Contents Chairman’s Introduction
Chairman’s Introduction 1 Isis Innovation Ltd is wholly owned by the Isis Innovation Ltd is a growing and successful business owned by the University of Oxford. Oxford
University of Oxford and manages a number of IP is the biggest research-based University in the UK, with research expenditure of £501m last year. Isis
Review of the Year 2 commercialisation activities as described in this manages the University’s IP by investing to protect the intellectual property arising from the University’s
report. Isis is a profitable business and during the research activities and then transferring the IP for further investment and development by third parties
Working for Universities 4
year generated a substantial net return of funds to around the world.
Working for Industry 6 the University. In addition, Isis provides a number of
Working with Investors 8 other assets and benefits for the University. Isis revenues increased by 21% to £10.2m with growth Oxford University Consulting has had a very successful
across all areas of the business. Over the last ten year connecting the expertise of Oxford’s academic
Isis works for universities and industry to transfer
Working with Government 10 years Isis revenues have shown a compound annual community to client organisations around the world.
technologies and expertise. Isis works with investors growth rate of 20%. This is an impressive business OUC has been part of Isis for ten years and is now
Communications 12 to support early stage companies and with government performance, especially in recent years with continuing very well established in managing academic consulting
to develop sustainable economic growth. economic challenges in many regions. Isis now has relationships. Over the ten years OUC has facilitated
International Platforms 13 offices in Oxford, Madrid, Hong Kong and Kyoto to many hundreds of consulting relationships between
Tom Hockaday, Managing Director
enable it to transfer technologies and investment academics and clients, often leading to long term
opportunities, and develop technology management collaborations.
Company Details 16 capabilities around the world.
Isis Enterprise continues to promote and sell
Isis continues to deliver a positive return on investment our expertise around the world, helping
to the University each year. The University provides Isis technology providers and seekers to
with £2.5m to invest in protecting intellectual property source, commercialise and develop
arising from the University’s research activities. This new technologies. In addition, Isis
involves managing a strong portfolio of international Enterprise assists governments and
patents, technology licensing deals and new company other organisations interested
formation. This year Isis generated a return to the in establishing their own
University and its researchers of £5.3m, and created innovation activities.
shareholdings for the University in five new spin-out
I would like to thank all
companies worth £3m.
the Isis staff, and those
Technology commercialisation is of growing importance in the University who
to the University, to organisations that fund research work closely with them,
in universities, to governments and the economy. for their considerable
Translating the outputs of early stage university research hard work and continued
from the academic world to the business environment commitment during this
allows novel ideas to become new products which very successful year.
address current global challenges in areas such as
healthcare, the environment and communications.
Isis generated a return to the University and its researchers of
£5.3m, and created shareholdings for the University in five new
Providing access to academic Managing the commercialisation of IP Delivering consultancy to companies, spin-out companies worth £3m.
consultancy and services from developed in Oxford – licensing, governments, and technology
the University of Oxford. spin-outs and material sales. transfer organisations worldwide.
Bernard Taylor, Chairman
Review of the year Isis Highlights
Isis delivered another very strong performance in 2012 both in terms of transferring new ideas out to industry and Isis is a world leading technology transfer business, creating links between the outstanding research capability at
generating financial returns for the University. Oxford, and elsewhere, for the benefit of society in the UK and around the world. Isis provides opportunities for
business to create sustainable economic growth. There are many ways to present the activities of Isis; these are some
Return on Investment to the University of Oxford of the numerical outputs.
Over the year, Isis returned £5.3m to the University and its researchers (an increase of 10% overall from 2011). Isis
provided the University with shareholdings in five new spin-out companies (valued at £3m), invested £2.85m in
protecting University intellectual property, increased the University’s assets by 100 new patent applications, and
assisted Oxford researchers in winning translational funding awards totalling £4.4m. This was the fourth year of the
current five year growth plan for Isis, with Isis receiving from the University an annual subvention of £2.5m. Revenues DIsTRIbuTIOns
Isis revenues increased by 21% to £10.2m (2011: £8.4m). This is an impressive business performance during a year of
continued challenging circumstances from the global financial crisis and recession in a number of countries.
• The Technology Transfer Group revenues increased by 17% to £6.4m (2011: £5.4m).
