Imperial Innovations is growing beyond its humble origins as Imperial College London's in-house tech-transfer department to an investment group encompassing the UK's four leading research universities. Imperial Innovations announced its intention to raise £140 ($223) million in equity through rights (whereby two new shares are issued for three existing shares) to expand investment in companies founded or based on technology from Oxford and Cambridge Universities, University College London and Imperial College. Susan Searle, its CEO, said they expect to invest about £60 million a year. Although Imperial Innovations invests in businesses in various scientific disciplines, Searle says that healthcare biotech can expect to receive about half the new funds. Mature biotech companies already in its stable may gain further, for instance, Circassia of Oxford, and London-based Polytherics, Myotec and Cell Medica. Searle says about 60% of the new funds are earmarked for investment opportunities presented by the new university collaborators. Mark Larche, founder of allergy vaccine company Circassia, now a consultant, says that although £140 million is a relatively small amount, when you multiply it by the venture capital investment that Imperial Innovations has skillfully brought in, it becomes quite substantial. He added, “Innovations meets a real unmet need, especially in the current economic climate when finding pre-seed funding is particularly difficult and VCs [venture capitalists] just aren't interested.”