Consulting, MS Prognostic and more
Isis insights
The latest innovations, collaborations
and technology transfer
Data
Connecting
and protecting
Ii
Issue71Spring13
Isis insights
The latest innovations, collaborations
and technology transfer
Scanning
new horizons
Imaging breakthroughs from Oxford
4 Software Commercialisation & Consultancy in the Social Sciences
22 Oxford catalysis 26 Tech Transfer in Mexico
6 WilmerHale 8 Microsoft 10 NaturalMotion 18 Portable diagnosis
5 OxSonics: Ultrasound-enhanced therapies
14 Non-toxic positron emission tomography
Ii
Issue68Summer12
Also inside: Proteomics, Dengue developments, Intellectual Property workshops
Isis insights
The latest innovations, collaborations
and technology transfer
Sight for the blind
Subscribe to printed and online
publications from the Isis website
@IsisInnovation
www.linkedin.com/company/
isis-innovation-ltd.
Raising awareness
The cycle of disclosures, patents and licenses is
continuous, leading to a steady stream of new
information to share with potential licensees, investors
and others.
Regular events such as OIS meetings and IAN (Isis Angels
Network) investor meetings provide attendees with the
latest information, and we encourage frequent meetings
with researchers and business contacts.
Isis’ quarterly magazine, Isis Insights, provides news
of technologies and deals, and brochures designed for
researchers, investors and industrial partners were
produced during the year.
www.facebook.com/
isisinnovation25 june 2013
with impact
saÏd business school
university of oxford
innovation
www.isis-innovation.com
A range of ‘E-News’ publications distributed by email,
and posts on LinkedIn, Twitter, Facebook and Weibo
keep subscribers and followers up to date. These
channels are growing in reach and importance.
We have updated our branding to visually reinforce Isis’
role as the technology commercialisation company of
the University of Oxford.
Preparations for a Technology Showcase entitled
“Innovation with Impact”, which were started this
year, culminated in an inspiring event at the Saïd
Business School.
e.weibo.com/u/3436649802
Communications
14
Accounts 2013
Income & Expenditure1
£0
£2,000,000
£4,000,000
£6,000,000
£8,000,000
£10,000,000
£12,000,000
£14,000,000
£16,000,000
Income Expenditure
Oxford Innovation Society, other
Payments to University & Researchers
Technology Transfer Project support
Administrative expenses
University subvention
Oxford University Consulting
Technology Transfer
Isis Enterprise
Income
Isis total income comes from sales turnover of £11.5m
and the University subvention of £2.5m. Sales Turnover is
made up of Technology Transfer licensing income, Oxford
University Consulting income, Isis Enterprise consulting
income, and OIS membership subscriptions. The
University subvention to Isis of £2.5m per annum is used
for investment into Oxford technology transfer project
costs, the majority of which is invested in patenting
inventions from researchers. Isis also receives an
allocation of the University’s Higher Education Innovation
Fund award to support Oxford University Consulting and
the Isis Software Incubator. These amounts are shown in
the accounts in ‘Other operating income’.
Spin-out company shareholdings
Shares in Oxford University spin-out companies set up by Isis are owned by the University of Oxford, not by Isis
Innovation Ltd. They do not therefore appear in the Isis Innovation Ltd accounts either as assets on the balance
sheet or showing income from realisations of shares or the payment of dividends from shares. The total value of the
University’s shares in its spin-out companies at 31 July 2013 was £43m. Shares in start-up companies which are
assisted by the Isis Software Incubator are owned by Isis Innovation Ltd; Isis owns minority shareholdings in these
companies valued at a minimal cash cost.
Expenditure
The University subvention is invested in patents and
other project costs incurred on Oxford technology
transfer projects. Administrative expenses are the
costs of running Isis which include our staff costs,
marketing and office expenses. Isis distributes the net
technology transfer licensing income and OUC income
to the University and its researchers according to
University rules. These outgoings are both included in
‘Cost of sales’ in the accounts. The loss this year is a
result of increased investment in protecting University
of Oxford intellectual property and in the growth of
Isis Enterprise.
15
Isis performance from 2000
Notes
1	 A full set of accounts is available from Isis Innovation Ltd. Cost of sales for 2012 is adjusted to match 2013 classification of certain expenses from
Administative expenses to Cost of Sales.
2	 Isis distributes these sums to the University and individuals. The University in turn distributes these sums to individuals, Departments, and central accounts
according to its standard procedures. This sum also includes the amount paid as gift aid by Isis to the University (2013: £0).
	 The directors are responsible for the maintenance and integrity of the corporate and financial information included in the company’s website. Legislation in
the United Kingdom governing the preparation and dissemination of financial information differs from legislation in other jurisdictions.