• Oxford University Consulting revenues by 56% to £1.9m (2011: £1.2m). .2 .3
Total Isis revenues in 2012 (2011: £8.4m) Returned to Oxford University and its researchers
• Isis Enterprise revenues increased by 16% to £1.6m (2011: £1.4m).
Isis is responsible for these activities:
sPIn-OuT sHARe PORTFOLIO neW sPIn-OuTs
Technology Transfer for Oxford
Isis helps Oxford University researchers to commercialise intellectual property arising from their research: patenting;
copyright; licensing; spin-out companies; research reagents and patient reported outcome measures. Isis manages
Isis Angels Network
IAN introduces private investors and seed/venture capitalists interested in investing in Oxford spin-out .9
companies to investment opportunities, on behalf of the University. University shares in Oxford spin-outs established by Isis Invested in the five new spin-out companies created in
valued at July 2012 (2011: £35m) the year (2011: £1.4m in 4 new spin-outs)
Oxford University Challenge Seed Fund
Isis manages this Fund on behalf of the University to provide financial investment for accelerating the
transfer of Oxford technologies to market. sOFTWARe sTART-uPs InTeRnATIOnAL PLATFORMs
Oxford Invention Fund
Isis has launched the Oxford Invention Fund (OIF) with the University’s Development Office as part of
Oxford Thinking, a united Campaign for the collegiate University.
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 New companies supported by the Isis Software Incubator Isis offices in Oxford, Hong Kong, Kyoto and Madrid
and start trading.
Oxford University Consulting
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 Technology Licence and Oxford University Consulting Isis compound annual growth rate over last ten years
Isis provides consulting expertise and advice in technology transfer and innovation management to clients across the deals signed (2011: 292)
public and private sectors around the world.
Working for Universities
Isis manages technology transfer for the University of Oxford, and provides technology transfer services
and advice to universities around the world. Our approach is to assist researchers to commercialise
the results of their research. We manage technologies with applications across the widest imaginable
spectrum across the physical and life sciences.
Isis received 356 disclosures of new ideas from Oxford Further afield, Isis assists universities around the world
researchers (up 22% from last year), filed 100 new priority to develop technology transfer policies and practices,
patent applications, and concluded 113 new technology conducting due diligence on existing portfolios, and
transfer deals. These activities are at the heart of our managing technology projects directly. Contracts with
technology transfer activity for Oxford. We take every the University of Liverpool, Aston University and Cranfield
opportunity to engage with researchers through meetings, University apply Isis’ knowledge and expertise in all
seminars, and informal drop-in sessions, providing aspects of technology transfer to support researchers
guidance on protecting intellectual property, licensing in these universities. Internationally, Isis has completed
arrangements and spin-out company formation. Isis extensive Technology Transfer Partnership work with one
works closely with colleagues across Oxford University of the major research universities in Malaysia, and has
to co-ordinate plans for industry co-operation. Isis adds provided innovation strategy development and knowledge
valuable insight to University Industrial Liaison Committees, mapping for the Ruder Boškovic Institute and the University
participates in Open Days, and helps researchers to of Rijeka in Croatia. Working with the senior management
commercialise their work thus demonstrating impact – an of these institutions, Isis consultants developed innovation
important consideration for those seeking further funding. strategies together with recommendations for their
Nuclear fusion Proof of Concept Funds
Research by Professor Yiannis Ventikos and fellow scientists led to The proof of concept funds managed by Isis enable the development
the creation of new Oxford spin-out company, Oxyntix, to accelerate of Oxford inventions into investable propositions. The Oxford Invention
the validation of their research into bubble collapse. Funding from Fund supported a project to develop lead compounds for protecting
IP Group plc, Parkwalk Advisors and angel investors is allowing the heart from tissue damage following heart attack. The OIF funds
development of processes and devices for controlling and intensifying researchers from the Department of Cardiovascular Medicine to
extreme intensity bubble collapses, with numerous applications in generate sufficient proof-of-principle data to support an application
nuclear fusion power generation and sonochemistry. for further translational research funding. In the long term the team
aims to license or partner with Pharma/Biotech for downstream
Physics consultancy development of clinical candidates for the treatment of ischaemia-
reperfusion injury and other cardiovascular diseases.
