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a n n u a l

r e p o r t

Revolving Fund A boost for Biobusiness

2010


content Preface Colja Laane (chairman M ibiton Foundation)

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Interviews Delphi bioscience “mibiton enables us to accelerate our entrance to the market” Skyline Diagnostics “without mibiton skyline would not have existed”

FlexGen “mibiton helped us overcome a major hurdle for our customers”

ISA Therapeutics/Prosensa Therapeutics

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“mibiton understands the Life Sciences business”

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Feyecon “the mibiton fund is crucial for us”

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River Diagnostics “without mibiton our progress would be much slower”

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Shortlist LS investors + Network investors

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Mibiton investments

> mibiton, investing in innovative dutch Life Sciences facilities

> mibiton science

> 2005 - 2010

> 2000 - 2004

> 1994 - 1999

Foundation PPS Mibiton Financial summary The Mibiton Foundation + Colophon

22 23 24 31 35 38 40 42

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p r e fac e c o l j a l a a n e

m ibitons ‘revolving fund’ proves its value All in all we invested more than 2 million euros, which was exactly the amount we hoped for. In addition the Science fund became fully operational. In this annual report you will find a profile of the projects we invested in. One of these projects, the joint investment between Prosensa and ISA Pharmaceuticals, is recently started in 2011 with a well-attended celebration in the number one Life Sciences park of the Netherlands, the Biosciences park Leiden. Mibiton continues to play an important role in the Dutch Life Sciences arena by providing financing for early stage and start-up companies. We believe that the situation for 2011 will not change significantly. The economic situation is improving slowly, but for young entrepreneurial Life Sciences companies it will remain difficult to obtain sufficient financial backing from the market. This is Mibiton’s playing field: we can act fast, we take risks and we know the Life Sciences market.

You often hope that all your plans will be realized. For Mibiton 2010 was such a year. Mibiton facilitated six investments in eight companies (FlexGen, FeyeCon, Delphi Bioscience, Skyline, Sanquin, Prosensa, ISA Pharmaceuticals and River Diagnostics) and Erasmus MC.

The new government is promoting ‘revolving funds’ as a ‘new’ tool to stimulate innovation. Revolving funds are certainly not new to Mibiton; Mibiton more or less invented revolving funds and has employed it successfully for more than 16 years. We are therefore confident that Mibiton’s future will remain bright. Perhaps we can broaden our scope to other fields where innovation needs a little bit of help. Colja Laane, Chairman of Mibiton

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a n n ua l r e p o r t 2010

maxime verhagen , minister of economic affairs , agriculture and innovation

“as a specialized

fund for life sciences, mibiton is unique” “The use of ‘revolving funds’ is promoted in my new industry policy. A new revolving fund will lead to more venture capital and is a smart way of using a limited budget. The use of such a fund involves estimating the expected return on investment, which is not quite the same with a subsidy. This holds true for R&D projects, as well as for facilities. In other words, the Mibiton approach fits very well in this Government’s new policy.”

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intervie w delphi bioscience

f r o m l e f t t o r i g h t r e n é h o l , c e o a n d i v o s p e e tj e s , rosti nederl and bv and project manager delphi screener

rené hol, delphi bioscience

“ m ibiton enables us to accelerate our entrance to the market” In the fourth quarter of 2010, the Mibiton Board approved the Solo investment of Delphi Bioscience. Delphi Bioscience develops screening solutions for vaginal and cervical infections and focuses on an innovative female-friendly sampling device called the ‘Delphi Screener’. The first generation of the Delphi Screener has been clinically validated and the aim is for it to become the world’s leading device for female

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vaginal self-sampling. The company has now developed a second generation device, which will form the basis for a market launch in South-East Asia and Europe. Rene Hol, CEO of Delphi Bioscience: “The Mibiton financing of our novel Delphi Screener production facility will accelerate our development program, enabling us to enter the international market for cervical cancer screening in 2011.” Delphi Bioscience develops a female-friendly


a n n ua l r e p o r t 2010

screening about one third chose the selfsampling. In 2010 these results were published in the British Medical Journal, which resulted in a considerable amount of exposure and gave a boost to our development activities. We have since developed a second generation device, which is even more user friendly.” Michiel Meurs, CFO of Delphi Bioscience: “We faced the challenge of how to finance a production facility in order to be able to produce almost a million devices a year. Finding financing at this stage of the company’s development when there is no cash flow is extremely challenging. The Mibiton Solo enabled us to invest in a critical production line with the desired output. The next

“Without Mibiton funding, Delphi would have had a hard time getting the production facility financed.”

sampling device with specific characteristics. It enables women to collect reliable vaginal/cervical specimens themselves. The samples can be used to screen for cervical cancer and sexually transmitted infections. This device offers women, health professionals and health authorities the opportunity to increase women’s access to userfriendly and effective screening. Rene Hol: “Women tend to avoid the regular screening for cervical cancer, often because they are embarrassed or anxious. Our approach enables women to carry out a female-friendly selfsampling. In addition, our samples provide at least as good detection results as the standard cytology-based pap smear tests. We tested this device in collaboration with the VU medical centre in Amsterdam. In a research project study on 30,000 women who had not attended regular

step will be the fully-automated production of samples for which a new machine will be developed. With the Mibiton Solo we can start production of Screeners that will be marketed this year in six or seven countries. We will start in countries in Southern Europe and South East Asia, as these countries are accustomed to paying for quality in healthcare. The regulatory environment in the Netherlands is very strict and it takes a long time for authorities to come to a final decision to introduce our selfcollection method in the cervical cancer screening program (Bevolkingsonderzoek). René Hol adds: “In Singapore, for example, the attitude of the authorities is very supportive to innovations like ours. Compared to what we face in Western Europe, their approach is more like: ‘how can we help this company in the best possible way’. I hope that the Ministry of Economic Affairs, Agriculture and Innovation will take a similar supportive approach with the recentlycreated top sector Life Sciences. We were very fortunate that Mibiton was willing to support us. Without Mibiton funding, Delphi would have had a hard time getting the production facility financed.”

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intervie w sk yline diagnostics

henk vië tor, sk yline diagnostics

“without m ibiton skyline would not have existed” In October 2010, the Mibiton Board approved a 426,000 euro Share investment in five AML Profiler micro array analyzer systems for Skyline Diagnostics, Erasmus Medical Centre and the Sanquin Blood Supply Foundation. Skyline Diagnostics (Rotterdam) develops and markets array-based diagnostic tests using gene signatures for personalized medicine. The company has successfully translated several important scientific discoveries into diagnostics.

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These products, called Profilers, are based on gene expression and provide a substantial additional clinical value. The Share investment enabled the three partners to acquire five microarray analyzer systems to support a large multi-site trial aimed at registering the AMLprofiler diagnostic device for patients with Acute Myeloid Leukemia. The VALID trial, involving six renowned sites in Europe and the USA, is expected to result in a full Pre-Market


a n n ua l r e p o r t 2010

“Mibiton and other loans and subsidies are very important for start-up companies in the Life Sciences.” We also receive a lot of support, both in terms of money and expertise, from the AgentschapNL. Without all these instruments Skyline would not have existed.”

henk vië tor, ceo sk yline diagnostics

Approval by the American Food and Drug Administration towards the end of 2011. “We are very pleased with this crucial financial support from Mibiton, enabling us to pioneer the path towards regulatory approval for this new generation of diagnostic tests.” says Henk Viëtor, Skyline Diagnostics’ Chief Executive Officer, “Regulatory approval of the AMLprofiler at the highest level will mean that leukemia patients worldwide will be able to benefit from this unique test.” It is Mibiton’s third investment in Skyline. These and other loans and subsidies are very important for start-up companies in the Life Sciences. We participate in the Centre for Translational Molecular Medicines (CTMM), a public private partnership, which is also subsidized by the government.

Over the years Skyline has received subsidies amounting to between six and eight million euro. About fifty percent was in the form of loans. Henk Viëtor is worried about the future of the Life Sciences in the Netherlands. “The government is now very proficient in dealing with Life Sciences companies and there is a considerable amount of expertise within the AgentschapNL.” He expects a set back of two to three years for the entire sector if the Government stops supporting these financial instruments. “This could be dramatic. In the Life Sciences we are dependent upon these financial instruments when discovering and developing a new product. The transition from science to a product is never straightforward.” “Public private partnership is a very effective way of transferring scientific knowledge to the participating companies. CTMM took years to negotiate a consensus on the Intellectual Property Rights between universities, multinationals and SMEs. It would be a great loss if institutes like CTMM are unable to continue because of a change in Government policy.”

