Deepbridge Magazine - Autumn 2022

Visit Liverpool

We share our team’s top tips for visiting a city or region. In this edition we thought we’d return to Deepbridge’s home in the Northwest and look at the vibrant city of Liverpool.

Best Sleeping Position For Good Posture

Levitex, which is part of the Deepbridge Life Sciences EIS fund, outlines the best sleeping position for good posture, the right pillow to be using and the evidence that backs up their claims.

The Importance of Leadership

After a two-year wait, Northcote’s Obsession22 gourmet food festival returned during early 2022, which Deepbridge was proud to be partnered with.

IF IT AIN’T BROKE, DO FIX IT.

The mindset of innovators and entrepreneurs is to constantly challenge accepted norms and identify solutions for problems many of us would not even know existed. This is how great technology and life sciences innovations are founded.

Deepbridge’s EIS funds invest in growth-focused innovative technology and life sciences companies, allowing investors to reap the potential rewards of supporting great innovations from an early-stage, whilst benefiting from the generous tax reliefs available via the UK Government’s Enterprise Investment Scheme. www.deepbridgecapital.com

EIS MONTHLY DEPLOYMENTS | ONLINE APPLICATIONS | GROWTH FOCUSED

Capital at risk. EIS and SEIS investments are illiquid and unquoted stocks and therefore should be considered as high risk. Tax reliefs are dependent on individual circumstances, cannot be guaranteed and may be subject to change. Seek independent financial advice.

Issued by Deepbridge Capital LLP, a limited liability partnership registered in England & Wales, registration No. OC356449. Registered office: Deepbridge House, Honeycomb East, Chester Business Park, Chester CH4 9QN. Deepbridge Capital LLP is authorised and regulated by the Financial Conduct Authority (FRN: 563366).

Welcome

Since my last Deepbridge Magazine welcome message was penned, we have been witness to quite an astonishing period of history. Russia launched their ‘special operation’ in Ukraine, bringing war to the streets of Europe once more, with the knock-on effects, principally remarkably high energy prices, creating an inflationary bubble we have not seen in the UK for decades.

England won a major football tournament for the first time since 1966, with that amazing performance by The Lionesses, and we have a new Prime Minister who has already publicly backed the Enterprise Investment Scheme and expanded the Seed Enterprise Investment Scheme.

However, it would be remiss of me not to use this opportunity to pay my personal respects to HM Queen Elizabeth II. My first ‘proper job’ after leaving school was as a radio operator for the Royal Navy. I may not have served for a long period, but I have always taken my sworn allegiance to our Sovereign extremely seriously and carried it with me ever since.

Across an unprecedented seven decades of service to our Country and The Commonwealth, Her Majesty was the absolute epitome of what I believe makes a great leader; calm and consistent with a steely authority - you will find a great article in this Magazine on the subject of leadership.

During those seventy years of the second Elizabethan age our Monarch witnessed unparalleled social, economic, technological and healthcare advancements; which are all factors we at Deepbridge continue to champion.

A TV commentator recently stated that The Queen’s passing perhaps represented the last trace of Britain as a post-war country and that now the UK was a modern and diverse nation ready for the future. Perhaps this sentiment is partially correct, but I have long recognised all regions of the UK as being innovative, forward-looking and dynamic. We do not find it difficult to discover great entrepreneurs and innovators to support, which is testament to the unique infrastructure we have here across England, Scotland, Wales and Northern Ireland.

On the morning of The Queen’s funeral, my favourite line was said by TV presenter and former Riyal Marine JJ Chalmers, who simply and eloquently stated; “Thank you Ma’am. Your service is done, Stand Easy.”

Ian Warwick Managing Partner, Deepbridge

IMPORTANT INFORMATION AND RISKS

Deepbridge investments are both illiquid and high risk, not suitable for all investors and investors should not consider investing unless they can afford the full loss of their investment.

This document is a financial promotion for the purposes of Section 21 of the Financial Services and Markets Act 2000. The content of the document has been approved by Deepbridge Capital LLP.

This document does not constitute, and may not be construed as, an offer or invitation to invest or make commitments pursuant to Section 21 of the Financial Services and Markets Act 2000. The information contained herein is subject to updating, amending and verification therefore you should not rely upon it for any purpose.

Any investment in a Deepbridge proposition will be made solely on the basis of the respective product literature and customer agreements. Please be aware that past performance is not necessarily a guide to future performance and may not necessarily be repeated. The value of investments may go down as well as up and you could lose all or any of the amounts you originally invested.