£0
£1m
£2m
£3m
£4m
£5m
£6m
£7m
£8m
£9m
£10m
£11m
£12m
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Sales Income
Distributions
& Covenant
to University &
Researchers2
Investment in
Projects & Patents
University subvention
Profit & Loss Account1
Year to 31 March 2013 2012
£’000 £’000
Turnover £11,510 £10,201
Cost of Sales -£9,781 -£8,123
Gross Profit £1,729 £2,078
Administrative expenses -£5,044 -£4,968
Other operating income £3,070 £2,982
Operating profit / loss -£245 £92
Other interest receivable £6 £10
Profit on ordinary activities before
gift aid and taxation
-£239 £102
Gift aid payable to University of Oxford £0 -£343
Profit / loss on ordinary activities after
gift aid donation and before taxation
-£239 -£241
Taxation £0 £0
Profit / loss on ordinary activities after
Gift Aid donation and after taxation
-£239 -£241
Balance Sheet 1
Year to 31 March 2013 2012
£’000 £’000
Assets (fixed & current)
Tangible Assets £0 £18
Investments £42 £0
Debtors £2,623 £3,118
Cash at bank and in hand £1,318 £1,144
£3,983 £4,280
Creditors -£3,071 -£3,134
Net assets / liabilities £912 £1,147
Capital Funds
Share capital £1,750 £1,750
Profit & Loss account -£838 -£603
Shareholder funds £912 £1,147
Isis Innovation Ltd is wholly owned by the University of Oxford. Isis Innovation (Hong Kong) Ltd is a wholly owned subsidiary of Isis Innovation Ltd.
16
Chairman Mr Bernard Taylor
Managing Director Mr Tom Hockaday
Non-Executive Directors Professor Sir John Bell Regius Professor of Medicine, University of Oxford
Dr Tim Cook Non-Executive Director
Professor Steve Davies Professor of Chemistry, University of Oxford
Mrs Ann Hacker Non-Executive Director
Mr Nigel Keen Chairman, Oxford Instruments
Mr Giles Kerr Finance Director, University of Oxford
Professor Ewan McKendrick Registrar, University of Oxford
Professor Lionel Tarassenko
Professor Ian Walmsley
Director, Institute for Biomedical Engineering, University of Oxford
Pro-Vice-Chancellor (Research, Academic Services and University
Collections)
Company Secretary Mr William Colquhoun University Finance Division
Auditors Deloitte LLP
Isis Innovation Ltd
Registered Address	 University Offices, Wellington Square, Oxford OX1 2JD
Address	
Company Number	 2199542
VAT Number	 490798885
Isis Innovation Ltd
Ewert House, Ewert Place,
Summertown, Oxford OX2 7SG
T  01865 280830
F  01865 280831
E  innovation@isis.ox.ac.uk
www.isis-innovation.com
Isis Innovation (Hong Kong) Ltd
Level 12, Infinitus Plaza,
199 Des Voeux Road Central,
Sheung Wan, Hong Kong SAR
T  +852 3796 3581
E  innovation@isis.ox.ac.uk
Isis Innovation Japan Office
ASTEM Building, Kyoto Research Park,
134 Minami-macho,
Chudoji-machi, Shimogyo-ku,
Kyoto 600-8813
T  +81 75 315 8560
Isis Innovation Spain Office
Calle Orense 104C
Madrid 28020
Spain
T +34 630 816 286
Company Details
17Design by Franks and Franks. Printed by Rumbold Holland to meet ISO 14001 standards, on Forest Stewardship Council (FSC®
) accredited paper stock.
Isis staff photographed in summer 2013
18
Isis Innovation Ltd
Ewert House, Ewert Place, Summertown, Oxford OX2 7SG
T +44 (0)1865 280830  F +44 (0)1865 280831 
E innovation@isis.ox.ac.uk  www.isis-innovation.com
Isis Innovation Ltd Annual Report 2013

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Isis annualreport2013

  • 1. 2013A N N U A L R E P O R T Technology Transfer from the University of Oxford Enabling Access to Oxford’s academic expertise Global innovation management consultancy
  • 2. Chairman’s Introduction 1 Review of the Year 2 Technology Transfer 4 Oxford University Consulting 6 Isis Enterprise 8 Software Commercialisation 10 Networks and Partnerships 12 Communications 13 Accounts 14 Company Details 16 25 years of technology commercialisation This report highlights the achievements of the financial year 2012-13. The report presents the breadth and depth of expertise within Isis, working with colleagues across the University and with our external clients across the key technology areas and sectors of the economy. This is our 25th year, a significant milestone. Over the years the impact of our activities has grown significantly in a wide range of areas. A summary of key successes during this time is available in a special brochure, on our website, www.isis-innovation.com. Contents Cover: Isis works with researchers across the University. Main picture : Department of Chemistry Delivering consultancy to companies, governments, and technology transfer organisations worldwide. Managing the commercialisation of IP developed in Oxford – licensing, spin-outs and material sales. The latest innovations, collaborations and technology transfer 25Isis insights Providing access to academic consultancy and services from the University of Oxford. www.isis-innovation.com
  • 3. 1 Chairman’s Introduction OUC is now well established in the University and has facilitated many hundreds of consulting relationships between academics and clients, often leading to long term collaborations. Isis Enterprise continues to promote and sell our expertise around the world, helping technology providers and seekers to source, commercialise and develop new technologies. In addition, Isis Enterprise assists governments and other organisations interested in establishing their own innovation activities. This report is my last as Chairman of Isis Innovation. I have been a member of the Isis Board for sixteen years and Chairman for twelve years during which time the company has grown from a handful of staff with modest revenues to the position described in this report with more than eighty staff and revenue of nearly £12m. Also the company has played an important part in changing the culture to one where innovation and technology transfer is seen universally as a good thing. This was not the case even ten years ago. I have enjoyed my time at Isis very much and it has been a huge pleasure to work with my fellow directors, the staff of Isis, and all those within the University involved with Isis. I am delighted to be succeeded as Chairman by my fellow director, Nigel Keen. Nigel has been on the board for seven years, he understands the innovation process better than anyone and I wish him and the company every success in the future. I would like to close by thanking everyone at Isis Innovation for their support and hard work this year and throughout my time as Chairman. Isis Innovation Ltd is a growing and successful business owned by the University of Oxford. Oxford is the biggest research-based University in the UK, with research expenditure of £542m last year. Isis acts as the fund manager of the University’s Intellectual Property, investing in and managing the portfolio of two thousand patent protected inventions arising from the University’s research activities; and then transferring the IP to industry for further investment and development around the world. Isis revenues increased by 13% to £11.5m with growth across all areas of the business. This continues our record