Spark Ventures

SPARK Ventures managed funds invest in US$40 Million series C funding round by Oxford Immunotec

London, October 29, 2007 – SPARK Ventures, the venture capital investor, announces today that its managed funds have invested in a US$40 million series ‘C’ fund raising by Oxford Immunotec, the T cell measurement company. The funding round, one of the world’s largest fund raisings for a diagnostics company so far in 2007, was led by two new international investors, Clarus Ventures in the US and German-based Wellington Partners, alongside the Kuwaiti investor, National Technology Enterprise Company. SPARK Ventures managed funds, investors in the company since 2003, committed a further £2 million.

SPARK managed funds’ original investment in Oxford Immunotec was made through Quester. The company was spun out from Oxford University, and Quester was the sole investor in the £2.5m Series A round in October 2003. Quester invested in the Series B round in July 2005. Quester, which manages the Isis College Fund on behalf of Oxford University and 27 of its colleges, merged with SPARK Ventures in May 2007.

The funding will be used to support the next stage of the Oxford Immunotec’s development, including building up its sales and marketing capabilities in the US, securing FDA approval and launch of Oxford Immunotec’s flagship tuberculosis product, T-SPOT.TB™, in the US market.

Oxford Immunotec is developing novel products based on its patented T-SPOT® technology, opening new ways to diagnose and monitor infection and disease or specifically to examine a patient’s cellular immune response to infection. The Company’s lead product is T SPOT.TB. a revolutionary in vitro diagnostic that measures T cells specific to Mycobacterium tuberculosis (MTB) antigens. It was developed for diagnosing both latent TB infection and TB disease in humans. T-SPOT.TB sets new clinical standards of sensitivity and reliability, particularly in immunocompromised patients. T-SPOT.TB will be used instead of the century old tuberculin skin test.

Dr Jonathan Gee, Investment Director at SPARK Ventures, who has served on the board of Oxford Immunotec since 2003, commented: “Oxford Immunotec is a great example of the world class companies emerging from University research in the UK. Since we invested in Oxford Immunotec four years ago, the company has made significant progress. European and Rest of World sales are growing rapidly and the next big opportunity is the North American market. The funding provided by this round will not only enable Oxford Immunotec to build up its resources to tackle the US market and move to the next stage in its development, but it clearly demonstrates investors’ commitment to the company’s future success.”

Dr. Peter Wrighton-Smith, CEO and founder of Oxford Immunotec added: “We are pleased to have the support of this strong investment syndicate and look forward to working with our new investors and the existing investors who have supported us from the early days of the company. This investment will enable us to prepare for selling the product in the USA once we receive FDA approval. The funding will enable us to consolidate our position as a world leader in TB diagnostic technology and give the Company the resources to apply its world leading technology to the diagnosis of other infectious diseases.”

The Spark Ventures managed funds that have a stake in Oxford Immunotec are Quester VCT 4 and Quester VCT 5, QVP and the Isis College Fund.

For further information, please contact:
Jonathan Gee, SPARK Ventures, 020 7851 7777
Annabel O’Connor, Capital MS&L, 020 7307 5339

Notes to editors:

About SPARK Ventures
SPARK Ventures is the leading quoted early-stage venture capital company in Europe. It manages nearly £250 million on behalf of major institutional investors, leading UK universities, and three quoted venture capital trusts.

SPARK invests in entrepreneurs to create dynamic businesses in the technology, media, telecoms and healthcare & life sciences sectors. As well as capital, it brings a wealth of experience of developing high growth companies from early stage through to IPO or trade sale, adding value to its investments through active support and strategic direction.

SPARK’s focus is on building great companies from small beginnings: its experience blends ambition with the strategic, financial and commercial skills that enable it to maximise returns, both for investors and for portfolio companies.

SPARK Ventures was formerly known as NewMedia SPARK. The Company announced today that it re-launched as SPARK Ventures in order to better reflect the current and future direction of the business and its expanded investment focus across a wider range of sectors including technology, digital media and life sciences.

www.sparkventures.com