This document is provided for information purposes only and does not constitute investment, legal, tax or other advice. In particular, any tax reliefs referred to in this document are for information purposes only and based on our interpretation of current law. The application and value of potential tax reliefs depends upon the individual circumstances of each person, may be subject to change in the future as a result of subsequent changes in law and therefore cannot be guaranteed. Prospective investors should take appropriate professional advice (including legal, financial and tax advice) before making any investment decision, no reliance should be placed on any information contained in this document, whether for investment purposes or otherwise and any decisions or actions taken based on such information is the responsibility of the person taking that action or decision.

Deepbridge Capital LLP is registered in England & Wales, Partnership No. OC356449. Registered Office: Deepbridge House, Honeycomb East, Chester Business Park, Chester CH4 9QN, authorised and regulated by the Financial Conduct Authority (FRN: 563366).

4

Deepbridge Discovery Podcasts

Join the Deepbridge Capital team each week as they discuss all things Deepbridge, speak with various investment experts within the company and discover more about the founders and CEOs’ running the portfolio companies Deepbridge invests in.

6

Visit Liverpool

We share our team’s top tips for visiting a city or region. In this edition we thought we’d return to Deepbridge’s home in the Northwest and look at the vibrant city of Liverpool.

9 Deepbridge Update

The latest news from Deepbridge and our team.

10 Levitex: Best sleeping position for good posture

Good posture at night is responsible for many benefits. From reduced back and neck pain, through lessened shoulder tension and improved circulation, all the way to decreased snoring and improved lung capacity.

12 Meet the Company: Ocutec

Andrew Aldridge interviews Scott Carnegie, Chairman of Ocutec in Episode 12 of the Deepbridge Discovery Podcast.

14 Obsession 22

After a two-year wait, Northcote’s Obsession 22 gourmet food festival returned during early 2022 which Deepbridge proudly partnered with. Obsession is Northcote’s annual homage to the finest food and wine, established in 2001 as one of Europe’s premier gastronomic events, with guest chefs travelling in from all over the world.

16 Meet Heather Hughes

Heather is Investment Co-Ordinator in the life sciences investment team at Deepbridge. Heather shares with us what the role involves.

Deepbridge Discovery PODCASTS

Join the Deepbridge Capital team each week as they discuss all things Deepbridge, speak with various investment experts within the company and discover more about the founders and CEOs’ running the portfolio companies Deepbridge invests in. Each Deepbridge Discovery Podcast contains an informal conversation to understand how these leaders and teams perform in order to achieve their goals.

Discover more about the founders and CEOs’ running the portfolio companies Deepbridge invests in with guests such as Joseph Ward (CEO at SmallSpark Space Systems) in Episode 6 who speaks on his previous experience, how SmallSpark was founded and the challenges he faced as a young entrepreneur and what the future looks like for SmallSpark.

Andrew Needham (Founder & CEO at HeadBox) joins the Deepbridge Discovery Podcast in Episode 16 to discuss what the background to setting up HeadBox was, how the company has evolved since being founded, some of the opportunities availing themselves and also speaks on his particular highlights since the launch of HeadBox.

Joseph Ward CEO & Director of Propulsion Systems at SmallSpark Space Systems

Andrew Needham Founder & CEO at HeadBox

AVAILABLE TO LISTEN TO ON

SCAN ME

In Episode 13 of the Deepbridge Discovery Podcast, Clemens Wangerin (CEO of vTime) has a conversation regarding the vTime journey, the changes he has seen to the sector and how the company has evolved accordingly and also delves into explaining what the Metaverse is and what it means for vTime and its future.

James Leinhardt (CEO & Chief Sleep Posture Expert at Levitex) also joined the Deepbridge Discovery Podcast in Episode 17 who talks about the global pandemic of sleeping, his previous experience, the latest news regarding Levitex as a company and also discusses recent success within the social media world including Levitex’s TikTok account going viral.

Clemens Wangerin

CEO of vTime

James Leinhardt

CEO & Chief Sleep Posture Expert at Levitex

Visit

LIVERPOOL

In this section we share our team’s top tips for visiting a city or region. In this edition we thought we’d return to Deepbridge’s home in the Northwest and look at the vibrant city of Liverpool.

DAYS OUT...

It would be remiss to not start by mentioning the Fab Four and, as you’d expect, Liverpool doesn’t disappoint as a mecca for Beatles fans. Whether it is visiting The Cavern on Matthew Street, learning more at The Beatles Story or going on a ‘Magical Mystery Tour,’ there is plenty to see and do.

