Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Touchstone Innovations’ (IVO) portfolio continues to grow – net portfolio value rose by £47.7m to £382.8m, mainly driven by investments of £29.0m across 18 companies (vs £27.5m in 17 companies in H116) and a fair value gain of £26.5m (mainly from a £21.9m uplift in the value of PsiOxus). Four new additions to the portfolio across both tech and healthcare, and the advancement of projects in both the UCL technology fund and Apollo Therapeutics, continue to strengthen the early-stage pipeline. We a...
Touchstone Innovations (IVO), the new name for Imperial Innovations, aligns the brand behind its evolving and diversified portfolio. Strong newsflow in the final months of 2016 capped a year of momentum for Innovations. Notably in December PsiOxus Therapeutics secured a $936m deal with Bristol-Myers Squibb (BMS) for its next-generation ‘armed’ oncolytic virus (NG-348). This was the largest deal for an Innovations portfolio company, leap-frogging the $790m collaboration between Crescendo Biologic...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
A strong year for Imperial Innovations (IVO) was defined by continued momentum in the unquoted portfolio, a strengthened balance sheet and the extension of connections to university IP. The net portfolio value (£335.1m) grew over FY15 (£327.2m), but was affected by the disappointing Phase III Cat SPIRE results from Circassia. Multiple inflection points approach in FY17 and IVO is in a strong position to continue to drive value across its entire portfolio.
Imperial Innovations diversified investment portfolio includes seven unquoted oncology-focused companies (excluding the recently announced Artios Pharma), which represent 20% (72m) of total portfolio value. These companies (six in therapeutics, one in medtech) are focused on improving cancer care through the development of proprietary technology platforms, therapeutics and diagnostics. The size of recent funding rounds led by Innovations points to the increasing momentum in and maturity of this ...
Imperial Innovations diversified investment portfolio includes seven unquoted oncology-focused companies (excluding the recently announced Artios Pharma), which represent 20% (72m) of total portfolio value. These companies (six in therapeutics, one in medtech) are focused on improving cancer care through the development of proprietary technology platforms, therapeutics and diagnostics. The size of recent funding rounds led by Innovations points to the increasing momentum in and maturity of this ...
Imperial Innovations diversified investment portfolio includes seven unquoted oncology-focused companies (excluding the recently announced Artios Pharma), which represent 20% (72m) of total portfolio value. These companies (six in therapeutics, one in medtech) are focused on improving cancer care through the development of proprietary technology platforms, therapeutics and diagnostics. The size of recent funding rounds led by Innovations points to the increasing momentum in and maturity of this ...
Imperial Innovations (IVO) has been executing on its intention to rebalance its investment portfolio away from therapeutics companies by building up activities in the non-therapeutics space, in particular ICT/digital. Ongoing investment in both established and new ICT/digital companies should see this sector grow in both importance and value. This report focuses on Featurespace, a company outside IVO’s top 10 assets by value of holding at end-H116, but one that received additional investment in ...
Imperial Innovations (IVO) has been executing on its intention to rebalance its investment portfolio away from therapeutics companies by building up activities in the non-therapeutics space, in particular ICT/digital. Ongoing investment in both established and new ICT/digital companies should see this sector grow in both importance and value. This report focuses on Featurespace, a company outside IVO’s top 10 assets by value of holding at end-H116, but one that received additional investment in ...
Imperial Innovations (IVO) has been executing on its intention to rebalance its investment portfolio away from therapeutics companies by building up activities in the non-therapeutics space, in particular ICT/digital. Ongoing investment in both established and new ICT/digital companies should see this sector grow in both importance and value. This report focuses on Featurespace, a company outside IVO’s top 10 assets by value of holding at end-H116, but one that received additional investment in ...
Imperial Innovations (IVO) has been executing on its intention to rebalance its investment portfolio away from therapeutics companies by building up activities in the non-therapeutics space, in particular ICT/digital. Ongoing investment in both established and new ICT/digital companies should see this sector grow in both importance and value. This report focuses on Featurespace, a company outside IVO’s top 10 assets by value of holding at end-H116, but one that received additional investment in ...
Imperial Innovations (IVO) has been executing on its intention to rebalance its investment portfolio away from therapeutics companies by building up activities in the non-therapeutics space, in particular ICT/digital. Ongoing investment in both established and new ICT/digital companies should see this sector grow in both importance and value. This report focuses on Featurespace, a company outside IVO’s top 10 assets by value of holding at end-H116, but one that received additional investment in ...
Imperial Innovations (IVO) portfolio company Circassia has announced that its Phase III cat allergy study did not meet the primary endpoint. Both placebo and treatment arm demonstrated a significant reduction in symptoms and combined score, but the strength of the placebo response resulted in no statistically significant differences between either arm. While the allergy pipeline is being reassessed, Circassia’s broader business strategy (NIOX and respiratory franchises) remains unchanged. At 3...
The breadth and depth of Imperial Innovations’ investment portfolio was showcased at its Capital Markets Day, with a focus on six companies. Investor focus is keenly on Circassia’s impending CAT-SPIRE Phase III results, anticipated this quarter. Circassia represented c 22% of portfolio NAV at end-HY16, hence this binary event will affect near-term portfolio NAV. Nevertheless, with portfolio momentum gathering and a number of material near-term milestones drawing nearer, the potential for val...
2016 has started at a rapid pace for Imperial Innovations (IVO), with a flurry of investments into its portfolio companies, a major strengthening of its relationship with UCL (University College London) and the raising of £100m via a new share issue (23.5m shares at 425p). Having significantly increased the frequency and level of portfolio investment in FY15, the availability of fresh funds suggest the rapid investment rate will continue (we estimate £70m in FY16 and FY17), which should help t...
Imperial Innovations (IVO) has invested approximately £47m in its portfolio of companies so far this year (FY15), a substantial increase over the £33m invested in FY14. With significant cash in hand (£153m at 31 Jan 2015), Innovations is making the required investments in its ever-maturing portfolio to propel a number of companies to their next valuation inflection points and possible ‘exits’ (IPO/M&A). Unlocking hidden value from within its private company portfolio (typically with modes...
The investment case for Imperial Innovations rests in the potential to unlock hidden value from within its portfolio of 95 companies, which span healthcare (therapeutic/medtech), engineering/materials and ICT/digital. Healthcare currently accounts for c 70% of the portfolio value (£252m at 31 July 2014), although Innovations’ management plans a rebalance to c 60% healthcare and c 40% technology (engineering/materials and ICT/digital). In this special report we highlight the potential within t...
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