Last checked at 12 Jan 2022 07:00
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
RNS
AIM: FIPP
12 January 2022
Frontier IP Group plc
("Frontier IP" or the "Group")
Trading update
Frontier IP (AIM: FIPP), a specialist in commercialising intellectual property, is today providing a trading update ahead of publication of its interim results for the six months to 31 December 2021 ("H1 2022") which are expected to be released in March 2022. The Group has enjoyed a strong first half to the financial year in particular due to the IPO on the Nasdaq Global Select Market of portfolio company Exscientia plc ("Exscientia") during the period.
Exscientia reported a strong set of quarterly results post admission and, on 7 January 2022, announced a strategic research collaboration with Sanofi that will entitle Exscientia to an upfront cash payment of $100 million with the potential for $5.2 billion in total milestones plus tiered royalties. The uplift in book value of this holding as at 31 December 2021 is expected to make a significant contribution to the performance of the Group in H1 2022.
Further to the release of the Group's full year results in October 2021, Frontier IP has now commenced a programme to realise part of its shareholding in Exscientia. As at the date of this announcement a small portion has been sold in January 2022 and the Group will provide a further update at the appropriate time.
The Group's portfolio as a whole has continued to show strong commercial and technical progress and a number of the companies are reaching key inflection points. During the period The Vaccine Group announced encouraging data on the development of its next generation COVID-19 vaccine, Camgraphic completed a fundraising and management was strengthened at Pulsiv. This momentum is continuing into 2022 and yesterday we were pleased to note Celerum launching its Truck Logistics System at a time when supply chain challenges are high on the priority list for many businesses.
While it is clear there are many challenges facing markets and industry, we anticipate reporting a set of results for H1 2022 ahead of management expectations and continuing to build on progress in the balance of the financial year. We remain confident on the Group's prospects for the remainder of the financial year and beyond.
ENQUIRIES
Frontier IP Group Plc Neil Crabb, Chief Executive Andrew Johnson, Communications & Investor Relations Company website: www.frontierip.co.uk
| T: 020 3968 7815 neil@frontierip.co.uk M: 07464 546 025 |
Allenby Capital Limited (Nominated Adviser) Nick Athanas / George Payne
| T: 0203 328 5656 |
Singer Capital Markets (Broker) Sandy Fraser / Harry Gooden / George Tzimas | T: 0207 496 3000
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ABOUT FRONTIER IP
Frontier IP unites science and commerce by identifying strong intellectual property and accelerating its development through a range of commercialisation services. A critical part of the Group's work is involving relevant industry partners at an early stage of development to ensure technology meets real world demands and needs.
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.