However, Anjali Robert’s, Head of Strategic Partnerships at Deepbridge, starts by recommending Mendips and 20 Forthlin Road, commenting, “These properties are perhaps amongst the most modern of National Trust properties, but a step inside takes you back to early days of Lennon and McCartney.”

Paul Bowman, Investment Manager, adds, “These properties are unique places where John and Paul grew up and The Beatles were born and wrote some of their legendary early catalogue, including the likes of Love Me Do. These houses are a focal point of 20th Century social history.”

Please note that Mendips and 20 Forthlin Road is visited by pre-booked tours only.

Beyond the Beatles, but not escaping them entirely as you walk past a Yellow Submarine, visiting the waterfront, a UNESCO World Heritage site, is a must for any visitor to Liverpool. Set next to the famous ‘Three Graces,’ being The Royal Liver Building, The Cunard Building and the Port of Liverpool Building, is The Royal Albert Dock. A mixture of museums, galleries, restaurants and bars, these former warehouses and dock buildings now represent of the most recognisable spots in the UK – and for those old

enough, you might also remember TV weather presenters falling off their UK map floating in Albert Dock!

Jamie O’Connor, Marketing Assistant, recommends guests visit in the galleries and museums in The Royal Albert Dock, “Tate Liverpool, as the northern representative of the Tate collection, is a fascinating place to visit and a particular gem, regularly housing international and touring collections.”

Jamie adds, “The Royal Albert Dock as a whole, highlights the history of the City, and the docks which were the very reason for the City’s growth, whilst indicative of the transformation of Liverpool to being a cultural hub.”

Ian Warwick, Managing Partner, highlights other reasons to visit ‘Albert Dock,’ such as a visit to the Liverpool Maritime Museum, “Liverpool was once the busiest port in the world and has one of the most remarkable maritime histories anywhere in the world, with its historical largest export being cotton and the main import being bananas. Although it never visited Liverpool, the city is of course also synonymous with the Titanic (the city’s name was emblazoned on the stern as this is where the ship was registered) and you can discover more about the ‘unsinkable ship’ and the City’s history in the Maritime Museum, also based at The Royal Albert Dock.”

Atop of the hill on which Liverpool sits, the City boasts not one but two impressive, but vastly different cathedrals. The Anglian Cathedral is the largest religious building in Britain and was only completed in 1978, with HM Queen Elizabeth II attending the service of thanksgiving and dedication. A mile along Hope Street is the equally as impressive, but very different, Liverpool Metropolitan Cathedral which refuses to be outdone and is officially the largest Catholic cathedral in England.

Tony Lyons, Project Manager at Deepbridge, suggests a visit should be paid, “whether visiting for a religious purpose, whether attending an event or just seeking jaw dropping architecture then the cathedrals of Liverpool won’t fail to impress.”

“If you get chance to climb the tower of the Anglian Cathedral, you won’t be disappointed by the views over to Wales, across to the Pennines and up to Blackpool, whereas Lutyen’s Crypt below the Metropolitan Cathedral is a fascinating space to visit,” added Andrew Aldridge, Chief of Marketing.

The Beatles Story Britannia Vaults

Royal Albert Dock Liverpool L3 4AD www.beatlesstory.com

Tate Liverpool Royal Albert Dock Liverpool L3 4BB www.tate.org.uk

Liverpool Anglian Cathedral St James Mt Liverpool L1 7AZ www.liverpoolcathedral.org.uk

EATING OUT…

Food is at the heart of Liverpool, with even the name ‘Scouser’ relating to the traditional local stew-like dish called Scouse, and being a port city, it is not surprising that Liverpool boasts a diverse culinary scene, with restaurants representing all corners of the globe. Never more is the international flavour of Liverpool more apparent than in Chinatown, one of Europe’s oldest and largest Chinese communities.

Set on the 34th floor of the West Tower, overlooking Liverpool’s famous skyline, and with views across the Wirral to Wales, Panoramic 34 has long been at the heart of Liverpool’s fine cuisine scene.

Ray Eugeni, Partner at Deepbridge, speaks highly of Panoramic 34, “the view from the restaurant in itself is worth a visit, but when you add in stunning food as well then it is absolutely a must visit if you can get a table”.

Ben Carter, Life Sciences Investment Director, adds, “awesome views and great food make Panoramic 34 a great place for special occasions.”