Oxford University Consulting and the Technology Transfer Group
within Isis have been developing a closer relationship with Oxford’s
Department of Physics to generate more commercial activity between Isis Software Incubator
the Department and external clients. Isis is a member of the This incubator supports Oxford University staff and students to
Department’s Industrial Liaison Committee, which is supporting the develop software business ventures by offering technical and
notable increase in consulting and services related activity managed commercial advice, and allowing incubatees to develop their product
by OUC on behalf of the Department. OUC has facilitated consulting and start trading. The Incubator takes willing and energetic founder
and services activities with medical instrumentation company Elekta. entrepreneurs with a concept that has business potential but
OUC set up a framework agreement that allows Elekta scientists to requires further work; successful companies eventually leave as
seek both theoretical and experimental advice and expertise from new, standalone, entities – which may subsequently raise money
researchers in the Department of Physics. and apply for patents. Pilio, TheySay, Colwiz, OxGeos, and Esplorio
are amongst the ventures that have entered the Incubator, proving
Isis’ many services include optimising patent
its success with some ventures already trading profitably and others
portfolios for bodies including the Kennedy
being able to raise significant funding towards accelerated growth.
Institute, now part of Oxford, renowned for
their work with monoclonal antibodies.
Working for Industry
Isis works closely with industry around the world to match innovative technologies and expertise with
business development needs. Projects with commercial potential from the research base are introduced
to industrial companies worldwide.
Isis licenses technologies arising from Oxford University’s inform due diligence and IP management strategies,
research outputs in a timely and ethical manner to and supporting in and out licensing programmes. Isis
companies which invest in developing and selling products. Enterprise builds on unrivalled awareness of academic
Commercial partners are sought from all technology and research and innovation management from Oxford and
business sectors on an international basis. Isis provides elsewhere.
industry with access to Oxford academic expertise and
The Oxford Innovation Society, established by Isis in 1990,
research facilities via Oxford University Consulting. OUC
allows companies to have a ‘window’ on Oxford science
makes expertise drawn from the depth and breadth of
and foster links between the business and the academic
the University of Oxford available to industry. OUC also
communities. The OIS is a leading forum for open
arranges access to equipment and facilities based in
innovation, bringing industry together with researchers;
Industry is increasingly realising the value of open
Isis Enterprise works with industry on projects involving innovation, actively seeking technologies and innovations
scouting for technologies to complement current activities from outside their own organisations to create competitive
and plans, evaluating intellectual property portfolios to advantage for their businesses.
Supporting Oxford spin-outs making direct contributions to the development of new medical
Isis provides ongoing support to companies spun-out from Oxford approaches that complement OCMR’s research activities. This
by licensing new technologies and providing consultancy services. type of approach enables external organisations to enhance their
Oxford Photovoltaics, spun-out in 2010, and Oxford Nanopore own capabilities in a project-specific manner with the added benefit
Technologies (ONT), spun-out in 2005, both completed new licence of building on relationships with the University for other projects.
deals this year. Oxford PV attracted further additional funding in July
and positive press coverage when it joined a delegation of British Agreements were concluded with Siemens AG. Five patented
cleantech start-up companies on a trade mission to the US. ONT technologies with potential for improving MRI performance were
made headlines in the international media when it announced that it licensed in the deal, and the latest software licensed back to the
will start producing a DNA Sequencing machine the size of a USB University for use by medical researchers.
Memory Stick. Oxford University Consulting supplied consultancy
services to Yasa Motors, spun-out in 2009. Yasa provided axial flux Biophysics services
motors for the Lola-Drayson B12/69EV electric car which is as fast OUC works with University Departments to enable external
as a Formula 1 racer. Yasa Motors was named UK’s Best Enterprise organisations to access the substantial facilities they posses and
in the Lloyds TSB/Telegraph Enterprise Awards. to benefit from the expertise researchers have in applying such
resources for routine and exploratory analysis. The Biophysics Facility
Magnetic Resonance Imaging was set up in the Department of Biochemistry at the beginning of
The Oxford Centre for Clinical Magnetic Resonance Imaging 2009 as a central resource for the biophysical analysis of proteins
Research (OCMR) is a world-leading centre in the research and and other macromolecules. OUC has arranged four commercial
use of Magnetic Resonance Imaging and Spectroscopy (MRI service agreements whereby scientists from external companies
and MRS) for the clinical study of the human heart and brain, use the facility for routine sample analysis and receive training and
with cutting-edge techniques in functional MRI for brain analysis, support in the use of analytical instruments to support their own R&D
cardiac MRI for capturing the heart cycle and magnetic resonance programmes. The additional income helps the Department provide
spectroscopy (MRS) for for directly measuring metabolic processes its services to University users; companies benefit from access to
in the heart. MRS offers potential for new insights into the effects equipment and expertise they do not posses internally in a flexible,
of drugs in the cardiac setting. OCMR has deployed its expertise cost-effective manner.
