Last checked at 19 Oct 2018 07:00
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio news - Molendotech signs collaboration agreement with leading European fresh produce company G's Group
Frontier IP, which specialises in commercialising university intellectual property, today announces that portfolio company Molendotech Ltd (the "Company") has entered into a collaboration agreement to develop water tests for G's Group ("G's or the "Grower"), one of Europe's leading fresh produce companies.
Molendotech, a University of Plymouth spin out, will work with G's to create tests to detect the levels of different bacteria in produce, irrigation, washing water and food contact areas. Work is expected to start immediately.
The move represents another important step in commercialising the Company's technology. The technology being developed for G's could potentially cut the time to conduct the tests from up to two days currently to less than an hour.
Molendotech was incorporated last year to develop and commercialise the work of Professor Simon Jackson, at the University of Plymouth faculty of Medicine and Dentistry. The Company is already working with Palintest, a subsidiary of FTSE 100 group Halma, which is launching kits based on Molendotech's IP to test for faecal matter in bathing water. Frontier IP owns 14.1 per cent of the Company
G's Group farms, grows, sources and packages a wide range of fresh produce and supplies many major European retailers, including Aldi, Asda, Co-op, Lidl, M&S, Sainsbury's, Tesco and Waitrose. The Grower has operations in the UK, Spain, Eastern Europe, the United States and South Africa.
G's Group technical innovation and chilled foods director Darren Gedge said: "This is a great opportunity for G's. We recognise that there is tremendous scope to improve turnaround time for micro testing, which will enable us to confidently release our products to our customers."
Molendotech director Professor Simon Jackson said: "This is an exciting opportunity for Molendotech and will allow us to develop our technology in the important food market where a rapid turn around of produce is required. We are looking forward to working with G's to develop rapid new tests for their fresh produce"
Frontier IP chief executive officer Neil Crabb said: "We're delighted with this further industry backing for Molendotech's unique IP. Fresh produce is one of the many sectors where we believe the Company can make a real difference."
ENQUIRIES
Frontier IP Group Plc | T: 0131 240 1251 |
Neil Crabb, Chief Executive Andrew Johnson, Communications & Investor Relations Company website: www.frontierip.co.uk |
M: 07464 546 025 |
Allenby Capital Limited (Nominated Adviser and Broker) | T: 0203 328 5656 |
Nick Athanas / Nicholas Chambers (Corporate Finance) Amrit Nahal (Equity Sales) |
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Molendotech Limited T: 01803 659203
Simon Jackson, CEO M: 07384 469486
NOTES TO EDITORS
Frontier IP unites science and commerce by identifying strong intellectual property and accelerating its development through a range of commercialisation services.
The Group looks to build and grow a portfolio of equity stakes and licence income by taking an active involvement in spin-out companies, including support for fund raising and collaboration with relevant industry partners at an early stage of development.