RNS
AIM: FIPP
29
February 2024
Frontier IP Group plc
("Frontier IP" or
the "Group")
Sale of shares in
Exscientia
Frontier IP, a specialist in commercialising
intellectual property, announces that further to the announcement
released by the Group on 1 June 2023, the Group has sold a further
493,550 American Depositary Shares ("ADSs") of portfolio company Exscientia
plc ("Exscientia")
(Nasdaq: EXAI) for net proceeds of
approximately $3.22 million (approximately £2.54 million) at an
average price of approximately $6.52 per ADS (the "Exscientia Share Sales"). The
Exscientia Share Sales took place between 17 November 2023 and 29
February 2024.
As at 30 June 2023, being the last published
balance sheet of the Group, the book value of the ADS's sold was
£2.30 million and the Exscientia Share Sales have generated an
estimated realised gain of £0.24 million for Frontier IP for the
financial year to 30 June 2024.
Following the Exscientia Share Sales, Frontier
IP no longer has an interest in ADSs in Exscientia. The Directors
of Frontier IP intend to use the net proceeds from the sale of ADSs
in Exscientia for general working capital purposes and to provide
further support to the Group's existing portfolio
companies.
In total, the Group sold a total of 1,564,800
Exscientia ADSs between 10 January 2022 and 29 February 2024 for
net proceeds of approximately £14.0 million. The original cost for
these shares was less than £2,000.
Neil Crabb,
Chief Executive of Frontier IP,
commented:
"Exscientia has been an excellent
exemplar of our business model, based on founding equity in
companies originating from universities with world leading
technology, realising that equity as its value builds and becomes
clearer. We look forward to demonstrating further success with
companies in the current portfolio."
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
andrew.johnson@frontierip.co.uk
|
Allenby Capital Limited (Nominated
Adviser)
Nick Athanas / George
Payne
|
T: 0203
328 5656
|
Singer Capital Markets
(Broker)
Harry Gooden / James
Fischer
|
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.
ABOUT EXSCIENTIA
Exscientia uses artificial
intelligence ("AI") to modernise the way new medicines are
discovered and developed, aiming to deliver medicines faster than
industry standards. Exscientia has built a complete end-to-end
solution of AI and experimental technologies for
target identification, drug candidate design, translational models
and patient selection. ADSs of Exscientia trade on the Nasdaq
Global Select Market. Each ADS represents one ordinary share in
Exscientia.
Exscientia announced its annual results to 31
December 2022 on 23 March 2023. These showed that
based on audited financials for the year ended 31 December 2022,
Exscientia generated revenue of $32.9 million and a loss before
taxation of $169.8 million.