Addleshaw Goddard has advised on the £2.33m capital raising comprising a placing and offer for subscription by Frontier IP Group plc, the specialist in commercialising intellectual property – AG's 11th equity fundraising since the start of lockdown.
Frontier IP, an AIM-listed specialist in spinning out and commercialising intellectual property has raised up to £2.33 million by way of a Placing, carried out by its broker N+1 Singer, and an offer for subscription carried out by PrimaryBid, on behalf of the Company. The funds are being raised to increase the company's ability to support commercialisation and development services and to allow it to flex its business model to enable it to provide bridging finance and directly participate in fundraisings by its portfolio companies.
Many of Frontier IP Group's companies have made significant advances over the last few months, including strong contributions to facing the challenges created by Covid-19. This includes ExScientia, which recently raised $60 million, announced a collaboration with SRI international to accelerate drug discovery through the use of artificial intelligence and a joint initiative with the UK Government-backed science facility to identify COVID-19 drugs. Another portfolio company, The Vaccine Group, has made significant progress in developing its COVID-19 animal vaccine candidates and is investigating the longer-term potential for human vaccines.
Anna Brown, the corporate Partner at Addleshaw Goddard who led the team acting for Frontier IP said: " Providing strong leadership and advice and having the ability to adapt and react quickly is one of Frontier IP's strengths and this fundraise means it has greater flexibility to support its portfolio companies. The portfolio is heavily weighted towards healthcare and infrastructure, so whether in the fight against Covid-19, or the increased focus on health and the environment, Frontier can help them face the current challenges and capitalise on the opportunities.
We were delighted to be part of the team, to be able to provide key resource and advice at these challenging times and to support Frontier IP in a successful fundraising."