Enterprise
This page summarizes program activity in assisting UK high technology/life science early-stage companies in accessing the US market (and vice versa).
Stage I: As of June 2007, over 130 UK companies have been assessed by the combined UK US SETsquared Science Bridge team. These companies not only come form the SETsquared Universities and their associated incubators but also from other UK Universities, including Oxford, Reading and Cambridge, and other technology company support progams such as NESTA and the Carbon Trust. 37 of these companies have been presented to the US team. Examples of some of the outcomes at various stages of development are described below.
Stage II. Five companies were of little interest to the US team, either because their networks were felt unable to support such companies, or they felt the company was not exciting enough to stimulate network members. In this case the companies receive limited feedback.
Stage III. Three companies (Lein Diagnostics (a Cambridge University company), Micrima (a Bristol University company.) and Nanotecture (a Southampton University company) did not make it past this stage as they were identified as competing directly with companies that the US networks were already working with, creating a conflict of interest. In each case the competition was identified to the UK company and an offer made to make introductions should the UK companies wish to make contact with competitors.
Three further companies (Azelon, Apitope (both Bristol University companies) and Apex (a Bath University company) were identified as being at a point in development where it was more appropriate to wait some months before socializing the companies further. In all cases this was communicated to the company and expectation set accordingly.
Early in June 2007 Apitope was reintroduced to the US team, following its successful entry into clinical trials. The US networks are already showing significant interest. Apex is also about to be reintroduced into the US. However instead of going into Southern California it will be the first company to benefit from a pilot extension of the UK-US program into Boston where there is already significant activity around their technology. This extension of the programme into Boston is possible due to a connection that has been made by Global CONNECT™ in California. Ther UK team has been introduced to one of CONNECT’s founders who moved to Boston three years ago to set up similar programs for the University of Massachusetts.
Stage IV. Two companies Atlas Genetics (a Bath University company) and Symetrica ( a SETsquared spin-in company) have reached this stage where due diligence has either demonstrated that the company needs to develop further before the US networks will engage, or that they are better placed entering the US via the East coat. In both cases this information has been passed back to the companies, areas of focus suggested and next steps, contingent on each company reaching certain milestone, discussed. Where an East coast entry is identified as more appropriate Global CONNECT™ has been able to make some introductions. It is expected that expanding the program into Boston will enable further work in this area.
IMIS, (University of Southampton) has an industry leading GPS / AIS technology for maritime safety and security. They have recently been introduced to Michael Jones, Founder of the Security Network, and Center for Maritime Systems and Security in San Diego. He has stated that the technology is far advanced over other applications he has seen, and he is working with them to make introductions into the US. It is also possible that they will enter the Springboard Program later in 2007.
All feedback is shared with the companies and where response is required the companies provide the necessary information.
Stage V: Two companies Neurotargets (a Bristol University company) and Recombinogen (a Surrey University company) were both identified as potential M&A opportunities with US companies. Both companies worked with the US team and participated in email communication with these US companies. To date there is no further progress.
A further company Fitronics (a SETsquared spin-in company) has been provided with some contacts in the US markets.
Whitfield Solar (a Reading University company) has been introduced to and meetings set up with a leading Silicon Valley venture capital firm during one of their visits to the UK.
Stage VIa Oxford Catalysts (an Oxford University compnay) has been introduced to the US DOE on two occasions and been involved in conference calls with senior scientists there. We await outcomes. Oxford Nanolabs (an Oxford University company) has been introduced to the consulting group Nanobionexus and a deal brokered by the US team which has resulted in the company working with the consultants to develop a road map for entry into the US, introductions to a number of significant supply chain partners and PR support in the US. The work has delivered a US collaborative project for them valued at many hundreds of thousands. Eykona (a University of Oxford company), was introduced directly to Sony Online Entertainment and Sony ImageWorks, who are in detailed discussions re: licensing. Eykona will be evaluated for dermatological diagnostic use by a team of leading US dermatologists, facilitated by the US team.
Stage VIIa: Four companies: Karus Therapeutics, a Southampton University compnay; Si-Light, a Surrey University photonics company, and Capsant (a Southampton University company) and Revolymer (University of Bristol) each won travel awards which enabled them to visited California and explore synergies with potential customers and supply chain partners. The companies set up their own meetings as well as being introduced by the US team. Si Light is now looking to establish a presence in San Diego, and has entered into a partnership arrangement with the High Performance Computing (HPC) group at SUN Microsystems. Capsant is exploring the possibility of opening an office in San Diego. Meetings were set up for Revolymer with Senomyx (taste masking and drug delivery), as well as the early stage venture arm of Johnson & Johnson in New Jersey. Karus Therapeutics is enhancing an existing small presence in San Diego with plans to open an office in 2008 and graduated the CONNECT Springboard program in June 2007. The panel they presented to included partners from some of the leading life science venture firms, including Sofinnova Ventures, Amgen Ventures, Forward Ventures, Leading Ventures, and the Tech Coast Angels..
Stage VIb. A further company Stratophase (a Southampton University company) graduated the Springboard program at CONNECT on June 12th. The panel was asked to verify Stratophase’s strategy for entry into the US Homeland Security market and introduce them to tier 1 supply chain partners, customers and investors. 1:1 meetings that have been arranged in addition to the panel include In-Q-Tel (the venture arm of the CIA), and Lawrence Livermore Laboratory, both in Northern California.
Mirifice (a SETsquared spin-in company) went through a CONNECT Springboard program in 2006. It sought validation of its strategy to enter US markets and targeted introductions. Its Springboard panel included individuals from Motorola Ventures, Nokia Ventures, Qualcomm Ventures, Intel Capital, the three biggest cable companies in the US, as well as a number of established entrepreneurs with deep experience in the area of Mirifice’s business. Out of this Mirifice has won a £500k contract, is finalizing contracts to trial with 50,000 users, is in negotiation with four potential distributors of their product in the US and has been approached by a large utility company seeking to trial the Mirifice technology in new applications.
In addition to the above, four US companies have been involved in the Science Bridge Program:
Biomatrica has been assessed by local SETsquared networks and appears to have strong competition in Europe, although a deeper assessment of their technology is ongoing. This information has been fed back to the company.
Somark Innovations , a chipless RFID solution being used to age and source verify cattle, is being reviewed by the UK team.
Cal2cal has recently sought office space in the SETsquared incubator in Bristol. It is already engaged in a research program with the University of Cardiff.
Stonybrook Water Purification has been introduced to a UK investment company specializing in water IP investment. The IP group team is moving forward in negotiation of a term sheet.
Oxyol: has been incorporated in the UK around fuel catalyst technologies involving research from the US military. This opportunity was recognized by members of the Science Bridge team, assessed and introduced to a team of experienced UK entrepreneurs. The entrepreneurs have subsequently secured European licences for the technology and raised £2m of investment capital. The company has taken on 7 employees to date.
This page last updated 7/31/07.