Innovations conceived at Oxford and commercialised
and skills through consultancy and service contracts with OUC,
by Isis last year included a torque measurement
device for the power generation sector.
Working with Investors
A vital part of Isis’ work is to introduce investors with an interest in early-stage technology to emerging
projects requiring capital and financial management. We manage funds to develop technology concepts
into investable propositions, and organise events to allow investors and researchers to engage.
The Isis Angels Network introduces private and institutional the year funds totalling £637k were awarded to six new
investors interested in Oxford spin-out companies to projects from the engineering, physical and medical
investment opportunities and the teams behind them, sciences. The fund has an asset value of £3m and is
on behalf of the University. Twice yearly meetings of IAN currently fully invested.
members and invited guests receive introductions to new
Isis launched the Oxford Invention Fund (OIF) with the
investment propositions, with keynote talks from industry
University’s Development Office as part of Oxford Thinking,
experts. These events are growing in popularity, and boast
a united Campaign for the collegiate University. The
an impressive record for making connections between
OIF started operations in June 2011 in parallel with the
investors and projects – each meeting typically makes
UCSF and now has assets in excess of £1m thanks to
introductions that lead to at least one new company being
donations from alumni, industry partners such as Johnson
formed. The global nature of the investment community
& Johnson, and other benefactors. It made six awards
is well represented in IAN, and two spin-outs in this year
worth £300,000 in total this year. Building on this early
were wholly or partly funded from outside the UK.
success, fundraising continues with an ambitious target
Isis manages the Oxford University Challenge Seed Fund of £5m that will allow Isis to support the proof of concept
on behalf of the University to finance work that accelerates activity for the coming years.
the transfer of Oxford technologies to market. During
International investment in Oxford technology Investment vehicle to nurture
During an intense period of nine months introductions were made emerging technologies
and meetings held between researchers from Oxford, professional The Fundación Barrié is a Spanish charitable foundation whose mission
business advisors, and start-up investors from China. In August 2011 includes the support of scientific research. Together Fundación Barrié
this culminated in the formation of Oxford Multi Spectral – a company and Isis have created a Technology Fund designed to build on the
offering portable flatbed scanner technology with enormous potential work of researchers based in Galicia, Spain. The Fund will support
in the security and identity markets. Originally developed for research promising projects in diverse fields of study including aquaculture,
into ancient papyri and manuscripts at Oxford University’s Faculty of biotechnology, energy and nanotechnology. It seeks to generate
Classics, the scanner uses discrete colour scans made at specific returns as a share of licensing revenues or spinout shareholdings.
wavelengths over an extended spectral range, revealing detail
previously hidden from view. Isis and the Chinese investor had built Long term relationships
up a relationship over recent years allowing in-depth evaluation of the
Isis works closely with investors IP Group and Technikos in the
technical and business potential of technologies from Oxford.
fields of Chemistry and Biomedical Engineering as a result of
landmark IP financing deals with the University of Oxford. In 2000
Global giant adopts Oxford discoveries Beeson Gregory, which went on to establish IP Group, paid the
Isis licensed Oxford’s CancerNav biomarker technology to a new University £20m in return for a share of the University’s returns from
spin-out company, Oxford Cancer Biomarkers, in a deal which commercialising intellectual property from the Chemistry Department.
attracted funding of £3m from global biopharmaceutical services Technikos concluded a similar deal in 2006 for £12m to support the
company Quintiles. This first round investment from Quintiles forms University’s new Institute of Biomedical Engineering. IP Group and
part of a strategic alliance that will enable OCB to establish research Technikos have invested successfully in a number of spin-outs at the
Investment funding is crucial to get early-stage facilities in Oxford to develop a range of predictive biomarkers, the first and follow-on rounds.
ventures established – Isis works closely with first of which were developed by the founders, Professor La Thangue
and Professor Kerr at the University of Oxford.
individual and institutional investors.