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i n t e rv i e w f l e xg e n

f r e d d o m , f l e xg e n

“ m ibiton helped us overcome a

major hurdle for our customers” In March 2010, the Board approved a Mibiton Solo application submitted by FlexGen. FlexGen is an innovative biotech company based in Leiden, the Netherlands. It is a spin-off from Leiden University Medical Centre (LUMC) and Dutch Space (part of EADS) and has proprietary technologies for laser based in-situ synthesis of oligonucleotides and other biomolecules. FlexGen commercializes the FlexArrayer,

a bench-top instrument for custom microarray and oligopool synthesis. The company works at the forefront of innovative microarray and oligopool applications. Mibiton finances several FlexArrayers, which are currently validated at several international Genomics Centres for specific applications. “The FlexArrayer offers researchers great

f r o m u p t o l o w p e p i j n va n d e r p u t t e n h e a d h a r d w a r e d e v e lo p m e n t a n d f re d do m , ceo f l e xg e n

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a n n ua l r e p o r t 2010

flexibility in designing and producing custom oligopools to perform targeted genomic research”, says Fred Dom, CEO of FlexGen: “Once a specific oligonucleotide pool has been produced, it can be used up to 500 times, which is advantageous when analyzing large numbers of patient samples.” The Flexarrayers can also be used for the detection of micro-organisms like bacteria in hospitals. It makes it possible to perform very vast detections compared with the standard methods. This explains the interest of institutes like the Health Protection Agency in the UK and the RIVM in the Netherlands. FlexGen has sold the first Arrayers to LUMC and the Centre for

Translational Molecular Medicines (CTMM). FlexGen works closely with both organizations by participating in various joint R&D projects Fred Dom: “The biggest obstacle for my company is the limited resources available to research institutes. We therefore applied to Mibiton for a loan to buy several apparatus to be installed on site by potential customers and opinion leaders in the field. Mibiton is a very accommodating resource for financing these facilities. The fund has experience with this type of construction through companies like River Diagnostics and CheckPoint. Its procedures are very fast and efficient. The final decision was made within two months, which was largely due to the efforts of the investment managers. Mibiton is a fine instrument in the Life Sciences sector in the Netherlands. Our company takes advantage of every opportunity to access loans, grants and financing, like CTMM, TI Pharma, EuroTransbio, and so on. We needed these funds in all stages of our development. It is very hard to develop a high tech company without these instruments.

“A revolving fund like Mibiton is a welcome exception.” My advice for the new top sector Life Sciences being set up by the Ministry of Economic Affairs, Agriculture and Innovation would be to appoint account managers. They have to be able to follow and advise a company during the entire chain, from the very first idea until the market introduction. Today we see ‘financial gaps’ in this development chain, especially when a company gets closer to a market introduction but still faces high financial development risks. When you can’t find the funds to finance these gaps, your company will slow down, or even stop. A revolving fund like Mibiton is a welcome exception to this rule.”

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hans stoof, former rector magnificus utrecht university

“a revolving fund is an excellent idea”

“It is well known that the Netherlands lags behind other European countries with its spending budgets for public and private R&D. This also holds true for expensive facilities within the research infrastructure. This is not good for our country’s ‘coveted’ top position in the short term. The ‘revolving fund’ for the Life Sciences developed by Mibiton on a small-scale with large infrastructural facilities and expertise seems an excellent idea to me. This fund helps to keep the Netherlands knowledge economy in a prominent position and creates a basis for further public-private partnership and innovative industrial activity.”

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a n n ua l r e p o r t 2010

sybolt noorda , vsnu

“ m ibiton has an essential role to play” “Mibiton has an essential role to play because the fund finances research facilities for young entrepreneurs. These facilities are often essential for the development of start-up companies, when financing in the market is far from simple. ‘Revolving funds’ are generally a good idea for start-up knowledge-intensive companies, but only when coupled with a minimum of ‘red tape’ and with realistic payback rules.”

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intervie w isa therapeutics and prosensa therapeutics:

“ m ibiton understands the life sciences business” In December 2010, the Board approved the Mibiton Share proposal submitted by ISA Therapeutics BV and Prosensa Therapeutics BV, which are both located in the Leiden BioSciences Park.

breakthrough ‘synthetic long peptides’ (SLP®) technology. ISA’s lead compound in clinical development is an immunotherapeutic product to combat human papilloma virus-induced diseases in general and for cervical cancer and vulvar intraepithelial neoplasias in particular. According to CEO Gerard Platenburg, the peptide synthesis facility will enable ISA to develop in-house synthesizing capabilities enabling the physical, chemical and biological characterization of preclinical drug leads. “This peptide synthesizing facility will significantly reduce our preclinical development track”, he says. Prosensa Therapeutics is an innovative Dutch biopharmaceutical company focused on the discovery, development and commercialization of RNA modulating therapeutics correcting gene expression in diseases with largely unmet medical needs, in particular neuromuscular disorders. Prosensa’s focus is on developing a treatment for Duchenne Muscular Dystrophy.

g e r a r d p l at e n b u r g , c e o i s a a n d r i c h a r d h o l s l a g , v i c e president

M a n u fa c t u r i n g

prosensa

The Shared Life Sciences facility comprises a state-of-the art peptide synthesis unit, and includes purification and analysis equipment. ISA Therapeutics is an innovative clinical stage company focusing on the development of immunotherapeutics. The company develops novel treatments for cancer patients by using the

“Mibiton is a very attractive fund for young and start-up companies. It is a very welcome instrument for Life Sciences companies.”

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Richard Holslag, VP Manufacturing, comments: “our primary purpose of investing in peptide synthesizing capacity is to increase the screening capability for conjugates of oligonucleotides and synthetic peptides. This facility will pave the way for novel RNA modulating therapeutics in unmet medical needs, like Myotonic Dystrophy and Huntington’s disease”. Although ISA and Prosensa collaborate and share the peptide facility, the two companies have different goals. Gerard Platenburg:”ISA is looking for peptides that stimulate the human immune system, and we therefore want to combine peptides with nucleotides.” Richard Holslag: “Prosensa wants to improve the delivery of oligonucleotides into human cells by coupling peptides to oligonucleotides. By working together we can build a knowledge platform for the synthesis and analyses of peptides. ISA and


a n n ua l r e p o r t 2010

Prosensa will share operational knowledge and this will benefit the development of both companies.” Richard Holslag: “Mibiton is a very attractive fund for young and start-up companies. This revolving fund is a very welcome instrument for Life Sciences companies. Mibiton understands the Life Sciences business and that is very important.”

Platenburg: “ISA is the third new Life Sciences company that I’ve set up. However, I won’t do this again under the present circumstances. The burden is too heavy, there are too many regulations and there is too much stress.” Holslag: “Mibiton is the favourable exception. We enjoy working with Mibiton because we know that the Mibiton formula with its revolving fund works well for the Life Sciences sector.”

Gerard Platenburg: “This is the way Life Sciences investors should work: fast and accurate.” Platenburg and Holslag pledge for a more innovative climate for Life Sciences in the Netherlands.

brigitte warner - burm , prosensa

“Prosensa, Proxy and Mibiton are three of a kind” Prosensa in Leiden (NL) is a biopharmaceutical company focused on developing treatments for Duchenne Muscular Dystrophy (DMD). At the end of 2009 Prosensa entered into a worldwide collaboration with GlaxoSmithKline for the development and commercialization of part of its RNAbased therapeutics for DMD. Both parties are involved in a Phase III study which started in 2010.

operates as an independent quality control laboratory and is validated for the international Life Sciences and pharmaceutical industry. Proxy Laboratories offered the necessary GLP and GMP-expertise and Mibiton provided the valuable analytical equipment in the form of an LCMS facility which can be used for GLP analyses. The equipment is located at Proxy Laboratories.

