Oxford Nanopore valuation doubles following surprise £31.4m fundraising
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5/3/12 Oxford Nanopore valuation doubles following surprise £31.4m fund-raising | Cambridge technology ne… 1/3 cabume.co.uk/medtech/oxford-nanopore-valuation-doubles-following-surprise-p314m-fund-raising.html CLOSE X Loading Image... 6 Sticking with you: Oxford Nanopore's investors pour in another £31.4m to potentially game changing sequencing tech 03 May 2012 12:22 Oxford Nanopore valuation doubles following surprise £31.4m fundraising AUTHOR // Lautaro Vargas POSTED IN // Medtech Oxford Nanopore has announced a surprise £31.4m fundraising, taking the total raised by the Oxford University spinout since its foundation in 2005 to £105.4m. The funding is surprising because the company only raised £25m a year ago, stated on its web site that it wasn't looking for further funding and CEO, Dr Gordon Sanghera, told the Sunday Telegraph just two months ago that the company was well financed for the next stage of growth. One source told Cabume that the company did not in fact go looking for the funds, but was approached by the existing shareholders who wanted to make sure the company faced no distractions later on as it builds up its commercial operation and enters a relatively competitive phase. "The shareholders went to them, they wanted the company to be completely solid through this phase," said the source. "Oxford Nanopore has not been on the road looking for new investors in this round." However, with talk of an IPO sometime next year and its potential as an acquisition target, Oxford Nanopore's investors have also laid down a public marker on their faith in the company. The extra £31.4m has come almost entirely from existing investors in a move that could be said doubles the value of the company's shares going on figures from IP Group, which holds a 21.3 per cent stake in Oxford Nanopore. In an announcement to the stock market, IP Group said its 21.3 per cent undiluted beneficial stake in Oxford was now valued at £66.5m, compared to £33.4m for 21.5 per cent in April 2011. If that value holds true for the rest of the shareholders, Oxford Nanopore's shares are worth £312m compared to £155m last year. However, the eventual exit price is potentially much more. Analyst, Numis Securities, said that while IP Group’s announcement indicated a premoney valuation of Oxford Nanopore at around $450m (£278m) and a far cry from LATEST BlueGnome’s screening technology delivers “dramatic” increase in success of IVF Medtech ARU offers £35k to Cambridgeshire startups The Cluster Team Consulting to unveil new cardboard vaccine inhaler Medtech New CEO to drive forward PGT's multiple genome mapping technology Medtech NEWSLETTER Email Address * Subscribe BLOGS Bye bye angels, hello Kickstarter? There’s been a lot in the press recently about crowdfunding site Kickstarter.... Continue reading CAMBRIDGE STARTUP STORIES ViewRanger navigating an appy path to GPS dominance: Augmentra’s startup story by George Osborn It’s not many businesses that can be built on the back of… in association with NEWSBLAST Seed round could see Knowledge Transmission through to exit CSR losses widen on record revenues Hong Kong government sends dealmaking cleantech delegation to Cambridge 03 04 08 UPCOMING EVENTS 03.05.2012 19:30 21:00 Geographic Locality of Interest in Online Video Consumption: Salvatore Scellato 04.05.2012 13:00 16:00 CamJelly 08.05.2012 14:00 20:00 Cambridge Friendship Club MAY MAY MAY HOME NEWS FEATURES VIDEO & AUDIO CONTACT EVENTS LOGIN search...
Transcript of Oxford Nanopore valuation doubles following surprise £31.4m fundraising
5/3/12 Oxford Nanopore valuation doubles following surprise £31.4m fund-raising | Cambridge technology ne…
1/3cabume.co.uk/medtech/oxford-nanopore-valuation-doubles-following-surprise-p314m-fund-raising.html
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Stickingwithyou:OxfordNanopore'sinvestorspourinanother£31.4mtopotentiallygame
changingsequencingtech
03May201212:22
OxfordNanoporevaluationdoublesfollowingsurprise£31.4mfundraisingAUTHOR//LautaroVargas POSTEDIN//Medtech
OxfordNanoporehasannouncedasurprise£31.4mfundraising,takingthetotalraisedbytheOxfordUniversityspinoutsinceitsfoundationin2005to£105.4m.