of impressive annual business performances during a period of exceptional economic challenges in many regions. The international reach of Isis, with offices in Oxford, Madrid, Hong Kong and Kyoto, attracts investment into Oxford technologies from established companies and financial investors around the world, and supports the growing technology transfer and innovation management consulting business. Isis continues to deliver a positive return on investment to the University each year. The University provides Isis with £2.5m to invest in protecting intellectual property arising from the University’s research activities. This involves managing a strong portfolio of international patents (2105), technology licensing deals (644) and new company formation (70). This year Isis generated a return to the University and its researchers of £5.6m, and created shareholdings for the University in four new spin-out companies worth £0.5m. Technology commercialisation is of growing importance to the University, to research funders, to governments and the economy. Translating the outputs of early stage research from universities to the business environment allows novel ideas to become new products which address current challenges in healthcare, the environment and communications. Oxford University Consulting has had a very successful year connecting the expertise of Oxford’s academic community to client organisations around the world. This year Isis generated a return to the University and its researchers of £5.6m, and created shareholdings for the University in four new spin-out companies worth £0.5m. Bernard Taylor, Chairman
  • 4. 2 Isis delivered another very strong performance in 2013, transferring new ideas out to industry, generating financial returns and delivering impact for the University. Over the year, Isis returned £5.6m to the University and its researchers (an increase of 6% overall from 2012). Isis provided the University with shareholdings in four new spin-out companies (valued at £0.5m) and six new software start-ups; invested £3.27m in protecting University intellectual property, increased the University’s assets by 105 new patent applications, and assisted Oxford researchers in winning translational funding awards totalling £22m. This was the final year of the 2009 to 2013 five year growth plan for Isis, with Isis receiving from the University an annual subvention of £2.5m. The University has increased investment levels to £3.1m under the new plan. Revenue growth Isis revenues increased by 13% to £11.5m (2012: £10.2m). This is an impressive business performance during a year of continued challenging circumstances from the global financial crisis. •• The Technology Transfer Group revenues increased by 5% to £6.7m (2012: £6.4m). •• Oxford University Consulting revenues increased by 31% to £2.5m (2012: £1.9m). •• Isis Enterprise revenues increased by 31% to £2.1m (2012: £1.6m). Isis is responsible for these activities: Technology Transfer for Oxford Isis helps Oxford University researchers to commercialise intellectual property arising from their research through patenting, copyright, licensing, spin-out companies, research reagents and patient reported outcome measures. Isis manages the following: Isis Angels Network IAN introduces private investors and seed/venture capitalists interested in investing in Oxford spin-out companies to investment opportunities, on behalf of the University. Oxford Invention Fund & Oxford University Challenge Seed Fund Isis manages these funds on behalf of the University to provide financial investment for accelerating the transfer of Oxford technologies to market. Isis Software Incubator The incubator supports Oxford University staff and students to develop software business ventures by offering specific technical and commercial advice, and allowing incubatees to develop their products and start trading. Oxford University Consulting (OUC) Isis manages OUC which helps Oxford University researchers to identify and manage consulting opportunities and helps clients access expertise from Oxford’s world-class, interdisciplinary research base. Oxford Innovation Society Isis runs the Oxford Innovation Society, a leading forum for open innovation, bringing together industry, investors, government and the business professions with researchers and inventors from the University. Isis Enterprise Isis provides consulting expertise and advice in technology transfer and innovation management to clients across the public and private sectors around the world. Tom Hockaday, Managing Director Review of the year
  • 5. 3 Total Isis revenues in 2013 (2012: £10.2m) £11.5 REVENUES Patents and patent applications on Oxford inventions managed by Isis (includes 873 granted patents) 2015 PATENTS New companies supported by the Isis Software Incubator (2012: 3) 6 SOFTWARE START-UPS Translational research funding won by Oxford researchers with direct Isis support Technology Licence (98) and Oxford University Consulting (297) deals signed (2012: 356) £22 395 Translational Funding DEALS Returned to Oxford University and its researchers (2012: £5.3m) £5.6 £9.3 millionmillion DistributionS Isis is a world leading technology transfer business, creating links between the outstanding research capability at Oxford, and elsewhere, for the benefit of society in the UK and around the world. Isis provides opportunities for business that creates sustainable economic growth and for the University of Oxford to demonstrate substantial impact from its research activities. New technology spin-outs created by Isis (2012: 5) 4 SPIN-OUTS Total amount awarded to develop Oxford research from Proof-of-Concept and seed funds managed by Isis Innovation Seed Fund Awards millionmillion Isis Highlights
  • 6. 4 Technology Transfer The Technology Transfer group commercialises University of Oxford intellectual property through patenting, licensing and material sales. Isis holds a portfolio of more than 2000 patents and patent applications, with more than 650 active licensing deals and 70 completed spin-outs. A close and highly-valued working relationship with colleagues in Research Services ensures that IP is correctly assigned and handled. Improving vaccine effectiveness Oxford Vacmedix, one of this year’s spin-outs, offers the potential to significantly reduce the cost of vaccine development and to increase the effectiveness of vaccines in providing immunity against both infectious diseases and cancer. The technology makes use of techniques that have already produced effective vaccines under laboratory conditions - manufacturing new ‘overlapping peptide’ vaccines using a natural expression system. A team from the University of Oxford, Department of Oncology and the Weatherall Institute of Molecular Medicine led by Dr Shisong Jiang is responsible for the promising technology. International collaboration An increasing number of Oxford spin-outs are created with international