Date: 2012-06-18
Type of information: Fundraising
Company: Oxford Immunotec (UK)
Investors: Imperial Innovations (UK) - Invesco Perpetual (UK) - Clarus Ventures (USA) - New Leaf (USA) - DFJ Esprit (UK) - Wellington Partners (USA) - Kaiser Permanente Ventures (USA) - SPARK Ventures (UK) - the University of Oxford (OSEM) (UK)
Amount: $28 million (€ 22.1 million)
Funding type: financing round
Planned used: Oxford Immunotec will use the funds raised to develop further its logistics, sales and delivery infrastructure in the US. In 2011 it increased its lab testing capacity by building a new CLIA lab facility in Memphis, through which it can achieve unparalleled US national coverage and turnaround time.
Others: Imperial Innovations Group plc, a leading technology commercialisation and investment group, has led a $28m funding round for Oxford Immunotec, alongside Invesco Perpetual and existing investors.
Oxford Immunotec, is a medical diagnostics company developing novel diagnostic tests in the field of immunological diseases. Spun out from the University of Oxford in 2002, Oxford Immunotec is a well-established, international business, with rapid revenue growth. Its lead product is the T-SPOT®TBtest, an immunological blood test for the detection of latent tuberculosis (TB) infection. This represents a major global market opportunity, particularly in the US where certain professions undergo compulsory annual TB screenings and there are large populations of immunosuppressed patients, such as those with HIV or rheumatoid arthritis, for whom screening is mandated. The T-SPOT.TB test is replacing the traditional screening technology, the 90-year old tuberculin skin test, which can generate a high frequency of false-positive and false-negative skin reactions as well as being problematic to perform.
Innovations and Invesco Perpetual each invested $9.5 million in this round. Oxford Immunotecwas also supported by existing investors including Clarus, New Leaf, DFJ Esprit, Wellington Partners, Kaiser Permanente Ventures, SPARK Ventures and the University of Oxford (OSEM) who invested the remaining $9 million. Following the investment Innovations will hold a 7% stake in the Company.
Prior to this investment, Oxford Immunotec had raised $82m across four rounds of institutional investment. Nigel Pitchford, Managing Director of Healthcare Investments at Innovations, will rejoin the board of Oxford Immunotec, having previously been on the board of the company from 2010-11.
* On November 22, 2013, Imperial Innovations Group has announced that its portfolio company Oxford Immunotec has successfully listed its shares on the NASDAQ Stock Market. Innovations has not sold any of its OI shares during the listing process and now owns a stake of 5.1%.The Group has invested $9.5m (£6.0m) in the company, and last year led a $28m funding round for Oxford Immunotec. At the issue price of $12.00 per share, Innovations' holding is worth $10m (£6.2m).
Therapeutic area: Immunological diseases