With numerous restaurants across the UK, Liverpool-born Mowgli has rapidly grown a reputation for great Indian cuisine in a relaxed environment, crated by Nisha Katona, founded in 2014.

Olivia Drinnan, Strategic Partnerships Manager, commented, “I love Mowgli. Great food and a beautifully designed space,” with Paul Seager, Head of Brand, expanding; “The Mowgli vibe is all about small plates, like an Indian tapas, so you can try loads of exciting new flavours and the swing seats help create a quirky environment.”

Meanwhile, if you’re a fan of tasting menus then Anjali Roberts, Head of Strategic Partnerships recommends a visit to Röski by Anton Piotrowski on Rodney Street. Anjali continues, “if Röski was in London it would be raved about, but in Liverpool it manages to remain a ‘best kept secret’ and a fantastic treat for those that know about it.”

Andrew Aldridge, Partner & Chief Marketing Officer agrees, “Röski’s tasting menu is imaginative, beautiful and, importantly, full of flavours. The great food combined with the relaxed atmosphere created by the impeccable but genuinely warm front of house team, make Röski a great night out.”

Panoramic 34 West Tower Brook St Liverpool L3 9PJ www.panoramic34.com

Mowgli Street Food 3 Water St Liverpool L2 0RD www.mowglistreetfood.com

Roski Restaurant 16 Rodney St Liverpool L1 2TE www.roskirestaurant.com

OUT OUT…

Liverpool has a well-deserved reputation for being a great place for a night out, earned over decades of providing the best live entertainment and the warmest of hospitality. The sixties brought a reputation for the best bands and gigs, the nineties brought the super club Cream and today Liverpool is renowned as a destination for tourists, day-trippers [excuse the Beatles pun] and those wanting a vibrant night life. Whether it be the famous Matthew Street, where The Cavern resides, or whether it be Bold Street and Concert Square where the younger revellers gather, Liverpool has many great places to meet, mingle and party.

Every town, city and region of the UK these days seems to have its own locally distilled gin and Liverpool is no different. However, the Liverpool Gin Distillery, on Castle Street, is also a fantastic bar offering gin tasting and gin making classes as in addition to a food and drinks.

“The Liverpool Gin Distillery is a great spot and a great place to meet friends, with the unique 60 litre copper still dominating the building,” commented Donna Battersby, Regional Director. Phill Secrette, Head of Investor Relations agrees; “Castle Street is a great place to start a night out, with numerous bars and restaurants in the area, but the Gin Distillery is arguably the best, particularly if you like gin!”

For those looking for something perhaps less refined (or distilled!) then the Baltic Market offers patrons a mixture of bars and eateries in a more hip part of town. The Baltic Triangle is home to breweries, early-stage companies (including Deepbridge’s investee company vTIme) and former warehouses which are either being replaced by student accommodation or creatively repurposed, with the Baltic Market being one such new creation as Liverpool’s first street food market.

Lews Tandy, Head of Marketing Communications, is a big fan; “Most evenings in Liverpool involve a visit to the Baltic Market, and some nights we never leave! Loads of food options and bars mean you don’t get bored and if you need more entertainment then you can nip next door to Ghetto Golf,” with Terri Head,

Head of Client and Intermediary Support, agreeing; “a night out in Liverpool is always fun, and if there is a large group of you then the Baltic Market is particularly great as it offers everyone lots of options.”

Ashley Robinson, Events Co-ordinator, also recommends Alma de Cuba as a spot for late night drinks; “Alma de Cuba has been one of the go-to venues in Liverpool for as long as I can remember. As the name suggests, this bar and restaurant is Latininfluenced, in a former church building and offers some of the best cocktails around.” Matt Burns, Administration Team Leader concurs with Ashley, “The Ropewalks area around this beautiful building is the creative area of the city and contains numerous bars and restaurants, but Alma de Ciba has long been the focus of many nights out.”

Liverpool Gin Distillery 52, 54 Castle St Liverpool L2 7LQ www.liverpoolgindistillery.com

Baltic Market 107 Stanhope St Liverpool L8 5RE www.balticmarket.co.uk

Alma De Cuba St Peters Church Seel St Liverpool L1 4BH www.alma-de-cuba.com

DEEPBRIDGE UPDATE SIMON THELWALLJONES JOINS DEEPBRIDGE

The latest news from Deepbridge and our team.