Brigitte Wanner-Burm, Manager Quality Control and Analytical Development of Prosensa: “When Prosensa reached the clinical stage it could no longer rely on the analytical methods of the research laboratory. We had to develop validated methods in validated laboratories, and therefore had to invest in facilities with a GLP en GMP certification. As this is very expensive for a small company, we sought the expertise of Proxy Laboratories, which

Mibiton is a unique fund and its revolving nature stimulates entrepreneurship. Without Mibiton it is very difficult for small companies to obtain financing for facilities, especially companies in the Life Sciences sector. We are extremely pleased with both the Mibiton investment and the collaboration with Proxy, which have given us a flying start in the world of GLP and GMP.”

Brigitte Warner-Burm, Manager Quality Control and Analytical Development of Prosensa

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intervie w fe yecon

geert woerlee, fe yecon

“the m ibiton fund is crucial for us” In March 2010, the Board approved the Solo investment of 350,000 euro in FeyeCon BV (Weesp, NL). FeyeCon specializes in developing and manufacturing new, improved and more cost-effective products and processes using carbon dioxide technology. One of the uses of carbon dioxide is to extract natural food compounds from micro-algae, such as omega-3 fatty acids. The Mibiton investment involves extraction and purification facilities enabling the isolation of high value compounds from algae species. “This investment allows us to scale up our innovative algae production platform”, says Geert Woerlee, CEO of the spin-off company CleanAlgae. “It is

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our ambition to produce micro-algae on a large commercial scale, enabling us to produce the high value compounds for various markets, such as hatcheries, the food industry and the sustainable energy market”. Woerlee is a serial entrepreneur who has started 12 companies, thus far. His latest start-ups are two companies in Las Palmas (Spain) for the production of micro-algae: Algae Biotech and Clean Algae. Algae Biotech is dedicated to creating new innovative products and processes in the field of micro-algae. Algae Biotech aims to improve all aspects in the growing, harvesting, extraction and other downstream processes. Algae Biotech works closely with its sister


a n n ua l r e p o r t 2010

geert woerlee, ceo fe yecon

“Mibiton fills an essential gap in the financing of young Life Sciences companies, and it was a great help in developing my first company.”

company Clean Algae SL. Clean Algae specializes in the growing of micro-algae. One of the major hurdles in securing a sustainable future for algae products, from biofuel to colorants, is to be able to produce algae at a low price. Geert Woerlee: “I am convinced that algae will play a major role in the production of sustainable energy and natural food-ingredients like omega-3 fatty acids and colorants. But, I don’t know yet how and when this development will take place. I only know that I want to be on time, and I’m therefore building a business case right now.” “The first challenge is to grow a monoculture of the desired micro-algae. The second challenge is to purify the algae, and this is where Mibiton comes in. Mibiton provided the working capital to

build a clean room and a unit operation in the biorefinery chain. In this phase of the company the investment of Mibiton is crucial. Because the banks consider financing to be too risky, Mibiton fills an essential gap in the financing of young Life Sciences companies. I used Mibiton in the past, and it was a great help in developing my first company, FeyeCon. FeyeCon, like all Life Sciences start-ups, depends heavily on subsidies, loans and grants from the government. The supportive climate within the Life Sciences sector has been very good until now and I hope the new government will continue to provide support to the new top sector Life Sciences. Over the past fifteen years Mibiton has demonstrated the importance of an investment tool dedicated to Life Sciences.”

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intervie w river diagnostics

bas dirkson, river diagnostics

“without m ibiton our progress would be much slower”

In the third quarter of 2010, Mibiton approved the ‘Solo’ financing of additional Spectracell Bacterial Strain Analyzers produced by River Diagnostics (Rotterdam, NL). River Diagnostics uses the vast potential of Raman spectroscopy for cell and tissue characterization to create and bring innovative solutions for unmet (clinical) needs to the market. The SpectraCellRA® Bacterial Strain Analyzer provides immediate functional information on the microorganisms involved in the contamination of hospitals and food, or in community epidemics.

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This information is critical to ensure that appropriate and specific preventive and corrective actions can be taken. When used as part of an active surveillance program, SpectraCellRA® can alert teams to manage contamination by resistant or virulent strains of bacteria, thereby helping to prevent or limit its spread. “The additional Mibiton financing enables us to enter into attractive collaborations with novel customers applying the Spectracell Raman Analyzers. These new enterprising customers, in particular, will help us to enter the clinical diagnostics market”, says Bas Dirkson, CEO of


a n n ua l r e p o r t 2010

River Diagnostics. In 2009 the SpectraCell Analyzer enabled River Diagnostics to enter a new market: the detection of pathogens like MRSA and Salmonella in hospitals.

systems on the market, in both the USA and the Netherlands. We will continue on this path in 2011. Worldwide there are about 15 methods to detect bacteria. Our method focuses on prevention by enabling hospitals to switch from a passive analysis to an active surveillance. Hospital infections worldwide cost 5,000 euro per bed per year. We need to convince hospital managers that it is cheaper to prevent bacterial infections than to cure them.” “With the help of Mibiton we have been able to place machines in strategic hospitals in the USA and the Netherlands. We want to demonstrate that the number of infections decreases when our method is used. Without Mibiton this process would be much slower, Mibiton provides the necessary working capital. This fund is a very useful instrument for us and its revolving character suits our entrepreneurial spirit.”

bas dirkson, ceo river diagnostics

“Mibiton provides the necessary working capital. This fund is a very useful instrument for us and its revolving character suits our entrepreneurial spirit.”

With Raman spectroscopy it is possible to determine whether two different patients have the same infection of a certain bacteria or a new infection with a new sub type of the same bacteria. The Analyzer takes about one to two minutes per sample for the strain-level identification of bacteria. This gives hospitals a crucial advantage of several days to take measures. Bas Dirkson: “In January 2010 we placed our first SpectraCell machine in Seatlle (USA) and now we have six

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harrold van barlingen , thuja capital :

“ m ibiton lowers the threshold, which is important” “We see Mibiton as a very useful addition to the set of financing instruments available in the Netherlands. Through its activities Mibiton makes is possible for small companies to gain access to equipment that would not be possible under normal financial conditions. Mibiton’s smart leaselike constructions lower the threshold for companies trying to launch their products onto the market.”

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a n n ua l r e p o r t 2010

shortlist ls investors in the netherlands Company

Website

AGLAIA BioMedical Ventures B.V. Agro&Co Kapitaalfonds B.V. BioGeneration Ventures BOM Forbion Capital Partners Gilde Healthcare Partners B.V. ICOS capital management BV Kennis Conversie Fonds Life Sciences Partner Limburg Ventures BV en DSM Venturing

www.aglaia-biomedical.com www.agro-co.brabant.nl www.biogenerationventures.com www.bom.nl www.forbion.com www.gildehealthcare.nl www.icoscapital.com www.holding.rug.nl/kennisconversie www.lspvc.com www.limburgventures.com www.dsm-venturing.com www.medsciencescapital.com www.holding.rug.nl/northtech www.liof.nl www.nom.nl www.nvp.nl www.oostnv.nl www.ppmoost.nl www.holding.rug.nl www.mkbfondsen-flevoland.nl www.technopartner.nl www.thujacapital.com www.vengen.nl www.technostars.nl

MedSciences Capital Noord Tech Venture NV Industriebank LIOF NV NOM Nederlandse Vereniging Participatiemaatschappijen NVP Oost NV PPM Oost RUG Houdstermaatschappij BV Technofonds Flevoland BV TechnoPartner Thuja Capital VenGen BV Technostartersfonds Zuid NL BV

shortlist network relations Company

Website

Beagle Biomed Cluster Amsterdam BioMedbooster / UM-zaM BioMedical Materials Program (BMM) BioPartner Center Amsterdam BioPartner Center Leiden BioPartner Center Maastricht BioPartner Center Wageningen BioPartner Holding Maastricht BV Biotech Center Groningen Stichting Triade Han BioCentre Immuno Valley Leiden University Medical Center Netherlands Proteomics Centre Radboud Universiteit Technology Transfer Office - AMC Amsterdam Technology Transfer Office -Erasmus MC TI Pharma TTI Groene Genetica UU en UMC Utrecht Holding BV Zernike Group B.V./ BioPartner Start-up Ventures

www.pcsdc.com www.amsterdambiomed.nl www.biomedbooster.com www.bmm-program.nl www.asp.nl www.biopartnerleiden.nl www.bpcm.nl www.biowageningen.nl www.unimaas.nl www.triade.umcg.nl www.hanbiocentre.nl www.immunovalley.nl www.lumc.nl www.netherlandsproteomicscentre.nl www.ru.nl www.tto.vu.nl www.erasmusmc.nl/tto www.tipharma.com www.groenegentica.nl www.utrechtholdings.nl www.zernikegroup.com

If you would like to be mentioned on this list in our next annual report and/or on our internet site, please send a request with internet site data to blom@mibiton.nl

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mibiton investments

m ibiton, investing in innovative dutch life sciences facilities Regional distribution of the 66 Mibiton investments in the Netherlands representing a total investment of € 23.9 million. For each region, the investments are specified in medical - (red), agro and food related (green) and industrial (white) Life Sciences facilities.