Working with Government
Isis’ experience of successfully launching innovative technologies over two decades provides a fount
of knowledge that leads to invitations to participate in high level debates and policy making with
governments and other third sector bodies worldwide.
UK Universities and Science Minister, David Willets, Isis contributed to a study by the UK Science and
addressed the Oxford Innovation Society, and emphasised Technology Select Committee of the UK Parliament with a
the importance of universities to enterprise and growth, submission encouraging more support, direct and indirect,
with the obvious benefit of innovative research that drives to scale-up small businesses such as university spin-outs
business, and more besides. Isis spin-out companies into big companies.
including Eykona Technologies were subsequently
Visits from high-level Chinese and Spanish Government
highlighted in a UK government report, ‘Innovation and
ministers reflected the work being done by Isis in those
Research Strategy for Growth’, and Isis was cited for its
ability to draw out unexploited university potential in a
speech by the Minister.
Oxford University Hospitals NHS Trust Programs in Oxford and Tomsk, and assisted with IP Protection,
In November 2011 the formation of the Oxford University Hospitals Product Design and Business Modelling Support. By identifying
NHS Trust was announced, with Isis in a key IP management role, international partnering opportunities the project resulted in
responsible for the management and commercial exploitation both of several partnerships being established between Russian and
jointly owned IP, and also IP owned solely by the Trust. European businesses.
Four major local hospitals are party to the agreement, which
formalises working relationships for the benefit of researchers,
students, patients and the community. Under the agreement IP Isis licensed Parallel Tracking and Mapping (PTAM) augmented
exploitation entails active consideration of patient benefit as well as reality software to 2D3, an Oxford based company which delivers
commercial return. imaging exploitation technology to extract, manipulate, combine,
create and enhance video footage. 2D3 utilised PTAM along with
considerable in-house expertise to deliver a prototype to the UK
UK Government support
Ministry of Defence.
Isis Enterprise provided interim programme management to
the UK’s Waste & Resources Action Programme (WRAP). The
Oxford Department of Education
programme developed and tested composting technologies and
markets for products, and managed the food and drink supply Oxford University Consulting supports the University’s Department
chain programme to reduce packaging and food waste in the of Education in their programme of active engagement with external
retail sector. Isis also worked with WRAP’s team contributing to organisations, helping to make a positive societal impact through
the UK Government’s Foresight activity on ‘How To Feed a Global department-based consultancy projects. Through consultancy,
Population of 9 billion by 2050’. the department is actively applying its research to support many
key challenges facing education today, including engagement with
nursery organisations, school improvement programmes, appren-
ticeships, financial education in schools, and vocational education
Training and international commercialisation support were provided
and training across Europe. Through OUC, the Department is able to
by Isis Enterprise for institutes and companies operating in the
provide consultancy to a wide range of clients such as NGOs, charity
Tomsk Region of Siberia, Russia. Local Tomsk companies were
organisations, international bodies, governments and educational
invited to submit their applications for inclusion in a support
Isis works with governments program evaluated by Isis consultants. Isis provided Training
and 3rd-Sector bodies in the
UK and worldwide.
Communications International Platforms
It is a fundamental requirement of our business that partners and customers know about Isis, and By its very nature technology commercialisation is an international activity.
understand what we do. In our marketing activities we aim to provide insight and access to the One of the key differentiators of the Oxford model of technology transfer is the extent to which we embrace international
world-leading science and technology from today’s researchers at the University of Oxford and collaboration through cross border joint development, cross border licensing, and the creation of spin-out companies
backed by overseas as well as UK based investors.
elsewhere, building on the historic legacy of University of Oxford research.
Building on Isis experience in global business, over the last 12 months we have accelerated our access to overseas
markets by creating and growing a series of overseas platforms. Typically our international platforms are staffed by
By explaining and promoting Isis’ role in the innovation ecosystem, individuals with a sound understanding of their local business culture, native level language skills, excellent senior level
we encourage dialogue with our business partners, using a variety of contacts and experience in international technology commercialisation.
