THE BRITISH INNOVATION FUND – IMPORTANT PORTFOLIO UPDATES

Dear Investors,

We are thrilled to share some of the incredible success stories that The British Innovation Fund (“BIF”) has been involved in over recent weeks, which have once again highlighted the immense global standing of British science in the world and validated our approach of investing in and nurturing the best science and technology emanating from UK universities.

c55% valuation uplift for Roslin Technologies
Roslin Technologies, the UK leading agri-science start-up in Edinburgh for which the BIF provided seed capital, was recently independently revalued at a c.55% uplift to its Series A and the company has announced a fundraising exercise in Q320 to raise an additional 50 million GBP to support its animal health and alternative protein business lines.

Attomarker develops the UK’s only all-British rapid COVID-19 multiplex test
Attomarker, an Exeter University spin-out which the BIF backed early in its development of a point of care, handheld diagnostics device, has developed the UK’s only all-British rapid COVID-19 multiplex test for both the virus and its antibodies. The test was developed in conjunction with the NHS team at St Thomas’s hospital and the company is in advanced discussions to scale-up manufacturing of the test with a major industrial partner.

Vaccitech signs bumper deal with Astra Zeneca to advance COVID vaccine platform
Vaccitech, an investee of Oxford Sciences Innovation (“OSI”), one of the BIF holdings, agreed a multi-million dollar annual commercial partnership with AstraZeneca for the commercial development and roll-out of a COVID-19 vaccine. The vaccine, widely publicised as being trialled by Oxford University using Vaccitech’s unique IP, is progressing well and there are hopes it may be available as soon as Autumn.

Evox Therapeutics announces a multi-target RNAI and Antisense research collaboration and license agreement with Eli Lilly
Evox Therapeutics, another OSI core holding, sealed a $1.2 billion collaboration with Eli Lilly to apply its exosome technology to develop and deliver RNA interference and antisense oligonucleotide drug payloads for the potential treatment of neurological disorders. This is the second big deal in under three months for Evox, which in March signed a $882 million agreement with Takeda to use its exosomes to deliver protein replacement and messenger RNA therapies in up to five rare diseases.

We are pleased to be able to share such positive news from the British Innovation Fund and demonstrate how our investments and strategy continue to perform in such a difficult economic period. To learn more about the above companies and our involvement with them, or to discuss the Fund and how we invest in the best of British science and technology, please contact us.

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