66 Mibiton facilities in the Netherlands The Mibiton foundation (Material Infrastructure Biotechnology Netherlands) was founded in 1994 to stimulate the use of innovative equipment and facilities in the field of the Life Sciences. Sixtysix facilities were founded in The Netherlands between 1994 and 2010. The total investment is € 23.9 million, of which € 12.8 million has been refunded. Various programmes were created to meet market requirements. These programmes focus on the stimulation of public-private collaborations (Mibiton), the foundation of spin-outs from research organizations (BioPartner) and the development of young companies (Solo programme). The Mibiton Share fund, focusing on Life Sciences development- and production facilities for SMEs, has been operational since 2005. Investments are structured as loans or rental arrangements. The Mibiton organization consists of the Investment Team, a Network Office Director and the 5-membered Board

with representatives from the scientific, industrial and financial community. The Ministry of Economic Affairs, Agriculture and Innovation has been co-financing Mibiton since 2000. The Mibiton Science Fund (2010) focuses on investing in young spin-off companies, which share the equipment with the Research Organisation.

1. Public-Private sharing of Facilities (’94-’03)

2. Sharing of Facilities between Start-up companies and Academic Centres (’00-’04)

10.8 8.7

OC&W 6.4

Mibiton 1&2: 26 investments. (€ 10.8 million for soft loans)

Invested Revolved (60%)

4. Sharing of Facilities by SMEs (’05-’10)

Mibiton 1994 – 2010, evolution of infrastructure instruments. € 23.9 million is invested in 66 Life Sciences facilities. Until now, € 12.7 million has been revolved and is being used for novel investments.

BioPartner: 10 investments. (€ 3.8 million for soft loans)

EL&I

3.8 2.5

2.6

Invested Revolved (66%)

3. Equipment for young Life Sciences companies (’03-’10)

EL&I 5.6

1.4

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Revolved (25%)

Invested

3.7

Invested

3.7

2.4

Share: 10 investments. (€ 5.6 million for equity, loans and leasing)

Solo: 20 investments. (€ 3.7 million for high risk leasing)

Revolved (70%)


a n n ua l r e p o r t 2010

m ibiton science In 2010, Mibiton initiated the ‘Science’ fund, which is dedicated to enabling Dutch academic Life Sciences spin-off companies to exploit novel equipment and facilities. These recently founded start-up companies still incubate on the premises of Universities or Academic Medical Centres. The cash-flow prognosis of these spin-off companies is usually insecure. Sometimes initial financing is in place, or, alternatively, the spin-off company may have acquired funding from pre-seed funds, the EU or other public or private financial sources. Most importantly, the company has been founded, a business plan is in place and an entrepreneur has the ambition to further develop the young initiative.

The spin-off company may want to further develop Proof-of-Concepts or first products by using state-of-the-art equipment. The Mibiton Science fund may then be of assistance, in situations where about 50% of the novel equipment or facilities can be shared by the academic partner. The maximal Mibiton investment is about € 200,000 and the spin-off company should secure at least 25% of the repayment, while the academic partner will repay about 50% over a period of 3 to 5 years. The equipment is owned by Mibiton until all debts are paid. Mibiton expects to facilitate about three investments a year for the Science fund. For more information, please visit the Mibiton website www.mibiton.nl.

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mibiton investments

m ibiton investments from 2005 - 2010 Mibiton Share programme Facility Investment Project leader Company Partners

Diagnostic fingerprinting for Acute Myeloid Leukemia € 426,000 H.E. Viëtor PhD Skyline Diagnostics Erasmus MC (Prof. B. Löwenberg PhD), Sanquin (R. Baumgarten PhD)

Skyline Diagnostics with its headquarters in Rotterdam, the Netherlands, develops and markets arraybased diagnostic tests using gene signatures for personalized medicine. The company has successfully translated several important scientific discoveries into diagnostics. These products, called Profilers, are based on gene expression and offer a great additional clinical value. The Share investment enables the partners to acquire 5 microarray analyzer systems to support a large multi-site trial aimed at registering the AMLprofiler diagnostic device for patients with Acute Myeloid Leukemia. The VALID trial, involving 6 renowned sites in Europe and the USA, is expected to result in a full Pre-Market Approval by the American Food and Drug Administration towards the end of 2011. Facility Investment Project leader Company Partner

Manufacturing- and analyses platform for synthetic peptides in the Leiden Bio Science Park € 600,000 R.H. Holslag MSc Prosensa Therapeutics ISA Therapeutics (G. Platenburg MSc)

The Shared Life Sciences facility comprises a state-of-the art peptide synthesis unit, as well purification and analysis equipment. The peptide synthesis facility will be installed on the premises of the Leiden BioPartner Centre. ISA Pharmaceutics is an innovative clinical stage company focusing on the development of immunotherapeutics. The peptide synthesis facility will enable ISA to develop in-house synthesizing capabilities enabling the physical, chemical and biological characterization of preclinical drug leads. The primary purpose of Prosensa Therapaeutics is to use the peptide synthesizing facility to increase the screening capability for conjugates of oligonucleotides and synthetic peptides. This facility will pave the way for novel RNA modulating therapeutics in unmet medical needs, like Myotonic Dystrophy and Huntington’s disease”. Facility Investment Project leader Company Partner

Oligonucleotide based drug manufacturing and analysis in a GMP-certified environment - Manufacturing equipment and investments for facility adaptation € 1,297,090 R.H. Holslag MSc Prosensa Therapeutics PROXY Laboratories (R.E. Santing PhD)

Prosensa and PROXY Laboratories, both located at the Life Sciences Business Park in Leiden, further strengthened their collaboration by investing in a certified analytical and preclinical production facility. The core of the analytical facility at PROXY Laboratories comprises a TQD Mass Spectrometer and a Q-TOF Mass Spectrometer. When coupled to UPLC systems, these MS configurations can be used for the very sensitive analysis of biological molecules (e.g. oligonucleotides, peptides, oligosaccharides) and subsequent impurities. The core of the manufacturing facility at Prosensa Therapeutics consists of an Oligonucleotide Synthesizing Unit and a Mass Spectrometer. This manufacturing facility with on-line analytical capabilities will enable Prosensa to produce and analyze preclinical batches of NCEs efficiently.

24


a n n ua l r e p o r t 2010

Facility Investment Project leader Company Partner

HPP equipment WAVE 6000/55 € 481,500 H. Tournois PhD TOP Juicy-Line (M. Bruijn)

TOP and Juicy-Line, two innovative food-related companies in the Wageningen region, exploit a High Pressure Pasteurisation (HPP) facility, capable of producing fresh-like food products. Quality aspects like texture, colour, taste and nutrient content retain their high-quality compared to traditional food processing. Juicy-Line apply the HPP facility to produce fruit juices, while TOP use the facility to develop novel food products. The HPP equipment is installed at the facilities of Juicy-Line in Ochten (Wageningen region). Facility Investment Project leader Company Partner

Next Generation DNA sequencer € 398,421 B.J. Reichert MSc BaseClear ZF-screens (Prof. H.P. Spaink PhD)

Two Dutch companies, BaseClear and ZF-screens, exploit a next generation DNA sequence analyzer. The certified contract laboratory BaseClear use the equipment to meet customer demands for very high throughput DNA analyses of a large variety of samples. ZF-screens, a Leiden University spin-off company, is developing novel technologies to assist future fish breeding. The young company will use the next generation sequence analyzer to investigate the structure of fish genomes. Both companies collaborate on a national and European level to realize innovative approaches in the field of genomics.