Our platforms provide support to all divisions of Isis and all researchers from Oxford and beyond by finding and evaluating
The Isis website is regularly updated with news of technologies from potential collaborators. During the business of negotiations the international staff are on hand to make regular visits to
Oxford and elsewhere that are being adopted by our industry partners, potential partners to understand and deal with negotiation hurdles.
many of these stories are also promoted to the media.
We publish printed brochures such as this Annual Report and our
The first four international platforms are:
quarterly ‘Isis Insights’ to summarise the latest technologies available
and to highlight the contribution of Isis to applying academic expertise to Subscribe to printed and online publications
technology development worldwide. This is one aspect of our extensive from the Isis website spain
marketing activities in print and electronic media. The Spanish government has invested heavily in innovation over the last 20 years. With support from
local partners Isis has been working locally and nationally to facilitate the marketing of technology
Electronic newsletters are sent to subscribers in English and Chinese. www.linkedin.com/company/
innovations and products to Spanish and overseas partners.
LinkedIn and Twitter have enabled us to broaden our engagement with
contacts worldwide, and to encourage dialogue and media sharing, helping Hong Kong
us to maintain existing links and reach new business partners.
Isis Innovation (Hong Kong) Limited is a wholly owned subsidiary company of Isis Innovation
Nothing can replace face-to-face meetings, and Isis arranges frequent Limited. The company employs a local team of experienced Isis staff supplemented by associates
events both within the University and in the business, industry and based in Hong Kong and across the border in mainland China. The activities of the Hong Kong
financial communities. The Oxford Innovation Society continues to be office include oversight of all Asia based Isis business including schemes to facilitate the smooth
a powerful networking organisation bringing together key participants transfer of international technologies, products and companies into mainland China.
in Open Innovation. Internally we arranged or attended more than 100
internal events to introduce the services that Isis can offer to researchers China
at the University of Oxford.
Following three years of work in Changzhou, Jiangsu province Isis has worked to create the first of
Subscribe at www.isis-innovation.com to receive Isis Insights and Isis a series of International Technology Transfer Centres backed by the city and provincial governments
Technology Updates, or connect using LinkedIn and Twitter. and a group of private investors who happen to be Oxford alumni. The initial focus of the Changzhou
platform is cross border collaboration in pharmaceuticals, chemicals, medical devices and medical
diagnostics. A team of consultants from Isis undertook a programme of work in support of the
plans for the Changzhou Biopharmaceutical Incubator in China. Preparatory investigations led to a
Ii Ii Ii
two stage report on suggested, and then agreed, incubator services including options for provision
Issue 67 Spring 12
Issue 66 Winter 11
Issue 65 Autumn 11
Isis insights Isis insights
Issue 64 Summer 11
of some services, tuned to address the norms of Chinese culture. This was followed with a draft
No-hands financial model, standard operating procedures for delivery of each of the incubator services and a
Isis insights Isis insights navigation
The latest innovations, collaborations and technology transfer The latest innovations, collaborations and technology transfer suggested organisational structure.
The Isis office in Kyoto, western Japan provides us with access to the local portfolio of leading
electronics and pharmaceuticals companies looking to source innovation from Europe and exploit
their own innovations in overseas markets.
Also: Pre-eclampsia diagnostic, migration study, Tomsk technologies and more Also inside: Tumour detection, torque, aviation safety and more
The latest innovations, collaborations The latest innovations, collaborations
Conservation & creation Engineering advances and technology transfer and technology transfer
Research and the environment The physical possibilities...
