Intrinsiq Materials Ltd (United Kingdom) - Jan 2008

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01 January 2008

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QinetiQ Ventures, a technology venture fund managed by Cody Gates Ventures, has made an additional investment into portfolio company Intrinsiq Materials to enable it to purchase the assets of pSiNutria Ltd, a wholly-owned subsidiary of drug delivery company pSivida. Intrinsiq will make a series of payments totalling $1.23m in the first year, plus additional royalty payments thereafter, to acquire and license intellectual property involving applications for biosilicon, as well as laboratories, equipment and a team of scientists. The business is already in discussions with a number of companies regarding the use of the new product in food and food packaging. QinetiQ Ventures was launched in August 2007 by QinetiQ and Coller Capital, with initial commitments totalling £40m and an agreement from both investors to contribute a further £20m each to accelerate the development of the fund’s portfolio companies (10 September 2007, page 7).

Company

Intrinsiq Materials focuses on providing solutions for companies primarily in the cleantech and healthcare sectors and is currently working with a broad set of international partners and customers on a range of applications such as photovoltaic (PV) cells and anti-viral nano-particles (AVNP). The business was founded as QinetiQ Nanomaterials Ltd in 2002 and is based in Farnborough, currently employing the equivalent of 13 full-time staff.

People

Jonathan Tudor, investment director at Cody Gates, and Joe Raguso, CEO of Intrinsiq, led the deal.

Advisers

Company - Osborne Clarke, Sean Jauss (Legal)

Sourced from: UK & Ireland unquote" 362 (Feb 2008)