bas reichert (baseclear ) and herman spaink ( zf - screens):

“Mibiton gave us a kick start” Thanks to a Mibiton loan in 2008 two companies from Leiden, BaseClear and ZF-screens, were able to buy a 420,000 euro DNA sequencer to develop a new diseasegene screening technology. BaseClear, ZF-screens and Mibiton discovered a new way to invest in disease research. BaseClear and ZF-screens are involved in an EU-project to develop new tumour screening technology. Mibiton financed the DNA sequencer called the Genome Analyzer II (GA II). Bas Reichert, Commercial Manager of BaseClear (a contract laboratory) states: “The high investment costs of the GA II and the unknown risks of entering into a new market meant that it was impossible to get a loan from the bank at that time. The Mibiton Share fund was therefore a very attractive alternative. Last year

the bank agreed to take over this loan because we were able to develop the market and to show convincing financial results. Mibiton helped us through the difficult economic climate and helped us to demonstrate that there is a very large market for DNA sequencing. The revolving Mibiton fund will always be necessary to give young Life Sciences companies a kick start. We will keep a keen eye on this fund in our strategic planning.” For ZF-screens the sequencer provided the opportunity to develop products like marker genes for new medical diagnostics and for the reproduction of fish. Professor Herman Spaink, one of the founders of ZF-screens explains: “Without Mibiton we could not have been able to buy the sequencer. We would have been left behind, both scientifically and commercially. Now we were able to sequence the genomes of several fish species. We were the first company in the world to screen the eel genome. Our research will lead to a set of diagnostic biomarkers, not only for the fish culture, but also for diseases like cancer and tuberculosis.“

25


mibiton investments

Facility Investment Project leader Shareholders

Biqualys € 125,000 J. van der Leijé MSc and C. van der Plasse a.i. Wageningen Business Generator, Biox BioSciences, Mibiton

Biqualys is a contract laboratory and offers extremely accurate analysis of complex mixtures, solids, matrices and cell suspensions in order to quantify and identify their molecular composition. Biqualys deploys high-throughput High Performance Liquid Chromatography (HPLC), linked to a high-resolution Mass Spectrometer (FT-MS) and Nuclear Magnetic Resonance (LC-NMR-MS), which are the most advanced methods available to identify and quantify (bio-active) compounds in complex substances. The investment of Biox BioSciences, Wageningen Business Generator, Mibiton and the MT enables Biqualys to provide a wide range of analytical services to food-related SMEs, as well as to companies active in the fields of Agriculture, Feed, Cosmetics, Pharmaceuticals, Environment and the Chemical industry. Facility Investment Project leader Company Partner

Oligonucleotide based on drug development using LC-MS in a GLP certified environment € 204,974 G. Platenburg PhD and R.H. Holslag MSc Prosensa Technologies PROXY Laboratories (R.E. Santing PhD)

Prosensa and PROXY Laboratories, both located at the Life Sciences Business Park in Leiden, initiated a GLP collaboration for the development and validation of therapeutic products. The liquid chromatochraphy (LC) and capillary gel electrophoresis (CGE) coupled with mass spectrometry are used to analyse novel RNA modulating molecules. These compounds are the basis for the development of a novel therapy to treat Duchenne Muscular Dystrophy. Facility Investment Project leader Company Partner

UPLC high throughput HPLC € 84,998 J. Bender MSc, PharmD Bactimm / Farmalyse FeyeCon (G.F. Woerlee PhD)

Two Dutch companies, Farmalyse and FeyeCon, are well on their way to bringing THC to the pharmaceutical market. THC is the active ingredient of cannabis and might be a drug for diseases like Multiple Sclerosis and neuropathic pain. The UPLC is an analytical chemical technique that enables the separation of, in this case, very specific cannabinoid fractions. Cannabis contains twelve different types of cannabinoids, like THC. For pharmaceutical purposes, the purity of the substance as well as the characteristics of the impurities need to be determined rapidly and precisely. Facility Investment Project leader Shareholders

BioConnection € 2,000,000 A. Willemse PhD MSD, Brabant Development Company, Mibiton

A new centre, unique in Europe, established in Oss, the Netherlands, providing facilities and expertise for the development and production of new biopharmaceutical medicines. The Ministry of Economic Affairs, Agriculture and Innovations, the Brabant Development Company, the Mibiton Foundation, the Province of North Brabant, the Oss Municipality and Organon BioSciences collaborated to invest in the ’biotechnological centre’. BioConnection is a company that makes knowledge and facilities available for the development and production of biopharmaceutical medicines. These resources are intended for small and medium-sized biopharmaceutical businesses that do not have their own production facilities (small-scale class A filling and freeze drying of biopharmaceuticals).

26


a n n ua l r e p o r t 2010

Mibiton Solo programme Facility Investment Project leader Company

Production Facility € 248,150 ir. P.B. Hol Delphi Bioscience

Delphi Bioscience (2006) develops screening solutions for vaginal and cervical infections and focuses on an innovative sampling device with unique female-friendly characteristics: the Delphi Screener. The Mibiton facilities include the production of the second generation of the Delphi Sceener. The investment will accelerate the development programme, enabling an early entrance into the international market for cervical cancer screening. Facility Investment Project leader Company

FlexArrayer lease to accelerate global expansion € 204,957 F. Dom MSc FlexGen

FlexGen was founded in 2004 as a spin-off from Dutch Space and the LUMC. FlexGen commercializes the FlexArrayer, a bench-top instrument for custom microarray and oligopool synthesis. Mibiton finances several FlexArrayers, which are currently validated at several international Genomics Centers for specific applications. The FlexArrayer offers researchers great flexibility in designing and producing custom oligopools to perform targeted genomic research. Facility Investment Project leader Company

Feeding the Future, Facilities for high end products from algae € 346,000 G.F. Woerlee PhD FeyeCon, CleanAlgae SA / Algae Biotech SA

FeyeCon specializes in developing and manufacturing new, improved and more cost effective products and processes using carbon dioxide technology. Carbon dioxide is used to extract natural food compounds from microalgae, such as omega-3 fatty acids. The subsidiary CleanAlgae SL specialises in growing and marketing micro-algae. The Mibiton investment involves extraction and purification facilities enabling the isolation of high value compounds from algae species. This investment enables Clean Algae to scale up the innovative algae production platform. Facility Investment Project leader Company

Lab. Facility € 161,799 Mrs. R. Lamers PhD, Mrs. M. Wordragen. PhD NSure

NSure, founded in 2006, develops and sells molecular diagnostics that analyse the quality of agro products, such as those used by food processors, the horticulture, trade sales companies, etc. In order to further extend their business opportunities, the company invested in a novel diagnostic R&D facility which includes a micro-array system, a ML1 facility and PCR equipment.

27


mibiton investments

Facility Investment Project leader Company

3D Fibre deposition equipment € 48,096 J. Riesle PhD CellCoTec

CellCoTec (2004) develops a novel cell therapy that can be applied to cure knee fractures using autologous cell transplants. During a single surgery a mixture of cells is applied using a tailor-made scaffold. The technology has been tested at a preclinical stage and the company is now executing a first clinical trial. Three-dimensional fibre deposition equipment has been purchased, enabling the c-GMP production of scaffolds, which are optimised for the knee morphology of the patients. Facility Investment Project leader Company

Application for an Octet biosensor € 97,614 T. Logtenberg PhD Merus Biopharmaceuticals

Using its proprietary technology platforms that include novel transgenic mice (MeMo™), Merus aims to produce new highly potent human antibody-based drugs, either as full-length bispecific antibodies or as Oligoclonics™, which are mixtures of therapeutic human monoclonal antibodies produced by a single cell. To support the development programme, a high-throughput and highly sensitive Biosensor system has been purchased. This system enables Merus Biopharmaceuticals to efficiently test and select novel therapeutic lead compounds. Facility Investment Project leaders Company

SKIN Analyzer € 400,000 G.J. Puppels PhD, M.P. Dijkshoorn MSc River Diagnostics

River Diagnostics is developing novel Raman-based equipment that can be used to determine the quality of cosmetic and dermatological products. The company has set up a so-called Technology Adaptation Programme to facilitate collaborations with Contract Research Organisations (CROs). These CROs will now be able to offer the RiverD technology to small-scale end users. Additional applications of the non-destructive River D technology include the quick identification of microorganisms in hospitals and medical centres. Facility Investment Project leader Company

Personalizing Cancer diagnosis € 168,300 H.E. Viëtor PhD Skyline Diagnostics

The company is on track with the development of certified DNA chips to be used in screening for various types of cancer. To facilitate the development procedure and ENEA requirements towards certification, Skyline has invested in a professional laboratory at the Erasmus Life Sciences incubator facilities. These investments will also further strengthen the company’s independence with respect to the research departments of the Academic Medical Centre of Rotterdam.