DEEPBRIDGE NAMED AS

Deepbridge recently announced the appointment of Simon Thelwall-Jones to the newly created role of Venture Partner. Simon brings a wealth of experience as a qualified Chartered Accountant, an experienced company Director and a corporate finance expert; with most recent roles being Investment Director at MSIF followed by Director of Technology Ventures for the Development Bank of Wales.

The newly created role will initially be focused on working with a number of Deepbridge’s high-growth portfolio companies, whilst also working on several new fund opportunities.

DEEPBRIDGE CHALLENGE 2022

This year the Deepbridge Challenge returned, a yearly challenge where Deepbridge team members get together to tackle a physical challenge in the name of charity.

This year, on 24th September, Deepbridge members completed the hilly and challenging terrain of Bwlch Penbarras (just south of Moel Famau) to Prestatyn on the ‘Offas Dyke Trail Path’, approximately 22.5 miles.

The chosen charity for this year’s challenge was Cancer Research, which is a cause close to everyone at Deepbridge’s hearts. Any donations would be greatly appreciated, no matter how small, and will be entirely given to Cancer Research.

FINALIST FOR TWO GROWTH INVESTOR AWARDS

Deepbridge has been named as a finalist for two awards at the upcoming Growth Investor Awards 2022, taking place in November:

BEST EIS INVESTMENT MANAGER – SPECIALIST

“Open to any investment manager specialising in Enterprise Investment Schemes with a specialist focus on a particular area of underlying investments. The judges will be looking at the performance of your service since 6th April 2021, assessing your success across business performance, investment inflows, impact on the investee, adviser relations, customer feedback, and overall impact.”

DONATE

MOST VALUABLE PLAYER

“Entrants in all awards categories are invited to nominate the individual within their own organisation that they believe has gone ‘above and beyond’ with their efforts to support clients, colleagues or portfolios since 6th April 2021. The judges will assess the contribution based on supporting evidence provided by the nominee, and on overall impact.”

Andrew Hughes, Head of Renewables at Deepbridge Capital was nominated for this award.

Levitex Foams Ltd, which is part of the Deepbridge Life Sciences EIS fund, outlines the best sleeping position for good posture, the right pillow to be using and the evidence that backs up their claims.

BEST SLEEPING POSITION FOR GOOD POSTURE

You spend the day straining your neck. Looking down at your phone, your laptop, or even the chopping board when you’re making dinner. It’s clear your posture suffers, and your spine is the one paying the price.

The good news? You can use the time you spend asleep to help fight the bad postures of the day. Good posture at night is responsible for many benefits. From reduced back and neck pain, through lessened shoulder tension and improved circulation, all the way to decreased snoring and improved lung capacity.

The real question is, how do you achieve it? First step to achieving good sleep posture is to position your body correctly. While you may move at night, you’re setting yourself up well if the position in which you fall asleep is optimised. And you may find that you’re not moving as much as you think, either.

THE EVIDENCE

Since the late 80s, it’s been well evidenced by Gracovetsky et al (1987) that semi-foetal side lying is the best position for a neutral resting spine.

Neutral resting spine is a key component of good sleep posture. When your spine is neutral, it’s also straight. That means that the muscles around it don’t have to work and get a chance to recover and rest. Think of it as giving your spine a chance to have a good night’s sleep.

THE BEST POSITION: SIDE SLEEPING

What is semi-foetal side lying, you ask? Positioning yourself on your side isn’t the only box you have to tick to optimise your sleep posture.

THE RIGHT PILLOW

The key step is to pick the right pillow for your head.

A categorical no? Memory foam. As the name indicates, memory foam literally remembers. So, while it’s great for pressure relief, it does nothing for your posture except continuously remembering the bad one.

What we need to do though, is change the bad habits and replace them with new ones, fighting the bad postures of the day.

The perfect pillow to help you with this will also be one that considers your posture, rather than negating it (looking at you, memory foam).

A pillow that helps with your posture is the one that perfectly fills the space between your earlobe and the mattress, helping keep your neck neutral, and prevents the morning neck ache before it ever develops.

Look out for one that comes in different heights and pick the size that suits your body type.

Think of it this way: Dwayne “The Rock” Johnson and Danny DeVito don’t wear the same shoe size, yet if they were to walk into John Lewis looking for a new pillow, it’s likely they would be offered the same one. It doesn’t make sense, does it?

Therefore, size personalisation is a must. You can find the one right for you here. Just make sure that you put in the position you want to sleep in, instead of the one you’re sleeping in right now.