partners, this formation is a fine exemplar. The UK company formed a joint venture in Hong Kong with Chinese investors, enabling the majority of the early stage validation of the Oxford technology to be undertaken at the Changzhou Biopharmaceutical Incubator, supported by Chinese private investment and government funding. The joint venture company is focused on the Chinese market, and is eligible to access up to 2 million RMB in funding from the Changzhou Government. Describing the advantages of their work, Dr. Jiang said: “The present way of making overlapping peptides is to chemically synthesise all the peptides. The use of the peptide synthesiser, and the limited quantity of peptides produced in this way, made the overlapping peptides very expensive to produce.” “In contrast, our new method of making overlapping peptides in a bacterial system will allow us to obtain the Avian flu, strain H5N1. Coloured transmission electron micrograph (TEM) of influenza A virus particles (red) in MDCK culture cells. recombinant protein and then the overlapping peptides endlessly. It is a great improvement compared with the previous method.” “There are two clear advantages to this approach to developing new vaccines. Firstly, we expect that this technique will allow us to design an effective vaccine much more quickly than using standard vaccine development methods. Secondly, these vaccines can be made using recombinant techniques, potentially a thousand times cheaper than the current solid-phase synthesis processes used to manufacture similar vaccines.” The best of both worlds The CEO and investor, Dr Hong Hoi Ting, who will be leading the business and technology validation said: “We are extremely excited about the opportunity to commercially develop this Oxford technology in a region where its potential impact on healthcare is huge. This business allows us to continue building links between Oxford and China, taking advantage of the best of both and to realise the commercial potential in the technology.”
  • 7. 5 Solar materials Isis spin-out Oxford PV continued to make great progress in developing products for Building Integrated Photovoltaics applications, including additional recently licenced Oxford technology that gives best in class efficiency and promises the lowest cost per Watt generated in the field of photovoltaics. Construction of a new product development centre is being funded by a successful £2.7m investment round. Hot enough? Assessing the spiciness of chilli peppers in food has traditionally been performed by a panel of human tasters. Oxford researchers have invented a sensitive electroanalytical methodology for the determination of capsaicin using adsorptive stripping voltammetry (ASV) with multi-walled carbon nanotube (MWCNT) based electrodes. The chilli tester has been found to be particularly useful for quality assurance in the food industry; food producers can check raw materials and finished products using this fast and simple method. Isis has a licence agreement with Singapore-based partner, Bio-X, to commercialise the chilli tester, and Bio-X is currently working with a number of customers and electronics suppliers to build the chilli tester units Reducing statin side effects Having signed an exclusive US licence with Isis for a genetic biomarker for statin induced myopathy in 2011, US-based Boston Heart Diagnostics successfully developed the diagnostic test and launched it in the US market this year. Many patients benefit from statin therapy, which effectively lowers cholesterol and results in a substantial reduction in heart attacks and stroke. This diagnostic test identifies those who are at risk of a side effect known as myopathy, a condition that causes significant pain, therefore allowing clinicians to make better choices about cholesterol lowering treatments.. PROs Isis Outcomes again saw rapid growth in the last year (4th year running) with revenues up 40% on the previous year, taking the business into profit. With 331 licenses signed last year, Isis Outcomes continues to expand its provision and support of high quality patient reported outcome (PRO) measures. These PRO measures are increasingly being adopted and recognised by the pharmaceutical industry, medical device manufacturers, healthcare providers and academia as essential tools in quantifying the benefit of medical interventions. Researchers in the Chemistry Department developing the Chilli Sensor Colour range of solid state dye sensitised solar cells
  • 8. 6 Oxford University Consulting Oxford University Consulting (OUC) became part of Isis Innovation in 2002, with responsibility for assisting academics and researchers to engage in consultancy activities and for supporting University departments to make their facilities and resources available to external organisations. Today, OUC has over 1,000 consultants on its books, drawing together expertise from across the University. We negotiate around 300 client contracts a year. Expertise in action Oxford University’s Department of Education has made a major contribution to the study of education for over 100 years and today it has a world class reputation for teaching and research in this field. The Department maximises its research impact by applying its expertise to provide consultancy services to governments, NGOs and commercial organisations. OUC put in place the contractual framework to support a ‘Leadership for Learning’ programme being delivered to Oxford City Council. This two-year programme for primary schools involves up to 40 staff and governors each receiving up to 12 training days a year from leading national and international researchers and practitioners. The programme is being provided through a collaboration between the University of Oxford’s Department of Education and Oxford Brookes University’s School of Education. On completion of the programme, each participant will be eligible to receive accreditation towards a Master’s degree (20 module credits towards the 180 credits required for a Master’s degree). The University in the community This programme is a fine example of a mutually beneficial relationship between the University and the local community. Programme Director Ian Menter, Professor of Teacher Education and Director of Professional Programmes at Oxford University, said: “We hope that through the Leadership for Learning programme, teachers and governors will be able to tap into a pool of expertise and support each other and that this will help them to develop new leadership strategies. By working in this way, and building upon many recent positive developments, the quality of teaching in our primary schools should continue to improve.” Across the Social Sciences Division, OUC has seen a steady increase in the number and diversity of consultancy projects. In the last three years, we have managed more than 150 Social Science projects, successfully contracting work for more than 250 academic consultants.