Income & expenditure 1 Income expenditure
£14,000,000 Isis total income comes from sales Turnover of £10.2m The University subvention is invested in patents and
and the University subvention of £2.5m. Sales Turnover is other project costs incurred on Oxford technology
Oxford Innovation Society, other
£12,000,000 made up of Technology Transfer licensing income, Oxford transfer projects. Administrative expenses are the costs
University Consulting income, Isis Enterprise consulting of running Isis which include our staff costs, marketing
Payments to University & Researchers income, and OIS membership subscriptions. Isis receives and office expenses. Isis distributes the net technology
Oxford University Consulting
a subvention from the University of £2.5m per annum for transfer licensing income and OUC income to the
investment into Oxford technology transfer project costs, University and its researchers according to University
the majority of which is invested in patenting inventions rules; these outgoings are both included in ‘Cost of
from researchers. Isis also receives an allocation of the sales’ in the accounts. Isis pays its taxable profit to the
Technology Transfer Administrative expenses University’s Higher Education Innovation Fund award to University under gift aid.
support OUC and marketing activities. These amounts
£4,000,000 are shown in the accounts in ‘Other operating income’.
University subvention Technology Transfer Project support
Income Expenditure Profit & Loss Account1 balance sheet 1
Isis performance from 2000
Year to 31 March 2012 2011 Year to 31 March 2012 2011
£’000 £’000 £’000 £’000
Turnover £10,201 £8,300 Assets (fixed & current)
£10m Cost of Sales -£7,798 -£6,462 Tangible Assets £18 £54
Gross Profit £2,403 £1,838 Debtors £3,118 £2,543
£9m Administrative expenses -£5,293 -£3,974 Cash at bank and in hand £1,144 £1,369
Other operating income £2,982 £2,895 £4,280 £3,966
£8m Operating profit / loss £92 £759
Other interest receivable £10 £8 Creditors -£3,134 -£2,578
£7m Profit on ordinary activities before £102 £767
gift aid and taxation net assets / liabilities £1,147 £1,388
£6m Gift aid payable to university of Oxford -£343 -£784
Profit / loss on ordinary activities after -£241 -£17 Capital Funds
£5m gift aid donation and before taxation Share capital £1,750 £1,750
Taxation £0 £0 Profit & Loss account -£603 -£362
£4m & Covenant Profit / loss on ordinary activities after -£241 -£17
to University & Gift Aid donation and after taxation shareholder funds £1,147 £1,388
Isis Innovation Ltd is wholly owned by the University of Oxford.
£2m Isis Innovation (Hong Kong) Ltd is a wholly owned subsidiary of Isis Innovation Ltd.
Investment in Projects & Patents
£0 spin-out company shareholdings
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Shares in Oxford University spin-out companies set up by Isis are owned by the University of Oxford, and not by Isis
notes Innovation Ltd. They do not therefore appear in the Isis Innovation Ltd accounts either as assets on the balance sheet or
1 A full set of accounts is available from Isis Innovation Ltd.
showing income from realisations of shares or the payment of dividends from shares. The total value of the University’s
2 Isis distributes these sums to the University and individuals. The University in turn distributes these sums to individuals, Departments, and central shares in its spin-out companies at 31 July 2012 was £45m.
accounts according to its standard procedures. This sum also includes the amount paid as gift aid by Isis to the University.
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 Director, Institute for Biomedical Engineering, University of Oxford
Company secretary Mr William Colquhoun University Finance Division
Auditors Deloitte LLP
Isis Innovation Ltd
Registered Office University Offices, Wellington Square, Oxford OX1 2JD
Address Isis Innovation Ltd Isis Innovation (Hong Kong) Ltd
Ewert House, Ewert Place, Level 12, Infinitus Plaza,
Summertown, Oxford OX2 7SG 199 Des Voeux Road Central,
T 01865 280830 Sheung Wan, Hong Kong SAR
F 01865 280831 T +852 3796 3581
E firstname.lastname@example.org E email@example.com
Isis Innovation Japan Office Isis Innovation spain Office
ASTEM Building, Kyoto Research Park, Calle Orense 104C
134 Minami-macho, Madrid 28020
Chudoji-machi, Shimogyo-ku, Spain
Kyoto 600-8813 T +34 630 816 286
T +81 75 315 8560
Company Number 2199542
VAT Number 490798885
Design by Franks and Franks. Printed by Rumbold Holland to meet ISO 14001 standards, on Forest Stewardship Council (FSC ® ) accredited paper stock.
Isis Innovation Ltd Annual Report 2012
Isis Innovation Ltd
Ewert House, Ewert Place, Summertown, Oxford OX2 7SG
T +44 (0)1865 280830 F +44 (0)1865 280831
E firstname.lastname@example.org www.isis-innovation.com