Edinburgh-based AIM listed Frontier IP Group plc which specialises in the commercialisation of intellectual property developed by universities, has completed another successful fundraising exercise.
Frontier IP completed the placing of 7,500,000 new ordinary shares at 40p each, raising £3,000,000 gross. It is expected that trading in the shares will begin on AIM, a market operated by the London Stock Exchange, on 22 March 2017.
The Company, which was established in 2009, is focused on providing consultancy services to assist universities and other research organisations in the commercialisation of the intellectual property arising from their research. The Company takes an equity stake in spin out companies and also assists in building a network of sources of capital to assist its portfolio companies in securing funding.
Frontier IP works with a number of universities across the UK, including Heriot Watt University and the University of Dundee. It is also partnering with Evora University in Portugal and the Faculty of Science and Technology within the Universidade NOVA de Lisboa, Portugal.
Portfolio companies include Heriot Watt University spin out, Nandi Proteins, which develops a technology which can reduce or replace sugars, fats and additives in foods, PulsiV Solar, spun out of the University of Plymouth, which commercialises breakthrough research into the efficiency of photovoltaic solar panels and University of Central Lancashire spin out, Alusid, which produces new eco-friendly composite materials from waste, designed as an adaptable alternative to natural stone.
The funds raised from this placing will support the further expansion of the Frontier IP team and the expansion and development of its portfolio of IP-rich companies.
Jim Fish, Finance Director of Frontier IP, said: “We are delighted with the backing for the placing from existing and new investors to support our growth plans. We are also delighted to be working again with HBJ Gateley on the placing. The team at HBJ Gateley provided commercial and practical advice and ensured the legal process was smooth and efficient.”
Glasgow-based Anna Brown, a partner in HBJ Gateley’s corporate team who advise the company said:
“Frontier IP has established strong relationships with a growing number of key universities and partners across Europe as sources of IP commercialisation opportunities and deal flow. Their expertise and ability to access capital for portfolio companies is targeted at accelerating the growth and development of these companies with the aim of growing the value of its investment portfolio and delivering growth and returns to its shareholders. This successful fundraising will help to grow the team and its relationships to further its growth ambitions and to help develop and bring to market groundbreaking innovations.
In a period when research and development funding models are under the spotlight due to the wider political environment, it is encouraging to witness first-hand the strength of the public markets for capital investment.”