Imperial Innovations, a technology commercialisation and investment group, on Friday reported 'really good' progress in its top three portfolio companies in its half year results.
The firm said that in the six months ended January 31st its top three portfolio companies, namely Circassia, Nexeon and Veryan Medical, which represent 52.8% of the value of the portfolio, had all moved closer to commercialisation.
However, this success has yet to feed through into revenues, which remained stable at £1.61m, or pre-tax profits, which dipped from £0.93m to £0.92m.
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That said, the company is very confident about its outlook and said it expects to see either the sale of one of its portfolio companies or the sale of one of its products within the next 12 months.
The US Food and Drug Administration (FDA) and the European Medical Agency (EMA) have confirmed that a single successful phase III trial of Circassia's cat allergy product will be sufficient to begin sales, while Veryan Medical has achieved CE mark approval, clearing the way for product launch in Europe.
Nexeon will complete its new manufacturing plant in July and have product available for sale this year.
The group said that it was continuing to focus on its plan to "grow good businesses that have a good syndicate of backers behind them" and is looking to set all of its companies in a position of stength.
In the second half of the year the company anticipates a similar level of investment of £14m.
The group explained that it looks to recognise and realise the value added to its companies at appropriate points, saying it believes that this value creation "will be reflected in higher portfolio valuations in due course".
Chairman of the group Martin Knight said: "Our portfolio companies are developing well, building long-term value as they progress towards commercialisation.
"Our other significant investee companies, including PolyTherics, PsiOxus Therapeutics, Oxford Immunotec, Cortexica and Cell Medica, have also made substantial commercial and technical progress.
"The portfolio has a satisfactory depth and spread of technological activity, which the directors believe bodes well for a sustained and sizeable increase in the valuation of our investments."
The share price was unchanged.
NR