28


a n n ua l r e p o r t 2010

henk viëtor , skyline diagnostics

“Mibiton debottlenecks our progress” In 2004 Mibiton invested in an Affymetrix facility for the Rotterdam-based company Skyline Diagnostics. The equipment was necessary for the production of DNA-chips for the diagnosis of leukemia. In 2008 Mibiton invested again in this rapidly growing company; this time in an independent GLP-facility.

Mibiton, as always, was very helpful, and it took only a few days to make the final decision. This was a crucial step for us because, as a start-up, Skyline would not have been able to acquire such a loan from a bank. Funds like Mibiton are essential for start-up companies in the Life Sciences.”

Last year Mibiton made its third investment (see elsewhere in this annual report). CEO Henk Viëtor “A bottleneck in the expansion back in 2008 was realizing our own independent quality laboratory for testing and developing GMP reagents. At that time we were using the Hematology Department’s laboratory, but this was not suitable to accommodate our expansion. Therefore we applied to Mibiton for a second time, and were again successful. Mibiton has debottlenecked Skyline’s progress a couple of times in the past. The first time was in 2004 at the start. We had to buy an instrument from Affymetrix in order to be able to develop the biochips. The bottleneck for us was that after signing the Affymetrix contract we only had about three weeks to find 200,000 US Dollars.

Facility Investment Project leaders Company

Octet en AKTA explorer € 149,183 A. van Brakel, L.N. Sierkstra PhD BAC

The Bio Affinity Company (BAC) has expanded its laboratories to the Leiden Bioscience Park. Ligand screening and purification equipment have been purchased, in order to further optimise the efficiency of the R&D capacity. The Octet system has the ability to select high affinity ligands in a high throughput mode, while the AKTA explorer systems enable swift small-scale purification. Both systems enable BAC to fulfil current and future customer demands. Facility Investment Project leader Company

Expansion of PROXY Laboratories’ analytical equipment € 90,488 R.E. Santing PhD PROXY Laboratories

PROXY Laboratories, a contract laboratory in Leiden, is expanding its services for foreign customers to India. The company is therefore investing in novel microbiological and chemical facilities including class A and B clean rooms. Mibiton will finance specific analytical equipment and the clean rooms will be used to test the quality of medicines. Moreover, the facilities will be used for the small-scale production of biotechnological medicines under Good Manufacturing Practices (GMP).

29


mibiton investments

Facility Investment Project leaders Company

AKTA Process € 170,000 A. van Brakel, L.N. Sierkstra PhD BAC

The Bio Affinity Company (BAC) is a spin-off company from Unilever NV and is specialised in the production of affinity ligands that can be applied for the purification of biotherapeutic medicines. The affinity ligands are created by a proprietary technology based on Camelid-derived single domain antibody fragments. The Mibiton investment involves the financing of equipment that can be used to purify the ligands on a large scale. This purification facility and the collaboration with GE-Healthcare will help BAC to become an important player in the field of biomedicines. Facility Investment Project leaders Company

Gen Expression Profiling for Molecular Diagnostics of Leukaemia and other Malignancies € 165,194 H.E. Viëtor PhD, Prof. B. Löwenberg PhD Skyline Diagnostics

Skyline Diagnostics is a spin-off company from the Erasmus University Medical Center in Rotterdam. The company finalised a Series A financing round in 2007. Mibiton facilitated the purchase of an Affymetrix instrument for the development of DNA-chips for the diagnosis of leukaemia. Leukaemia is a disease that can be treated effectively, and can be cured in a significant proportion of patients when the appropriate treatment is available. A biochip has been developed for the diagnosis of Acute Myeloid Leukaemia (AML), which will enable the effective treatment of AML patients. professor rob verpoorte , leiden university

“Mibiton made our life easier” In 2003 Mibiton invested 616,317 euro in production equipment for Leiden University’s, Department of Pharmacognosy in collaboration with the company PRISNA, which produces chemical ingredients from natural sources like plants. PRISNA is a joint venture of some Life Sciences companies, including FeyeCon working on the supercritical extraction of natural products, Enzyscreen working on bioconversions with microorganisms, and Farmalyse involved in the production of cannabinoids and quality control. It was Mibiton’s first investment in a complete production facility. PRISNA has set up a pipeline for the production of substances from plants for pharmaceuticals, food and other applications. The first product was THC, the active ingredient in cannabis. Professor Rob Verpoorte, Leiden University: “Mibiton is one of those funds that make life easier. It is hard to find funding for

30

expensive facilities at universities. It is often a tombola. Mibiton has a clear set of investment criteria, which made it possible to set up a strategic plan for our research. Mibiton’s revolving fund formula should be applied more comprehensively as a funding mechanism for expensive facilities, as this will encourage entrepreneurship. The loans have to be paid back within a couple of years. Due to the investments we were able to set up a second company called Holland Biodiversity. This company aims to produce active pharmaceutical ingredients from flower bulbs. I would say to Mibiton, keep going.”


a n n ua l r e p o r t 2010

m ibiton investments from 2000 - 2004 Mibiton (+) programme Facility Investment Project leader Partners

Advanced Fermentation Facilities (Phase 2) € 318,235 Prof. J.G. Kuenen PhD (Delft University of Technology) Micromass, anonymous company

Facility Investment Project leaders Partners

Biacore 3000 € 228,251 P.J. Schaap PhD, M.C.R. Franssen PhD, Prof. J.A. van den Berg PhD (Wageningen University) Danisco Ingredients, DSM Food Specialties

Facility Investment Project leader Partners

Proteomics Groningen € 713,314 Prof. R.J. Vonk PhD (University of Groningen) Danone, Merck, Agilent, IQ Corporation, Pharma Key, Biacore, Simac

Facility Investment Project leader Partners

Proteomics Nijmegen € 844,000 Prof. R.A. Wevers PhD (Radboud University Nijmegen) Amersham Biosciences, KGCN, Multigen, Tecan, Thermo Elektron, Yamanouchi

BioPartner Facilities Support programme Facility Investment Project leader Partners

Production pipeline for natural compounds € 616,317 Prof. R. Verpoorte PhD (Leiden University) Enzyscreen, Feyecon, Xenobiosis and Farmalyse

Facility Investment Project leader Partners

High throughput capillair system, micro-organisms € 150,000 Prof. J.D. van Elsas PhD (University of Groningen) Ingeny, BioClear

Facility Investment Project leader Partners

High throughput capillair system, human disease genes € 150,000 Prof. C.H.C.M. Buys PhD (Academic Medical Centre Groningen) Ingeny, Synvolux

Facility Investment Project leader Partners

CombiChem Synthesis € 301,435 Prof. F.P.J.T. Rutjes PhD (Radboud University Nijmegen) Chiralix, DSM Geleen

31


mibiton investments

hans aerts , amc

“Mibiton gave us a pole position” A Mibiton investment of 879,431 euro in 2002/2003 enabled the AMC (Amsterdam) to buy SELDI Massa spectrometers (MS). This investment led to the establishment of one of the first clinical proteomics facilities in the Netherlands. Prof. Hans Aerts: “We wanted to apply proteomics to solve clinical problems and we focused on gaining a strong international position in this niche market. To achieve this we not only needed protein expertise and the Massa spectrometers, but also good quality patient samples. We started with research on Gaucher, because the AMC has considerable expertise with this disease. This research led to a set of specific biomarkers that received a substantial amount of international attention.

32

Biomarkers are starting to play a crucial role in the registration of the effectivity of drugs. Without Mibiton this facility would not have been realized. Mibiton is extremely helpful when a quick response is required to the latest developments in analytical equipment. Mibiton’s speed of decision-making and their expertise is second to none in the Netherlands. Mibiton took us to the forefront of international development. This in turn led to our close collaboration with Waters, the company that produces the equipment. Mibiton’s revolving fund is a good steering mechanism business-wise. It’s a pity that Mibiton doesn’t also pay for the manpower costs, as then the fund would be even better.”

