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					2012
 ANNUAL REPORT




UNIVERSITIES      INDUSTRY




 INVESTORS       GOVERNMENT
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
Accounts                              14
                                                                                                                  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


                                                                                                                                                                                                                                        1
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




                                                                                                                             £10 £5
current five year growth plan for Isis, with Isis receiving from the University an annual subvention of £2.5m.                Revenues                                                        DIsTRIbuTIOns
Revenue growth




                                                                                                                                                                                                                                      million
                                                                                                                                                                                    million
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).
                                                                                                                                                                                              (2011: £4.8m)


Isis is responsible for these activities:
                                                                                                                              sPIn-OuT sHARe PORTFOLIO                                        neW sPIn-OuTs




                                                                                                                             £45 £4
Technology Transfer for Oxford




                                                                                                                                                                                    million




                                                                                                                                                                                                                                       million
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
the following:

                 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




                                                                                                                             3                                                                4
                 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




                                                                                                                             356 20
Isis manages OUC which helps Oxford University researchers to identify and manage consulting opportunities and
                                                                                                                              DeALs                                                           GROWTH
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.


2                                                                                                                                                                                                                                                      3
                                                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
                                                                                                                        implementation.




                                                Case studies

                                                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.



                                                                                                                                                                                              5
                                                     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;
                                                     University departments.
                                                                                                                               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.




                                                     Case studies

                                                     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.



                                                                                                                                                                                                    7
                                                   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




                                                   Case studies

                                                   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.




                                                                                                                                                                                                  9
                               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
                                                                                                         countries.
                               ability to draw out unexploited university potential in a
                               speech by the Minister.




                               Case studies

                               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
                                                                                                         Augmented Reality
                               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-
                               International business
                                                                                                         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
                                                                                                         consultancy firms.
Isis works with governments    program evaluated by Isis consultants. Isis provided Training
and 3rd-Sector bodies in the
UK and worldwide.




                                                                                                                                                                          11
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.
communications channels.
                                                                                                                                                                                                                                                                                                                                                                            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.
                                                                                                                                                                                                                                                     isis-innovation-ltd.
LinkedIn and Twitter have enabled us to broaden our engagement with
contacts worldwide, and to encourage dialogue and media sharing, helping                                                                                                                                                                                                                                                                                                                        Hong Kong
                                                                                                                                                                                                                                                     @IsisInnovation
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

                                                    Ii
                                                                                                                                                                                                                                                                                                                                                       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.


                                                                                                                                                                                       Cognitive                                                                                                                                                                                                Japan
                                                                                                                                                                                       developments
                                                                                                                                                                                                                                                                                                                                                                                               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...




12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   13
Accounts 2012

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
           Isis Enterprise
                                                                                                                                                                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
                                                                                                                                                  £10,000,000
           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
                                                                                                                                                  £8,000,000
                                                                                                                                                                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
                                                                                                                                                  £6,000,000
           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’.


                                                                                                                                                  £2,000,000
           University subvention                                                    Technology Transfer Project support

                                                                                                                                                  £0
           Income                                                                   Expenditure                                                                 Profit & Loss Account1                                               balance sheet 1

Isis performance from 2000
                                                                                                                                                                Year to 31 March                                2012        2011     Year to 31 March                           2012       2011

£11m
                                                                                                                                                                                                              £’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
                                                                                                                                      Sales Income
 £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
                                                                                                                                      Distributions
 £4m                                                                                                                                  & Covenant                Profit / loss on ordinary activities after     -£241        -£17
                                                                                                                                      to University &           Gift Aid donation and after taxation                                 shareholder funds                         £1,147    £1,388
                                                                                                                                      Researchers 2
 £3m
                                                                                                                                                                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
 £1m



     £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.




14                                                                                                                                                                                                                                                                                           15
COMPANY DETAILS

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 innovation@isis.ox.ac.uk                     E innovation@isis.ox.ac.uk
                          www.isis-innovation.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.



16                                                                                                                                                                                                                                                                                17
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 innovation@isis.ox.ac.uk www.isis-innovation.com

				
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