  • 9. 7 Mind the gap The efficiency of jet engines can be improved through tighter clearance between the tip of the rotating blade and the casing. Helping with the design of an eddy current sensor, capable of operating at temperatures in the order of 1500-1600K, formed the basis of an OUC consultancy project for Qinetiq, undertaken by Kam Chana from the Department of Engineering Science. Flight consultants OUC works with the Oxford Animal Flight Group to apply their expertise in biological sensors and actuators, low-speed aerodynamics, flapping flight, passive flow control, and acoustic noise reduction. This year, clients ranged from a film production company needing studio support to better handle insects being filmed for a 3D documentary on insect flight, through to aerospace companies seeking to learn lessons from nature in the area of flight dynamics Access to services OUC continues to be active in arranging laboratory service contracts with external organisations on behalf of University departments. Through OUC, the Central Proteomics Facility at the Sir William Dunn School of Pathology is providing analytical services to Allergy Therapeutics, a European-based speciality pharmaceutical company focused upon the treatment and prevention of allergy. “The services have increased characterisation of our products to a more advanced level using cutting edge analytical procedures.” according to the client’s Development Scientist, James Hutchings. “This has allowed a deeper understanding of drug mechanisms, thus facilitating our route to product registration and ensuring a safe and efficacious product is manufactured and released.” Services work is important because clients not only gain access to a range of equipment and techniques but also benefit from the expertise of the teams that run the facilities in the University - frequently active researchers, working at the cutting edge of their fields. In return, as well as income, departments develop relationships that may lead to future collaborative research, whilst contributing to the wider research impact agenda by maximising use of equipment and facilities. Photo:SimonWalker
  • 10. 8 Towards an innovative future As universities throughout the world seek, and are required, to play a more active role in their regional economies there is a growing need for entrepreneurial skills learning at all levels. Governments and businesses recognise the need for innovation to stimulate economic growth. This brings universities to the fore - creating demand for basic and applied research, consultancy and training. Transformation in practice Isis Enterprise is working with the University of Malta (UoM) to build and support the local innovation ecosystem, to consolidate a knowledge transfer framework and to launch a formal training programme in technology entrepreneurship. The overall goal of the programme is to assist the UoM to achieve its goal of transforming itself into an entrepreneurial University. Recognising that transformation does not happen overnight, a roadmap of activities and support was agreed to develop a knowledge transfer framework around the themes of business collaborations, consultancy services, technology transfer and business incubation. Together these strands will deliver support to business by providing research, innovation and skills, support to the UoM and its individual researchers by making their expertise and resources more accessible, and support to the economy by creating business growth through licensing and formation of new companies. Qualified students of the programme also gain credits which can be used towards the award of a Master in Entrepreneurship. From theory to practice The programme in technology entrepreneurship has been launched with its first group of students. Isis Innovation consultants have provided ten external and internal seminars, and are supporting the local ecosystem and UoM by providing advice on the most appropriate structures and processes of knowledge transfer, and through the provision of advanced training in technology transfer and business incubation. Expertise from Isis Isis Enterprise consultants bring extensive experience of building innovation ecosystems and processes to enhance university-business interactions worldwide. Working with the UoM Isis continues to assist with implementation of the knowledge transfer framework, working with local lecturers to deliver the study units that have been designed to transform science, technology, engineering and media graduates into successful knowledge-based entrepreneurs. Isis Enterprise Isis Enterprise (IE) was formed as a business group within Isis Innovation in 2004, to provide consulting expertise and advice in technology transfer and innovation management to clients worldwide. This year consultants and associate consultants worked in 24 different countries, and additional staff joined the IE team in the UK, Spain, China and Australia. University of Malta L-Università ta’ Malta
  • 11. 9 Siberian technology An International Commercialisation programme with the Tomsk Regional Administration in Russia, started in January 2011, has continued with further training programmes and brokered introductions to more than five European companies, leading to research agreements, product distribution and a licensing agreement. Adoption of LED Lighting The development policy of the Malaysian Government is shifting more towards a high income and knowledge-based economy under its New Economic Model. In line with this, the government has set targets to assist local LED/SSL manufacturers to achieve world class standards. Together with The Eurasia Consortium Malaysia, Isis Enterprise has been supporting this initiative, working closely with SMECorp Malaysia to develop Malaysian LED Lighting manufacturers’ internationalisation strategies to address new global markets. Activities have included market landscape research, company audits, and strategic planning. Sharing experience Advising and supporting other universities’ technology transfer operations is an important part of Isis Enterprise’s business. In the UK assistance was provided to six universities, through IP identification and protection, project evaluation, technology commercialisation and licensing support. Clients can reduce their on-going patent maintenance costs from patent portfolio assessment exercises which highlight non-core IP to be dropped or out-licensed. A well- received software commercialisation course was held in Oxford and attended by representatives of universities and research centres across the UK. Tomsk, located in the Siberian region of Russia