Thefundingissurprisingbecausethecompanyonlyraised£25mayearago,statedonitswebsitethatitwasn'tlookingforfurtherfundingandCEO,DrGordonSanghera,toldtheSundayTelegraphjusttwomonthsagothatthecompanywaswellfinancedforthenextstageofgrowth.
OnesourcetoldCabumethatthecompanydidnotinfactgolookingforthefunds,butwasapproachedbytheexistingshareholderswhowantedtomakesurethecompanyfacednodistractionslateronasitbuildsupitscommercialoperationandentersarelativelycompetitivephase.
"Theshareholderswenttothem,theywantedthecompanytobecompletelysolidthroughthisphase,"saidthesource."OxfordNanoporehasnotbeenontheroadlookingfornewinvestorsinthisround."
However,withtalkofanIPOsometimenextyearanditspotentialasanacquisitiontarget,OxfordNanopore'sinvestorshavealsolaiddownapublicmarkerontheirfaithinthecompany.
Theextra£31.4mhascomealmostentirelyfromexistinginvestorsinamovethatcouldbesaiddoublesthevalueofthecompany'ssharesgoingonfiguresfromIPGroup,whichholdsa21.3percentstakeinOxfordNanopore.
Inanannouncementtothestockmarket,IPGroupsaidits21.3percentundilutedbeneficialstakeinOxfordwasnowvaluedat£66.5m,comparedto£33.4mfor21.5percentinApril2011.Ifthatvalueholdstruefortherestoftheshareholders,OxfordNanopore'ssharesareworth£312mcomparedto£155mlastyear.
However,theeventualexitpriceispotentiallymuchmore.Analyst,NumisSecurities,saidthatwhileIPGroup’sannouncementindicatedapremoneyvaluationofOxfordNanoporeataround$450m(£278m)andafarcryfrom
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the$2bnvaluationusedinitspricetargetcalculation–orthe$2.53.0bnvaluationimpliedbyIPGroup'scurrentshareprice–theprivateplacementwasalmostentirelysubscribedbyexistinginvestorsanddidnoviewitasan“externallyvalidatedvaluation.”
Initsnoteonthedeal,Numissaid:“WecontinuetovalueOxfordNanoporeat$2bn,althoughthisdoesassumeapositiveresponsebytheKeyOpinionLeaderswhofirstuseOxfordNanopore'stechnologyoverthenextfewmonths.”
Therecertainlyisaneedforthecompanytoinvestinarangeofcommercialactivities,InterestinOxfordNanpore,whichsetupan'informaticsoutpost'atChesterfordResearchParkinJulylastyear,hasrocketedeversinceitbrokecoveronitsGridIONplatformandtheeyecatching'sequenceronastick',adisposableDNAsequencerthatwouldsellforaround$900,roughlythesizeofaUSBmemorystick.
TheNanoporetechnologyinvolvespassingDNAorothersinglemoleculesthroughahole,or'pore'inaspeciallyfabricatedproteinnanostructureanddetectingexactlywhatmoleculehaspassedthroughbasedonanelectricalsignature.Cheaper,fasterandsimplerthanwhatiscurrentlyoutthere,itishopedthatnanoporetechnologymaybethekeyperformanceenhancerintheraceforthe$1000genome.
Seenasapotentiallydisruptivetechnology,thecompanyhassincebeenmentionedinsomepressreportsasapotentialfactorinRoche'sdecisiontostepawayfromits$5.7bnhostiletakeoverbidforIllumina,currentlyaworldleaderinDNAsequencingaswellasamajorinvestorinOxfordNanopore.
Inthecompany'sofficialstatementregardingthenewfunding,Sangherasaidthemoneywillsupportarangeofcorporatedevelopmentactivitiesincludingthedevelopmentofitscommercialinfrastructure,expansionofmanufacturingandfurtherR&DforitsDNA/RNAsequencingandprotein/miRNAanalysisapplications.
"Wewillalsocontinuetomaintainourleadershippositioninnanoporeinnovationthroughmaintenanceandexpansionofourbroadintellectualpropertyportfolio,"saidDrSanghera.
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