Fusion has exclusive rights to commercialise research from Sheffield and Cardiff universities. It owns shareholdings in more than 20 portfolio companies
In the year ended July 31 2012, the value of Fusion IP’s portfolio increased to £19.8m, from £16.8m.
The company also recorded its first material exit, with the sale of Simcyp to Certara for $32m, generating around $6.4m to Fusion. This was a 200-fold return on its original investment.
The company secured a £5m placing in November 2011, while cash and deposit balances totalled £5.9m, compared with £2m a year ago.
David Baynes, the chief executive of Fusion IP, said: “This has been another good year for the group. The exit of Simcyp, which generated $6.4m for the company, validates our commercialisation model and clearly demonstrates the tremendous potential of our university pipeline agreements. Our priority in the year ahead is to continue to focus on the development of the portfolio companies, whilst creating a number of new spinouts to add to our portfolio. We look forward to the year with confidence.”
Doug Liversidge, the company’s chairman said: “Although revenue and portfolio returns were lower at £4.8m (compared with £5.9m the year before) and profit, excluding subsidiary spin-out costs and amortisation, was reduced to £3m (compared with £4.2m), this has been another excellent year for the company.”