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NESTA takes on its first 3rd party fund management contract

12/11/2008

"While NESTA has established itself as a leading investor in start-up companies, this is the first time NESTA will be an FSA regulated fund manager."

NESTA has been appointed as the new fund manager of the Kinetique Biomedical Seed Fund.

The Kinetique Fund is a University Challenge Seed Fund (UCSF) providing start-up funding for the development and strategic management of spin-out companies from King's College London and Queen Mary, University of London.

The Kinetique Fund invests in technologies relating to the biomedical sciences - this includes the development of therapeutics, drug-delivery systems, diagnostics, devices, biomaterials and IT related to healthcare.

Established in 1999 the Fund has made many significant investments in spin-out companies from the two colleges including; Theragenetics, Neurotex and OSspray limited.

David Hunter, Managing Director of NESTA Investments said: "NESTA has gained a wealth of experience and expertise in developing early-stage companies in this sector. With an existing portfolio of 48 companies and investments in 5 early-stage focused funds, NESTA has the unique insight, knowledge and skills to lead the management of this fund.

"While NESTA has established itself as a leading investor in start-up companies, this is the first time NESTA will be an FSA regulated fund manager. This move strengthens the role and reputation of the organisation so as to become a strategic results driven investment fund manager."

NESTA's appointment as fund manager will ensure the on-going management of the existing companies, and paves the way for closer working relationships between NESTA and the two universities.

Alison Campbell, MD of King's College London Business Ltd said: "We look forward to working with NESTA to allow our current portfolio to reach its potential as well as providing a solid base for funding future ideas emerging from King's College London's research base."

Caroline Quest, MD of Queen Mary Innovation Ltd. Said: "We welcome the strong attributes NESTA will bring to the management of the Kinetique Fund and are confident our new alliance will further Queen Mary's goal of growing sustainable, high-value spin-out companies"

Media Enquiries:

NESTA Media Manager: Jo Oakes - 07891048915 or jo.oakes@nesta.org.uk

King's College London: Melanie Gardner - 020 78483037 or melanie.j.gardner@kcl.ac.uk

Queen Mary, University of London - 020 7882 5378

Notes to editors

NESTA

NESTA is the National Endowment for Science, Technology & the Arts. Its mission is to transform the UK's capacity for innovation.

NESTA Investments has the largest portfolios of early-stage businesses in the country and is a leading authority on how to grow new ideas. We have strict investment criteria, and work with companies that have high potential for growth, are at seed or start-up stage, and have the potential to attract syndicated support.

When we do invest, we aim to maximise our investment by assigning mentors, part-time managers or specialist support. We also stimulate imaginative solutions to pressing social issues and shape policy to help the UK meet its national innovation challenges. www.nesta.org.uk

King's College London

King's College London is one of the top 25 universities in the world (Times Higher 2008) and the fourth oldest in England. King's has an outstanding reputation for providing world-class teaching and cutting-edge research.

The College is in the top group of UK universities for research earnings and has an overall annual income of approximately £450 million. For more information, visit www.kcl.ac.uk

King's College London Business Ltd

King's College London Business is the wholly-owned subsidiary company of King's College London, responsible for the commercial development of research and innovation at King's. www.kcl.ac.uk/business

Queen Mary, University of London

Queen Mary, University of London is one of the UK's leading research-focused higher education institutions.

Amongst the largest of the colleges of the University of London, Queen Mary's staff deliver world class degree programmes and research across 21 academic departments and institutes, within three sectors: Science and Engineering; Humanities, Social Sciences and Laws; and the School of Medicine and Dentistry.

Queen Mary has an annual turnover of £220 million, research income worth £43 million, and generates employment and output worth over £600 million to the UK economy each year. www.qmul.ac.uk