  • 12. 10 Software Commercialisation Commercialisation of software is an important activity within Isis, and can take a number of forms such as traditional licensing of some of the world’s leading software packages, access to unique software tools and algorithms developed in Oxford, and the creation of ambitious new software-based ventures through the Software Incubator. Incubating software companies towards investor readiness An early participant in the Isis Software Incubator, colwiz (collective wizdom), demonstrates how Isis’ incubation processes help to create new business opportunities for entrepreneurs and investors. colwiz made great progress this year with the announcement of a development partnership and a strategic investment from the American Chemical Society, the world’s largest scientific society. colwiz is a free research management, collaboration and productivity platform for individual researchers, groups, departments and organisations. Using web, desktop, and mobile applications synched in real time, the platform manages the entire research lifecycle from an initial idea, through complex collaboration, to publication of the results. The idea for colwiz was developed by leading researchers from the University of Oxford and transformed into a thriving new venture with users from industry and leading universities worldwide by its own founders with help from the Isis Software Incubator. Adopted by industry leader Trade and investment are undeniable proof of the commercial viability of new ideas and technologies and are the essential ingredients for business growth. In this case the American Chemical Society (ACS) investment has resulted in colwiz providing much of the underlying technology for ACS ChemWorx, which enables researchers to quickly create online profiles with comprehensive messaging and social communication features, to organise secure workgroups and Isis Software Incubator Portfolio Venture Companies Isis Software Incubator The ISI has continued to attract exciting and innovative projects from undergraduates, researchers, staff and alumni of the University. At the end of the 2012-13 financial year 21 ventures had entered the incubator, of which a number are already fully fledged businesses, providing trade, employment and investment opportunities. Others are, with the support of the incubator, trading or engaging investors whilst continuing to develop their products and services. This demonstrates that the incubator is a great launchpad for establishing new businesses for the benefit of the individuals concerned and the wider economy.
  • 13. 11 projects, share document libraries, manage calendars and group task lists, and to maintain private discussion areas. Integrated web, desktop, and mobile applications provide powerful capabilities for content discovery, reference and document management, coordinated storage and retrieval of data, and collaborative manuscript preparation and editing, as well as personal publication tracking with ACS Publications. Every step of the research process - from forming an initial concept, to exchanging documents and literature references with a network of global collaborators, to assembling the resulting research findings with co-authors - can now be performed within the secure and interoperable ACS ChemWorx environment. Professor David Gavaghan of Oxford University, colwiz Chief Scientist, commented, “colwiz shares ACS Publication’s vision of providing researchers with the tools they need to work together across continents and across disciplines, via software that manages the entire research lifecycle from an initial idea, through complex collaborations, and on to publication of the results.” FMRI of the brain listening to sounds (blue) and seeing pictures (orange) Improving stroke treatment Patients who suffer a stroke need urgent assessment of their brains’ computed tomography (CT) scan in order to receive optimum treatment. Specialist stroke experts worldwide use the Alberta Stroke Program Early CT Score (ASPECTS) pioneered by Alastair Buchan, Professor of Stroke Medicine and Head of the Medical Sciences Division at the University of Oxford to predict stroke outcomes and decide on treatment. Brainomix, a start-up from the Isis Software Incubator, will put this specialist expertise in the hands of any doctor in an emergency department by automating the ASPECTS method, leading to better patient selection for stroke treatment and a higher chance of recovering the patient’s physical and mental function. Dr Michalis Papadakis, Managing Director and co-founder of Brainomix, said “The e-ASPECTS software we are developing encompasses both clinical and medical imaging innovation which we aim to translate into significant commercial and ultimately healthcare impact”. The company co-founded by Professor Buchan, l a u n c h e d a f t e r just six months in the Incubator, and subsequently received an £820K development grant from the Technology Strategy Board (TSB). Brain imaging analysis Oxford’s multidisciplinary neuroimaging facility (FMRIB) brings together scientists and clinicians involved in all aspects of brain imaging research. Functional MRI provides new insight into memory formation, language, pain, learning and emotion, as well as being widely used to investigate conditions such as multiple sclerosis, stroke and Alzheimer’s. It is also helping us to better understand and manage these conditions, and to develop new treatments. The FMRIB Software Library, available to license from Isis, has been downloaded over 10,000 times since its release in 2000, and has been commercially licensed to seven of the top 10 global pharmaceutical companies.