Facility Investment Project leaders Partners

Multiple Imaging Plant Stress € 181,517 A.J. Koops PhD, W.J.M.R. Jordi PhD (Plant Research International) Plant Dynamics, Growlab, Syngenta Mogen

Facility Investment Project leader Partners

Test facility for marine invertebrates € 173,557 Prof. R.H. Wijffels PhD (Wageningen University) EcoDeco, Diergaarde Blijdorp, S::can


a n n ua l r e p o r t 2010

Facility Investment Project leaders Partners

Seldi Proteomics € 879,431 C.G. de Koster, Prof. J.M.F.G. Aerts PhD, D. Zonneveld BSc (AMC Amsterdam) MacroZyme, Primagen, Genzyme

Facility Investment Project leader Partners

Molecular Device FLEX Station € 235,249 J.A.G. van Strijp PhD (University Medical Center Utrecht). Pepscan Systems, JARI Pharmaceuticals, Sopachem NV

Facility Investment Project leaders Partners

Membrane Protein Laboratory € 483,323 Prof. A.P. IJzerman PhD, Mrs. M.W. Beukers PhD (Leiden University) APBiotech, Applikon, Beckman Coulter, Perkin-Elmer, Screentec (Kiadis)

Facility Investment Project leaders Partners

Elisa robot € 191,373 Prof. J. Brouwer PhD, Prof. H.A. de Boer PhD (Leiden University) MucoVax, Biocult, Pharming Transgenic Technology

Mibiton solo programme Facility Investment Project leader Company

HPLC Alliance system in a GLP setting € 46,229 R.E. Santing PhD PROXY laboratories

Facility Investment Project leader Company

Salmonella Serovar-Array € 94,900 J. Thijssen MSc Check-Points

Facility Investment Project leaders Company

Dedicated Raman Instrument € 110,000 W.M. Riggs, G.J. Puppels PhD River Diagnostics

Facility Investment Project leader Company

DNA Multiplex Platform € 140,295 G. Simons PhD PathoFinder

33


mibiton investments

Facility Investment Project leader Company

Laboratory equipment € 120,259 A.D. de Boer PhD Genetwister Technologies (Expressive Research)

douwe de boer genetwister :

“Mibiton has helped us twice to expand our activities” Genetwister was started in 1998 as a spin-off company from the Wageningen University and Research Centre. It made a flying start with a Mibiton investment in a detection laboratory. It is an innovative biotechnology company, specialized in in marker-discovery and crop improvement of agri- and horticultural crops through genomic breeding and green biotechnology and in data-base design and management, data-analysis and data-visualisation through bio-informatics. In 2006 Genetwister was able to acquire the complete laboratory of CatchMabs. This company was also located in the BioPartner Center in Wageningen, but unfortunately went bankrupt. Part of its equipment was financed by Mibiton. It included freezers, down-flow cabinets and

34

Facility Investment Project leader Company

ZQ2000 € 150,000 P.C. van Dijken PhD Pepscan Systems

Facility Investment Project leader Company

Multiple Peptides Synthesizer € 324,452 P.C. van Dijken PhD Pepscan Systems

autoclaves. Genetwister successfully negotiated a continuation of the CatchMabs contract with Mibiton. This investment gave the company another boost. CEO Douwe de Boer: “Mibiton has twice provided us with the opportunity to expand our activities. The second time the funding helped us to set up a facility in South Africa that specializes in tissue growth and diagnostics. Mibiton is an essential fund in cases where banks are reluctant to invest. The banks tend to avoid financial risks, and early-stage companies with no financial track record are considered to be risky investments, especially in Life Sciences. Mibiton has the tools and the experience to assess investment plans. In the absence of bank loans, the fund is a very welcome alternative.”


a n n ua l r e p o r t 2010

m ibiton investments from 1994 - 1999 Mibiton investments 1994 - 1999 Facility Investment Project leader Partners

PK-3 Greenhouses € 760,964 Th.P. Straathof PhD (Unifarm) Dutch Agro Industry (11 companies)

Facility Investment Project leader Partners

PK-3 Facility € 93,025 A.R. Stuitje (VU Amsterdam) Rijk Zwaan, S&G Seeds

Facility Investment Project leader Partners

Laboratory for carbohydrate analyses € 283,434 Prof. R.G.F. Visser PhD (Wageningen University) Avebe B.A., Mettler Toledo

Facility Investment Project leaders Partners

Analyses plant material € 156,917 A.A.J.M. Franken PhD, B. Vosman (Plant Research International) Ansynth Service, BMTC, Pharmacia, Registerbureau Lelieweefselkweek

Facility Investment Project leader Partners

X-ray Structure Analyses Centre € 461,214 R. de Vos (University of Groningen) Unilever Research, N.V. Organon, DSM Central laboratory

Facility Investment Project leader Partners

Laboratory for Plant Biotechnology € 215,562 Prof. J.C.M. Smeekens PhD (Utrecht University) VanderHave Research, MOGEN International, Cooperation SuikerUnie

Facility Investment Project leaders Partners

Microscopy Centre € 202,495 Prof. A.J.W.G. Visser PhD (Wageningen University), Prof. H.J.Tanke PhD (Leiden University) Unilever Research Lab, Quest International, AKZO Nobel, Kreatech, Beun de Ronde, ISS, Carl Zeiss

Facility Investment Project leader Partners

DNA-robots € 145,210 R.D. Hall PhD (Plant Research International) Avebe, Unilever Research Lab, Westburg

Facility Investment Project leader Partners

Lab. for Animal genome analysis € 277,479 J.A.M. van Arendonk PhD (Wageningen University) Euribrid Inc., Holland Genetics V.O.F.

35


Facility Investment Project leader

36

Partners

Characterization biopolymers € 928,451 G. Eggink PhD (Agrotechnology and Food Innovations) Campina, Coberco, CSM Suiker, Friesland Frico Domo, DSM (G-B), Nutreco, Applikon, Hercules, S&G Seeds, Solvay Duphar, Quest International, LHS Micro-Filtrations

Facility Investment Project leader Partners

Advanced Fermentation Facilities (phase 1) € 820,629 Prof. J.G. Kuenen PhD (Delft University of Technology) DSM (G-B), Applikon, S&G Seeds, Hewlett Packet, anonymous company

Facility Investment Project leader Partners

Molecular laboratory for HIV analysis € 952,938 J.M. Eekel (AMC Amsterdam) ASD, Bristol Myers Squibb, Glaxo Wellcome, Igen, Merck, Organon, anonymous company

Facility Investment Project leader Partners

CAVE Biotechnology Centre € 181,512 A. Berg PhD (SARA) Silicon Graphics, Unilever Research Lab

Facility Investment Project leaders Partners

Electronic Nose € 151,597 J. Roozen PhD, M. Bucking PhD (Agrotechnology and Food Innovations) Bromyc, Coberco Isoco, Cacao De Zaan, Hitma

Facility Investment Project leaders Partners

High Throughput Screening Centre € 470,865 G.J.W. Euverink PhD, Prof. L. Dijkhuizen PhD (University of Groningen) Hercules, DSM Research

Facility Investment Project leader Partners

MALDI-TOF-MS € 172,436 G. Beldman PhD (Wageningen University) B&L Systems, Campina, Hercules, Isogen Biosciences, Nedalco, Nunhems Zaden, anonymous company

Facility Investment Project leaders Partners

Physiology laboratory € 114,477 A.J. Koops PhD, W.J.R.M. Jordi PhD (Plant Research International) Nunhems, VanderHave Research, MOGEN International

Facility Investment Project leader Partners

Detection laboratory € 489,648 A.D. de Boer PhD (Genetwister Technologies) Beckman, B&L Systems, Enthoven Breeding, Enza Zaden, Humako Holding, Pharmacia, Wallac EG&G, Westburg

Facility Investment Project leaders Partners

Central GMP & GLP facility € 722,914 Prof. J.A. Schalken PhD, Ir. J. de Koning (Radboud University Nijmegen) Beckman, Bioprocon, BioRad, Eurodiagnostics, Future Diagnostics, IKS, Intertrial, Perkin Elmer, Yamanouchi


a n n ua l r e p o r t 2010

Facility Investment Project leader Partners

Genotyping Company € 494,711 G. van der Steege PhD (University of Groningen) Pharma Bioresearch, Amersham Pharmacia, Solvay Duphar

