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Oxford spin-out OrganOx raises new funding


Oxford, UK, 7th February 2011 OrganOx Ltd, spun-out of the University of Oxford by Isis Innovation Ltd in 2008, has completed a Series B investment round of £2.75m. The round, which was over-subscribed, was supported by existing shareholders and a number of new ones, including the Royal Society.

Dr Les Russell, CEO of OrganOx, commented:

“We are delighted to have received such strong support from both our current and new investors and we offer a warm welcome to our new investors. These funds will allow us to complete our clinical studies and prepare for market launch in 2012 and also to push forward with further exciting developments aimed at increasing the number of organs available for transplant.

Tom Hockaday, Managing Director of Isis Innovation Ltd., said:

“We are delighted that OrganOx is now in a financial position to launch to the market - nothing is more satisfying than seeing the success of a company that is based on the University’s excellent research, and which Isis has managed through to spin-out.”

Stephen Brindle, a partner with major shareholder Technikos, said:

“I am pleased for Les and the team that they’ve been able to raise this money, especially in a financial environment which remains challenging for early stage high technology companies. Financing aside, we are keen to support a technology that so clearly addresses an unmet medical need - more than 2,000 livers each year are retrieved but then not transplanted. We are confident that the company’s device, once approved by the regulatory authorities, will enable surgeons to perform significantly more transplants with those organs that today would normally be discarded. “


~ ENDS ~

About Isis Innovation

Isis Innovation is the University of Oxford's technology transfer company and manages the University's intellectual property portfolio, working with University researchers on identifying, protecting and marketing technologies through licensing, spin-out company formation and material sales. Isis files on average one new patent application each week, has concluded over 500 technology licensing agreements, and established 70 new spin-out companies from Oxford since 1997. Isis also manages Oxford University Consulting, which arranges consulting services providing clients access to the world-class expertise of the University's academics to enhance innovative capability. Last year OUC arranged over 150 consulting deals. Isis has a separate business division, Isis Enterprise, offering consulting expertise and advice in technology transfer and open innovation to university, government and industrial clients around the world. Isis was founded in 1987 and is today one of the world's leading technology transfer and innovation management companies. www.isis-innovation.com

About OrganOx Ltd

OrganOx Limited is developing a medical device that will increase the availability of suitable livers by enabling successful transplantation of organs from non-heart-beating donors and reducing the number of discarded livers. The device operates by maintaining the organ in a fully functioning state during transport and storage, by providing blood flow, oxygen, nutrients and temperature within physiological parameters. This not only enables the liver to be stored safely for a longer period (up to 24 hours) but also provides the surgeon with real-time and cumulative data with which to assess viability and make a decision whether to transplant. This is a major advance over the current method of assessment which is largely subjective.

OrganOx Limited was spun out through Isis Innovation Ltd in April 2008 by Professor Peter Friend, (Professor of Transplantation, University of Oxford and Director of the Oxford Transplant Centre) and Professor Constantin Coussios, (Professor in Biomedical Engineering at the Institute of Biomedical Engineering, University of Oxford) and secured its Series A funding in December 2008.

For more information, please visit http://www.organox.com or contact Dr Les Russell on 07980 557456

About Technikos LLP

Technikos LLP is a London based venture capital fund, specializing in medical technology. In June 2006, Technikos LLP entered into a long term commercial partnership with Oxford University's Institute of Biomedical Engineering.

For more information, please contact Stephen Brindle on 07920 493030


About the Royal Society Enterprise Fund

The Royal Society Enterprise Fund is an exciting new initiative from the Royal Society, created to make equity investments in innovative early-stage businesses emerging from the science base in the UK and elsewhere.

The Fund leverages the Royal Society's unique advantages, including the unrivalled technical and scientific network, the extensive science policy work and the flexible time horizons for investment. The focus is on early-stage investment opportunities and the Fund is run on a commercial basis.

In order to ensure long-term sustainability, the Fund is financed from donations to the 350th Anniversary Campaign. The Fund is intended to be evergreen, with financial gains recycled for reinvestment in future innovative technology-based opportunities.

The operation of the Fund complements the many other activities supported by the Royal Society and designed to encourage the exploitation of science for societal benefit.

For more information, please contact Dr Andrew Mackintosh on 0207 451 2500


Industry enquiries to:

Dr Les Russell

CEO

OrganOx Ltd

T : 07980 557456


Media enquiries to:

Simon Gray

Marketing & Communications Manager, Isis Innovation Ltd

simon.gray@isis.ox.ac.uk

T: 01865 614428


Publisher Contact Information:

Isis Innovation
+44 1865 614428
simon.gray@isis.ox.ac.uk

Company profile of Isis Innovation
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