  • 14. 12 Networks and Partnerships International Technology Transfer In Asia Isis is pioneering a networking and collaboration model called an international technology transfer centre (ITTC). Each centre requires some Isis staff, some investors with Oxford connections and one or more local partners such as a government agency, private investor or technology corporation. Through the recruitment of a team, and identifying the needs of the local economy, we create a networked platform for the introduction of new business opportunities based on ideas sourced from innovators and companies from all over the world, including Oxford. The activities undertaken at each ITTC vary according to the local business sector priorities and local business competencies. In Jiangsu Province (East China) our ITTC company is initially focused on biopharmaceuticals, medical devices, medical instruments and environmental technologies. When Isis identified a group of Ukrainian scientists with world leading heart monitoring technologies our ITTC secured investment from China. Together we are creating a new company to coordinate further development of the technology, establish manufacturing in China and manage clinical trials with carefully selected partners in Europe and China. Meanwhile in Guangxi Province (West China) we are mainly focusing on projects relating to the regional strengths in automotive components, manufacturing, materials, tourism and agriculture. This joint venture is also establishing a 10,000m2 technology business An important aspect of Isis’ role is to build networks and contacts with participants at all stages of the IP commercialisation value chain. We do this through long-standing networking groups run by Isis – the Oxford Innovation Society, and Isis Angels Network, working to maximise commercial and patient benefits by managing IP from the Oxford University Hospitals NHS Trust, and forming joint venture companies. incubator facility (The Jinhui Technology Business Incubator, illustrated above) and an industrial product design platform. This incubator is due to open in November 2013 and will provide an ideal landing ground for companies looking to establish a base in one of China’s up and coming regions. We are in discussions to create similar collaborations in Guangdong Province (South China), India and Malaysia. Oxford Innovation Society The OIS continues to be a pivotal network that bridges the gap between researchers and business people, building relationships that allow technologies to be commercialised and new companies formed. During the year members received more than 70 profiles of new technologies from Oxford, and attended events that showcased technologies such as organ preservation and computer games animation.
  • 15. 13 Ii Issue69Autumn2012 Also inside: Consultancy, training, new Oxford technologies and more Isis insights The latest innovations, collaborations and technology transfer Understanding Parkinson’s disease Ii Issue70Winter2012 Also inside: The Kennedy Trust, Expert Witness Consulting, MS Prognostic and more Isis insights The latest innovations, collaborations and technology transfer Data Connecting and protecting Ii Issue71Spring13 Isis insights The latest innovations, collaborations and technology transfer Scanning new horizons Imaging breakthroughs from Oxford 4 Software Commercialisation & Consultancy in the Social Sciences 22 Oxford catalysis 26 Tech Transfer in Mexico 6 WilmerHale 8 Microsoft 10 NaturalMotion 18 Portable diagnosis 5 OxSonics: Ultrasound-enhanced therapies 14 Non-toxic positron emission tomography Ii Issue68Summer12 Also inside: Proteomics, Dengue developments, Intellectual Property workshops Isis insights The latest innovations, collaborations and technology transfer Sight for the blind Subscribe to printed and online publications from the Isis website @IsisInnovation www.linkedin.com/company/ isis-innovation-ltd. Raising awareness The cycle of disclosures, patents and licenses is continuous, leading to a steady stream of new information to share with potential licensees, investors and others. Regular events such as OIS meetings and IAN (Isis Angels Network) investor meetings provide attendees with the latest information, and we encourage frequent meetings with researchers and business contacts. Isis’ quarterly magazine, Isis Insights, provides news of technologies and deals, and brochures designed for researchers, investors and industrial partners were produced during the year. www.facebook.com/ isisinnovation25 june 2013 with impact saÏd business school university of oxford innovation www.isis-innovation.com A range of ‘E-News’ publications distributed by email, and posts on LinkedIn, Twitter, Facebook and Weibo keep subscribers and followers up to date. These channels are growing in reach and importance. We have updated our branding to visually reinforce Isis’ role as the technology commercialisation company of the University of Oxford. Preparations for a Technology Showcase entitled “Innovation with Impact”, which were started this year, culminated in an inspiring event at the Saïd Business School. e.weibo.com/u/3436649802 Communications
  • 16. 14 Accounts 2013 Income & Expenditure1 £0 £2,000,000 £4,000,000 £6,000,000 £8,000,000 £10,000,000 £12,000,000 £14,000,000 £16,000,000 Income Expenditure Oxford Innovation Society, other Payments to University & Researchers Technology Transfer Project support Administrative expenses University subvention Oxford University Consulting Technology Transfer Isis Enterprise Income Isis total income comes from sales turnover of £11.5m and the University subvention of £2.5m. Sales Turnover is made up of Technology Transfer licensing income, Oxford University Consulting income, Isis Enterprise consulting income, and OIS membership subscriptions. The University subvention to Isis of £2.5m per annum is used for investment into Oxford technology transfer project costs, the majority of which is invested in patenting inventions from researchers. Isis also receives an allocation of the University’s Higher Education Innovation Fund award to support Oxford University Consulting and the Isis Software Incubator. These amounts are shown in the accounts in ‘Other operating income’. Spin-out company shareholdings Shares in Oxford University spin-out companies set up by Isis are owned by the University of Oxford, not by Isis Innovation Ltd. They do not therefore appear in the Isis Innovation Ltd accounts either as assets on the balance sheet or showing income from realisations of shares or the payment of dividends from shares. The total value of the University’s shares in its spin-out companies at 31 July 2013 was £43m. Shares in start-up companies which are assisted by the Isis Software Incubator are owned by Isis Innovation Ltd; Isis owns minority shareholdings in these companies valued at a minimal cash cost. Expenditure The University subvention is invested in patents and other project costs incurred on Oxford technology transfer projects. Administrative expenses are the costs of running Isis which include our staff costs, marketing and office expenses. Isis distributes the net technology transfer licensing income and OUC income to the University and its researchers according to University rules. These outgoings are both included in ‘Cost of sales’ in the accounts. The loss this year is a result of increased investment in protecting University of Oxford intellectual property and in the growth of Isis Enterprise.
