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28 Apr 2021 07:01
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
28 April 2021
Frontier IP Group plc
("Frontier IP" or the "Group")
Trading update
Frontier IP, a specialist in commercialising intellectual property, is pleased to provide an update on trading for the year ending 30 June 2021.
As outlined in the Group's interim results statement released on 24 March 2021, the Group enjoyed a strong first half to the financial year with the Group's portfolio continuing to show strong commercial and technical progress. A growing number of the Group's portfolio companies are approaching inflection points, reflected by the increased flow of equity fundraisings across the portfolio. As outlined in the interim results statement, this progress has continued in the second half of the Group's financial year with further fundraising and commercialisation activity across the portfolio.
In addition, Frontier IP announced earlier today that Exscientia, a clinical stage pharmatech company using artificial intelligence to design patient-based drugs, has raised US$225 million through a Series D funding round led by SoftBank Vision Fund 2. This is expected to result in an uplift in Frontier IP's book value for its holding which will be reflected in the Group's results to 30 June 2021.
As a result of overall trading across the portfolio in the year to date, the Group anticipates that the outcome for the year ending 30 June 2021 will be materially ahead of management expectations with a significant contribution to the outcome being the increase in the book value of the Group's interest in Exscientia.
Neil Crabb, Frontier IP Group Chief Executive Officer, said: "We are delighted with the news released by Exscientia as well as the progress across the portfolio during the financial year to date. Whilst it is not possible for the Board to be certain on what the overall portfolio valuation will be at 30 June 2021, we expect it to be positively impacted by the material progress made at a number of companies, including Exscientia, Camgraphic and The Vaccine Group. As a result, we anticipate that the outcome for the year will be materially ahead of management expectations and we look forward to the remainder of the financial year and beyond with optimism."
ENQUIRIES
Frontier IP Group plc | T: 020 7332 2338 |
Neil Crabb, Chief Executive Andrew Johnson, Communications & Investor Relations Company website: www.frontierip.co.uk | neil@frontierip.co.uk M: 07464 546 025 |
Allenby Capital Limited (Nominated Adviser) | T: 0203 328 5656 |
Nick Athanas / George Payne
N+1 Singer (Broker) Sandy Fraser / Harry Gooden / George Tzimas
|
T: 0207 496 3000 |
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.
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