Business Weekly - Cambridge, UK

A total of £3.5 million was invested in two new companies, SiConnect and Oxford Immunotec and chairman Mike Brooke said Prelude had achieved a number of notable exits in 2004.

He said: “The Trust is well positioned, as last year’s successful exits have not only provided renewed cash resources but also attracted the attention of entrepreneurs seeking to launch new businesses. The early-stage technology market is seeing less competition for deals than other investment stages while providing more high quality opportunities than in recent years.”

The Net Asset Value of Prelude’s investments increased to £54million (up from £51.2m year-on-year), the equivalent of 147.3p per share. Prelude had cash of £22.6m with £10 m committed or reserved for further investment in the portfolio.

Prelude invested £1.9m in four other portfolio companies and realised £3m from the remaining Broadcom shares received from the sale of Cambridge-based Alphamosaic to the American giant.

A further £885,000 was received in deferred proceeds from sale of DNA Research Innovations and FillFactory.