Facility Investment Project leader Partners

Cytokine laboratory € 279,342 Prof. H. Schellekens PhD (Utrecht University) Biosource, BPRC, Innogenetics, Medarex, U-CyTech

Facility Investment Project leader Partners

1500 litre G51 Bioreactor € 293,823 G. Eggink PhD (Agrotechnology and Food Innovations) CSK Food Enrichment, Fuji Photo Film, Hercules, Numico Research, Applikon Dependable Instruments

37


pps mibiton, the hague Balance sheet as at 31 december 2010 (x € 1.000) (After appropriation of the result)

ASSETS Fixed assets tangible fixed assets financial fixed assets

31 December 2010 € €

1,525 2,751 –––––––

31 December 2009 € €

576 2,986 –––––––

4,276 3,562 Current assets

stock receivables, prepayments and accrued income cash at bank and in hand

1

2

290 174 4,764 5,667 ––––––– ––––––– 5,055 5,843 ––––––– ––––––– Total 9,331 9,405 ========= ========= LIABILITIES Revolving funds, realized revolving fund Mibiton general 3,050 revolving fund Mibiton Share 2,992 fund BPFMS 8 Mibiton Science 15

2,981 2,457 40 0 –––––––

––––––– 6,065 5,478 general reserve Mibiton Solo ( 305) ( 267) ––––––– ––––––– 5.760 5,211 Revolving funds, unrealized revolving fund Mibiton general 2 revolving fund Mibiton Share 2,749

7 2,979 –––––––

––––––– 2,751 2,986

Short-term liabilities, accruals and deferred income 820 1,208

––––––– –––––––

Total 9,331 9,405

========= =========

These figures and the ones of the statement of income and expenditure are extracted from the official financial statements, which have been approved by the auditor.

38


a n n ua l r e p o r t 2010

Statement of income and expenditure for 2010 (x € 1,000) Actual 2010 Budget 2010 Actual 1009 € € € INCOME income from products/services 841 623 631 income from products/services of Mibiton Solo 370 345 324 income from Government 647 989 977 ––––––––– ––––––––– ––––––––– 1,858 1,957 1,932 --------- --------- -------- EXPENDITURES investments in equipments 811 509 1.668 participation in projects 0 pm 0 donation to provision for doubtful receivables 111 pm 111 depreciation, book losses, Mibiton Solo 314 200 208 costs of personnel, project management, administration 140 160 153 depreciation, administration 3 3 2 other costs, administration 117 132 174 ––––––––– ––––––––– ––––––––– 1,496 1,004 2,316 --------- --------- --------––––––––– ––––––––– ––––––––– result of operating activities 362 953 ( 384) result of financial activities 176 110 212 result of financial activities Mibiton Solo 11 0 2 ––––––––– ––––––––– ––––––––– Total result before corporation tax 549 1,063 ( 170) corporation tax 0 0 0 ––––––––– ––––––––– ––––––––– Total net result

Summary:

Result excluding Mibiton Solo: income expenditure costs of administration result from financial activities

Result of Mibiton Solo: income expenditure costs of administration result of financial activities

Total net result

549 ============

1,063 ============

( 170) ============

1,488 1,612 1,608 ( 922) ( 509) ( 1,779) ( 196) ( 244) ( 272) 217 153 260 ––––––––– ––––––––– ––––––––– 587 1,012 ( 183) --------- --------- --------370 345 324 ( 314) ( 200) ( 208) ( 64) ( 51) ( 57) ( 30) ( 43) ( 46) ––––––––– ––––––––– ––––––––– ( 38) 51 13 -––––––––– ––––––––– ––––––––– -------- --------- --------549 ============

1,063 ============

( 170) ============

39


financial summary Mibiton General (x 1,000 â‚Ź)

Ultimo 2010

1995 - 1999

8,670 330 6,428 4 600 1,648

8,670 330 3,076

-10,774 -1,933 -125

-8,850

Income Contribution from ICES (projects) Contribution ICES (management) Income projects (revolved) Income projects (to be revolved) Contribution mibiton General (loan Solo) Interest Expenditure Project investments Contribution to Share Contribution to BioPartner Facilities Management Support Loan Solo (mibiton General contribution) Tax payments Management contribution Foundation Management contribution projects Management contribution BioPartner FS

-600 -29 -729 -235 -204

-29 -330 -235

Revolving Fund General, realised and unrealised

3,051

3,060

Loan to mibiton Solo

-1.724

2005 - 2010

2,306 1,006 600 564

1,046 -1,002

-1,800 -1,266

-124 -667 -125

656

-600 -274

-125

-204 332

-341

-1324

-400

Ultimo 2010

2005

2006 - 2010

1,234 333

1,234

2,586 526 2,739 2,747 825

57 44 428 722 29

2,529 482 2,311 2,025 796

-3,894 -558 -797

-85 -66

-3,809 -558 -731

Revolving Fund Share, realised and unrealised

5,741

2,363

3,378

Project investments BioPartner Facilities Support (2000-2004 before formation Share Fund)

3,781

3,781

Mibiton Share (x 1,000 â‚Ź) Income Formation mibiton Share Fund (revolved) Contribution from mibiton General (projects) Contribution from mibiton Algemeen (management) Contribution from Min. EL&I (projects) Contribution from Min. EL&I (management) Income projects (revolved) Income projects (to be revolved) Interest Expenditure Project investments Donation to provision doubtful receivables Management contribution (Foundation) Management contribution (projects)

40

428

2000 - 2004

333


a n n ua l r e p o r t 2010

Mibiton Science (x 1,000 €)

Ultimo 2010

2010

Income Contribution from mibiton General (projects) Contribution from mibiton General (management) Contribution from NGI (projects) Contribution from NGI (management) Income projects (revolved) Income projects (to be revolved) Interest

0 8 0 8 0 0 15

0 8 0 8 0 0 15

Expenditure Project investments Management contribution (Foundation) Management contribution (projects)

0 -16 0

0 -16 0

Revolving Fund Science, realised and unrealised

15

15

Mibiton Solo (x 1,000 €)

Ultimo 2010

1995 - 1999

2000 -2004

2005 – 2010

Income Income operational Solo contracts Interest

2,348 96

469 26

1,879 70

Expenditure Depreciation equipment Loss through sale Interest Management

-1,809 -95 -473 -372

-347 -67 -97 -91

-1,462 -28 -376 -281

General reserve mibiton Solo

-305

-107

-198

Loan from mibiton General

1,724

1,324

400

41


the mibiton foundation Material Infrastructure Biotechnology Netherlands The Mibiton Foundation stimulates entrepreneurship and public-private partnerships by investing in Life Sciences facilities. Office Management Mrs. Vera Blom Investment Team Kees Recourt PhD (Recourt Life Sciences) Edward van Wezel MSc (BioGeneration Ventures) Communication Management Rob Hanzon Board Colja Laane PhD, Chairman since December 2009 (Director NGI) Hans van den Berg MSc, Secretary (former MSD, VandenBerg Advies) Prof. Evert Jacobsen PhD, Treasurer (Wageningen University) Bart Bergstein MSc (Forbion Capital Partners) Denise van den Berg MD, since 2010 (Genzyme Nederland) Delegates Ministry of Economic Affairs, Agriculture and Innovation/AgentschapNL Mrs. Christine d’Oliveira PhD Menno Horning MSc

colophon Edited by

Falcon Text, Leiden and Debra Romaniuk

Interviews Fridus Valkema

42

Design

Optima Forma bv, Voorburg

Photography

Nils van Houts fotografie, Hoofddorp

Printed by

De Resolutie, Rijswijk

Organization

Vera Blom, Mibiton


t h e m i b i t o n f o u n d at i o n p. o . b ox 4 4 3

2 26 0 a k l e i d s c h e n d a m the netherl ands t e l . : + 3 1 ( 0) 70 3 3 7 8 7 8 0 f a x : + 3 1 ( 0) 70 3 3 7 8 7 3 7 w w w. m i b i t o n . n l

Annual Report  

Annual Report 2010 Mibiton

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