The best position: Semi-foetal side lying

ADD IN A SECOND PILLOW

It’s also recommended that you sleep with a second pillow (or a scrunched-up part of your duvet if a pillow is a nocan-do), positioned between your knees and ankles.

WHY?

The second pillow helps your hips remain neutral by stopping your leg from crossing over.

Look at the example photo below. Even if you already sleep on your side, it’s quite likely that you are the before picture. The three simple tweaks turn the before (bad sleep posture) into the after (good sleep posture).

We’ve got a neutral spine (thanks to side lying), a neutral neck (thanks to the right pillow) and neutral hips (thanks to the second pillow).

THREE STEPS TO POSITIONING YOURSELF IN THE BEST SLEEPING POSITION FOR POSTURE

1. Position yourself on your side (whichever one you prefer, although we recommend alternating).

2. For your head, choose a pillow that fills up the space between your earlobe and your mattress. You don’t want your neck to be either too high or too low, so look out for a pillow that comes in different sizes. Levitex fits the bill.

3. Ensure you have a second pillow (a scrunched-up part of your duvet works too) to position between your knees and ankles.

THE ALTERNATIVE: BACK SLEEPING

If you can’t handle sleeping on your side (or just hate it too much to try), there’s an alternative way in which you can position yourself on your back and still achieve good posture.

To ensure good posture while sleeping on your back, make sure you follow these steps.

1. Choose a low pillow for your head. For most people (who aren’t The Rock) this will be around an 8cm height. If your pillow is too high, your neck will be pushed forward. That’s not good for your posture and puts the same strain on your neck as looking down on your phone does (imagine how you feel after doing this for 30 minutes, let alone a whole night).

2. Don’t throw your old pillow away. Place it under your knees instead. This will instantly take the pressure off your spine. It also ‘anchors’ you in place, so you’re less likely to move around during the night.

FRONT SLEEPER? STOP IMMEDIATELY

There’s just no way to optimise front sleeping to achieve good posture. People are creatures of habit, so it’s tough to change to a new sleeping position if you’ve been a front sleeper for as long as you remember. Do give one of the above options a try, though. Think of all the pregnant women who used to sleep on their front and had to give it up in favour of side sleeping. If they could do it, so can you! It may be easiest to transition to side sleeping, over back, as it’s closer to your current position. Your spine and neck will thank you.

At the end of the day, there’s a lot that good sleep posture can’t help you with – like night sweats or getting in a fight with someone that’s weighing on your mind.

However, you may as well ensure that the hours you spend asleep is the time your body spends actually resting and recovering, instead of being twisted into funny positions that you pay for with pain in the morning.

Meet the company:

Oshan Bennett: Scott, can you tell us a little bit about the background of founding Ocutec and where it came from?

Scott Carnegie: Ocutec has been around for a while and the company was founded back in 2001. The driving force behind the foundations of Ocutec was Professor Neil Graham. He was probably one of the world’s leading polymer chemists. Neil worked for AstraZeneca, and he specialised in PEG (Polyethylene Glycol), which is the foundation material in which Ocutec’s technology is built. Lots of people around the globe have tried to work with that product before, but it was Neil that found a way to stabilize PEG so that it had a long shelf life. That IP was protected originally by AstraZeneca and after Neil retired, he was in such high regard with AstraZeneca that they donated that IP to him.

Sadly, Neil passed away but at the point of him being donated the IP, he set up numerous companies, one of which was Ocutec. He pulled together a management team and a group of scientists to try and deliver his vision.

PEG is biomimetic material, which means you can put it inside your body, and it’ll do nothing. One of the biggest problems with contact lenses is when you put a piece of plastic in your eye, your eye usually rejects it – unless its biomimetic material which is one of the advantages PEG has over other forms of material. Other materials must be coated to stop people’s eyes rejecting it whilst PEG doesn’t. So, we can produce contact lenses that allows oxygen to pass through it and holds lots of water. Those are the two key elements that you need when producing contact lenses. Other major companies tried to make contact lenses using this material, but never managed to make it stable – which

is where Neil Graham’s science came into fruition. That’s why we’re able to have that material which is patent protected and that’s where the beginning of the company came from.

OB: How long have you been involved in the company and how has the company evolved since then?

