The old world now meets the new: we have acted for Oxford Multi Spectral Limited (OMS) in the first successful spin-out from the University of Oxford’s Classics department. The spin-out was put together with the invaluable assistance and direction of the University’s technology transfer company, Isis Innovation.
The Classics Department of the University of Oxford has developed a scanner that combines the convenience of a desktop scanner with the power of a laboratory imaging device. The scanner will provide a portable and cost-effective alternative to current multispectral imaging kits, which are large, expensive and require specialist operators. Although the scanner was initially developed for imaging ancient papyri, OMS will be looking to extend its commercial exploitation to other markets, for example restoring art and detecting forged documents.
As part of the spin-out, OMS secured an investment of £250,000 from Chinese investor Changsha Yaodong Investment Consulting Co Limited and its UK-based partner RTC Innovations, in addition to just under £50,000 from the University Challenge Seed Fund. OMS will use these funds to commercialise, manufacture and market the scanners globally.
Mills & Reeve’s corporate finance partner, Zickie Lim, oversaw the M&R team advising OMS. The team was led by senior corporate lawyer, Dona Ardeman and included corporate lawyer Pippa Pearce, and lawyers Andrew Secker, Julie Frankland and Nicola Kenward advising on employment, tax and technology respectively.
Mike Broderick, CEO of OMS, said: “We’re very excited about the commercial possibilities the multispectral imaging technology offers across a spectrum of markets, and we are delighted to be working with Changsha Yaodong and RTC Innovations which will allow us to accelerate our growth in new regions and products”.
Mark Gostock, of Isis Innovation, said: “The OMS spin-out is an exciting first on two counts: it is the beginning of a collaborative relationship between Isis and Chinese investors in supporting and growing new technologies, and, as the first spin-out from the University's Humanities Division, it pioneers the commercialisation of technology across other disciplines. Mills & Reeve‘s wide range of specialist experience from dealing with founders in starting a business, conducting University spin-outs and handling the issues involved in cross-jurisdictional investment was key in helping the parties successfully navigate this investment deal.”
In response, Zickie Lim commented: “We were delighted to work with OMS and Isis to complete this time-critical deal swiftly and smoothly. It is also extremely encouraging to see new, exciting technologies like this emerging, and achieving funding, despite the economic downturn.”