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Automated Blood Testing
Blood testing is performed at hospitals on
automated machines supplied by large
multinationals such as Siemens & Roche
Reagent packs contain antibodies
antibody
antigen
Bioventix makes antibodies
Doctors take blood for testing
Bioventix plc: History & Background
Founded December 2003 to make sheep monoclonal
antibodies (SMAs) for diagnostics
Opportunity arose from the acquisition of KS
Biomedix plc by Xenova plc; technology and lab
facilities surplus to Xenova requirements
MBO funded from VC (SpringHill Bioventures)
– SpringHill original holding 70%
• Fund set up in 2003 is now winding down and shares are expected to
be more widely distributed
– Peter Harrison (CEO) owns 20%
Board Members
Non-executive Chairman: Ian Nicholson
– Celltech, UCB, Chroma Therapeutics
CEO: Peter Harrison
– Shell, Celltech
Non-executive Director: Kim Tan
– Guildhay, KS Biomedix, SpringHill
Finance Director: Treena Turner
– Wise & Co
Creating Antibodies
Antibodies are made by immunising animals and
“immortalising” their white blood cells
This “monoclonal antibody” technology was
founded in Cambridge in 1975, based on mice
Mouse monoclonal technology remains at the core
of the global antibody industry
Sheep Monoclonal Antibodies (SMAs)
Bioventix‟s business is based on the unique ability
to make sheep monoclonal antibodies (SMAs)
SMAs have advantages (eg of affinity) over mouse
antibodies and can facilitate better diagnostic tests
Scientists in Farnham took over five years to
establish SMA technology and a significant barrier
to entry exists with respect to time and know-how
£ („000) Year to
30.6.07
Year to
30.6.08
Year to
30.6.09
Year to
30.6.10
Year to
30.6.11
Year to
30.6.12
Sales 544 997 1,647 1,578 1,973 2,383
P/(L) (86) 403 857 682 1,083 1,506
P/(L) after tax (76) 359 635 564 884 1,237
Year-end cash 193 412 1,184 1,349 1,531 2,179
Dividend distribution 0 0 0 500 550 605
Historic Financial Data
Bioventix revenues are derived from the sale of
physical antibody (ie $/gram) and increasingly…
Royalties on the sale by Bioventix customers of final
test products to end-users at hospitals and clinics
Antibody Pipeline & Growth Prospects
Analyte SMAs created In Market
T3 (thyroid) 1990 1995
NT proBNP 2004 2007
Estradiol 2005 2010
Testosterone 2006 2009
Troponin 2006&07 2015 est
Cortisol 2008 2013 est
Vitamin D 2009&10 2012
Tacrolimus 2010 2013 est
Progesterone 2011 2013 est
Aldosterone 2011 2013 est
TSH 2012 ?
Androstenedione 2012 ?
Drugs (various) 2007-11 2010-15
Further SMAs in the pipeline are
capable of delivering additional
growth beyond 2015
Sponsored research: exclusive
Own-risk research: non-exclusive Oct 2012
Continued growth in the period
2012-2015 is expected to come
from vitamin D
Business Dynamics
Bioventix takes about 1 year to make antibodies
Customers take 2-4 years to: formulate a prototype
test; conduct field trials; submit data to regulatory
authorities; obtain marketing approval
This delivers longer term revenue continuity
Old test
Pro
toty
pe test
+1 year
2-4 years
= 3-5 years total
Competitive Environment
Bioventix operates in a globally
competitive market for antibodies
In practice, Bioventix‟s competition
comes from the in-house antibody
R&D at the major diagnostics
companies (Abbott, Roche & Siemens
etc) – ie Bioventix‟s customers