SC: In the early years, up until about 20052006, a lot of the scientists were in the lab working with PEG and they had to try and create something that could become a commercial product. I first joined the company in late 2006 as Chairman of an Angel group called Discovery Investment fund. We decided to invest into Ocutec, which was our first investment and because of that we put a non-executive on the board of the company and that was myself. My journey with Ocutec started at that point. Since then, we have gone

Neil worked for AstraZeneca, and he specialized PEG (Polyethylene Glycol), which is the foundation material in which Ocutec’s technology is built. Lots of people around the globe have tried to work with that product before, but it was Neil that found a way to stabilize PEG so that it had a long shelf life.

Scott Carnegie, Chairman of Ocutec

Scott Carnegie, Chairman of Ocutec

Oshan Bennett, Senior Marketing Executive at Deepbridge Capital, interviews Scott Carnegie, Chairman of Ocutec, which is part of the Deepbridge Technology Growth EIS portfolio.

through a couple of major changes, for example, around 2009 we got one of the major contact lenses on the board of the company who took a development license with us to try and create an injected moulded contact lens – which there are none in the world.

The advantage of injection moulding is cost of goods. When you create a contact lens now, there is a process called reaction cast moulding. Which means there is a male and female mould, and you press them together, there are numerous stages in that process, all of which add to the production cost. If you can inject the material into a metal mould, it means you don’t have to use plastic moulds and the production of the lenses ends up being much faster and cheaper too, with much less steps in the process.

That is the holy grail within the industry, reducing costs and we think that the material we use is perfect for that.

OB: What are your main hopes and objectives for the next 12 months?

SC: There is constant research and development going on because we are always looking for ways to improve things. We’re hiring several science staff as well to give us capacity to do even more in that area which I think is important going forward. The goals in the next 12 months are that we want to take the technology we have and get licensing and commercial income into the business. Thereafter, we’re looking at raising the money that will allow us to go into manufacturing at scale. Effectively, the main goals are to sell licenses of the technology and also improve the manufacturing process going forward.

We can produce contact lenses that allows oxygen to pass through it and holds lots of water. Those are the two key elements that you need when producing contact lenses.

Scott Carnegie, Chairman of Ocutec

The importance of LEADERSHIP

Ian Warwick, Managing Partner at Deepbridge Capital

At Deepbridge we are passionate about supporting innovators, and therefore are delighted to be longterm partners with our innovative friends at Northcote, one of the northwest’s premier restaurants and hotels.

Each year Northcote welcomes world-class chefs to guest at their Obsession festival, and we were delighted to be the Obsession 22 headline sponsor.

During the festival, I was keen to discover if there were any similarities between these highly-acclaimed and successful chefs and the leaders and entrepreneurs I encounter daily in the corporate business world.

When reviewing companies to support, there of course are many factors which are subject to our granular due diligence process, but one key thing we look for in our portfolio companies is the strength of their leadership team. Our hands-on support of such companies may provide commercial experience and guidance, but on a day-to-day basis companies seeking significant growth categorically need a leader who can drive the business forward.

Clear and respected leadership is of course an essential skillset in commercial kitchens.

Luckily, I was privileged enough to be able to speak with a number of the Obsession chefs for their own thoughts on leadership and what qualities make a great leader.

Northcote’s very own Lisa Goodwin-Allen, commented on the importance of never asking someone to do anything you wouldn’t be prepared to do yourself, which was also echoed by Simon Rogan who also added that ‘a great leader leads from example.’ Lisa continued, ‘knowledge and empowerment are important to develop

Lisa Goodwin-Allen (Michelin star Executive Chef at Northcote, Lancashire)

your team,’ whilst also adding ‘you get the most out of a happy team.’

Atul Kochhar thoughts were particularly focused on the human aspect, commenting; ‘To be a great leader, there are many qualities one needs. But one thing every great leader has, is humanity. If you feel for it, if you feel it on your skin and in your heart. You know you can lead people.’

‘Honesty and integrity,’ were two key factors identified by Tom Kerridge, who also named ‘work ethic and compassion’ as key attributes, adding that a leader is ‘somebody who connects with their team and leads by example.’

For all of the chefs I spoke with, there was genuine acknowledgement of the importance of their team members. James Martin told me; ‘What do I think it means to be a great leader? There’s your answer [pointing to team in kitchen]. It’s having a good team behind you, simple as that.’ James shared his personal experience, ‘you quickly learn in this industry if you shout and scream and then look back, there’s nobody there. Then and only then do you start to change. For some people, it’s too late. But for me, definitely the way to be a great leader is having that team behind you, simple as that.’

Having had the honour of speaking with these amazing chefs (with the obvious main privilege being to taste their stunning food at Obsession22!) I then spoke with a couple of my colleagues to identify any similarities between the culinary world and our world of venture capital.

