Frontier IP and Abstract Mid-Tech start "innovation hub" partnership

(Alliance News) - Frontier IP Group PLC on Friday announced a new strategic partnership with Abstract Mid-Tech Ltd, an associate company of Abstract Securities Ltd, "to create a new innovation hub in Cambridge".

However, shares in Frontier IP were down 6.4% at 20.60 pence in London on Friday.

The London-based intellectual property commercialisation firm said that under the partnership, it will take a 20-year lease on a facility - dedicated to start up and early-stage science and technology companies - at Abstract's newly developed South Cambridge Science Centre in Cambridge, England. (Abstract is "a specialist in commercial property development, investment and venture capital financing", Frontier noted.)

Frontier IP said it will sublet space at the facility to portfolio companies, "and other innovative companies", which are aligned with its focus on deep technology and life sciences. The facility will also be the new base of Frontier's commercialisation team.

The company added that Abstract has paid it upfront cash consideration of GBP1 million, in exchange for becoming an anchor tenant, and will provide the space rent-free over the first 12 months of occupancy.

Frontier expects the new "innovation hub" to open by the end of this year.

"I am excited by the possibilities offered when our innovation hub opens," commented Frontier's Chief Executive Officer Neil Crabb. "I believe it will provide the basis to transform Frontier IP's growth potential.

"We anticipate that a number of our portfolio companies will move in and that it will prove highly attractive to other potential start-ups and early-stage companies because of its place at the centre of Cambridge's investor and science and technology networks."

Crabb continued: "Our business model is based on identifying promising IP and providing hands-on commercialisation services to build successful businesses.

"Having a much closer physical presence between our commercialisation teams, portfolio companies and potential portfolio companies will enable us to accelerate their development and scale-up, and, eventually, successful exits."

By Emma Curzon, Alliance News reporter

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