  • 17. 15 Isis performance from 2000 Notes 1 A full set of accounts is available from Isis Innovation Ltd. Cost of sales for 2012 is adjusted to match 2013 classification of certain expenses from Administative expenses to Cost of Sales. 2 Isis distributes these sums to the University and individuals. The University in turn distributes these sums to individuals, Departments, and central accounts according to its standard procedures. This sum also includes the amount paid as gift aid by Isis to the University (2013: £0). The directors are responsible for the maintenance and integrity of the corporate and financial information included in the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial information differs from legislation in other jurisdictions. £0 £1m £2m £3m £4m £5m £6m £7m £8m £9m £10m £11m £12m 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sales Income Distributions & Covenant to University & Researchers2 Investment in Projects & Patents University subvention Profit & Loss Account1 Year to 31 March 2013 2012 £’000 £’000 Turnover £11,510 £10,201 Cost of Sales -£9,781 -£8,123 Gross Profit £1,729 £2,078 Administrative expenses -£5,044 -£4,968 Other operating income £3,070 £2,982 Operating profit / loss -£245 £92 Other interest receivable £6 £10 Profit on ordinary activities before gift aid and taxation -£239 £102 Gift aid payable to University of Oxford £0 -£343 Profit / loss on ordinary activities after gift aid donation and before taxation -£239 -£241 Taxation £0 £0 Profit / loss on ordinary activities after Gift Aid donation and after taxation -£239 -£241 Balance Sheet 1 Year to 31 March 2013 2012 £’000 £’000 Assets (fixed & current) Tangible Assets £0 £18 Investments £42 £0 Debtors £2,623 £3,118 Cash at bank and in hand £1,318 £1,144 £3,983 £4,280 Creditors -£3,071 -£3,134 Net assets / liabilities £912 £1,147 Capital Funds Share capital £1,750 £1,750 Profit & Loss account -£838 -£603 Shareholder funds £912 £1,147 Isis Innovation Ltd is wholly owned by the University of Oxford. Isis Innovation (Hong Kong) Ltd is a wholly owned subsidiary of Isis Innovation Ltd.
  • 18. 16 Chairman Mr Bernard Taylor Managing Director Mr Tom Hockaday Non-Executive Directors Professor Sir John Bell Regius Professor of Medicine, University of Oxford Dr Tim Cook Non-Executive Director Professor Steve Davies Professor of Chemistry, University of Oxford Mrs Ann Hacker Non-Executive Director Mr Nigel Keen Chairman, Oxford Instruments Mr Giles Kerr Finance Director, University of Oxford Professor Ewan McKendrick Registrar, University of Oxford Professor Lionel Tarassenko Professor Ian Walmsley Director, Institute for Biomedical Engineering, University of Oxford Pro-Vice-Chancellor (Research, Academic Services and University Collections) Company Secretary Mr William Colquhoun University Finance Division Auditors Deloitte LLP Isis Innovation Ltd Registered Address University Offices, Wellington Square, Oxford OX1 2JD Address Company Number 2199542 VAT Number 490798885 Isis Innovation Ltd Ewert House, Ewert Place, Summertown, Oxford OX2 7SG T  01865 280830 F  01865 280831 E  innovation@isis.ox.ac.uk www.isis-innovation.com Isis Innovation (Hong Kong) Ltd Level 12, Infinitus Plaza, 199 Des Voeux Road Central, Sheung Wan, Hong Kong SAR T  +852 3796 3581 E  innovation@isis.ox.ac.uk Isis Innovation Japan Office ASTEM Building, Kyoto Research Park, 134 Minami-macho, Chudoji-machi, Shimogyo-ku, Kyoto 600-8813 T  +81 75 315 8560 Isis Innovation Spain Office Calle Orense 104C Madrid 28020 Spain T +34 630 816 286 Company Details
  • 19. 17Design by Franks and Franks. Printed by Rumbold Holland to meet ISO 14001 standards, on Forest Stewardship Council (FSC® ) accredited paper stock. Isis staff photographed in summer 2013
  • 20. 18 Isis Innovation Ltd Ewert House, Ewert Place, Summertown, Oxford OX2 7SG T +44 (0)1865 280830  F +44 (0)1865 280831  E innovation@isis.ox.ac.uk  www.isis-innovation.com Isis Innovation Ltd Annual Report 2013