Dr Savvas Neophytou, Partner & Chief Investment Officer at Deepbridge, echoed the above comments about the importance of team by identifying that, ‘the best businesses are those that have a strong team in place, not just one person.’

Adrian Neilan, Chief Operating Officer at Deepbridge, advised me that great communication is a key skill for leaders, with leaders needing to ‘be able to share their vision and passion with their team,’ and is definitely something I witnessed in all of the chefs.

Having watched a number of chefs in action at Obsession22, it is remarkable how they lead their teams to produce results to exacting specifications in a pressured environment. My key conclusions are threefold. Firstly, none of these chefs have been taught how to lead, with their leadership based on experience and intuition, with James Martin particularly honest about learning the hard way at times. Secondly, they all appreciate the importance of their team. Seeing them in action really highlights the trust they have in their sous chefs and beyond – watching James Martin take the time to show Northcote’s junior chefs how to make his Cornish Brown Crab Risotto being a particular highlight. Finally, I agree with Adrian that clear communication

is essential, with this being particularly evident in the Northcote kitchen to ensure all plates came to the pass at the right time and to the highest standards.

I firmly believe that leadership is the ability to inspire, influence and help others achieve great results, and every one of these fantastic Obsession22 chefs showed these qualities in abundance. A restaurant kitchen is a great metaphor for how businesses operate and the similarities with the examples of great leadership we see in our portfolio companies are remarkable.

Chef and TV Presenter James Martin

Meet

HEATHER HUGHES

INVESTMENT CO-ORDINATOR – LIFE SCIENCES

Heather Hughes is Investment Co-Ordinator in the life sciences investment team at Deepbridge. Heather shares with us what the role involves.

“Within the life sciences team, my role aims to ensure that investments are transacted efficiently and in line with our investment terms of agreement. Once an investment is approved by the investment managers then I become the point person for ensuring companies are onboarded in line with our rigorous processes.

Post-investment, I also work with the companies to ensure all paperwork and reporting is completed on an ongoing basis. In line with the stringent protocols and reporting required of the FCA regulated entity that we are.

Witnessing some of the incredible innovations being developed here in the UK is a joy of the role. As a nation we tend to not to be great at acknowledging what we do well, but I am fortunate to have firsthand experience of the entrepreneurial and innovative spirit we have here in the UK.

The UK economy may not be in the best of health right now, but the UK life sciences sector continues to go from strength to strength and offers exciting opportunities.

With over a decade of experience within the financial services sector, I have previously been involved in risk and compliance roles within the Bank of America, amongst other varied roles.

The UK financial services sector is one of the most highly regulated professional sectors in the world and therefore, as alluded to previously, it is critically important that we transact and manage investments in a structured manner.

As our portfolio of life sciences companies has matured, we are seeing considerable co-funding being attracted to support our portfolio companies. For many portfolio companies this is hugely important in order to expedite growth and is something we proactively encourage, with this also requiring careful co-ordination.

Now that we are back to normal life and lockdowns are hopefully a thing of the past, over the past twelve months it has been great to once again get out and meet investors, portfolio companies and our array of industry contacts.

At Deepbridge we very much appreciate the importance of human interaction and we have numerous events coming up over coming months, of which you can find details on the Deepbridge website.

Away from the office I am an extremely proud mum, with each of my children enjoying what they do and one of my daughters being a Welsh international footballer. Living just over the border from Chester, in ‘God’s Country,’ I am extremely fortunate to live in a beautiful part of the world whilst also having the fun of Liverpool and Manchester close by.”

SHAPING THE FUTURE.

Prudent Inheritance Tax planning maximises the estate passed to future generations.

Equally, does it not make sense to ensure such planning is also supporting green energy projects which will enable those next

The Deepbridge Estate

with

to live in a cleaner world?

Service

to a

BUSINESS RELIEF

APPLICATIONS

RENEWABLE ENERGY

Capital at risk. Business relief qualifying trading companies are illiquid and unquoted stocks and therefore should be considered as high risk. Tax reliefs are dependent on individual circumstances, cannot be guaranteed and may be subject to change. Seek independent financial advice.

Issued by Deepbridge Capital LLP, a limited liability partnership registered in England & Wales, registration No. OC356449. Registered office: Deepbridge House, Honeycomb East, Chester Business Park, Chester CH4 9QN. Deepbridge Capital LLP is authorised and regulated by the Financial Conduct Authority (FRN:563366).