Frontier IP Group PLC (LSE:FIPP, FRA:8WT), the AIM-listed company that commercialises intellectual property from universities, has raised £4 million to support near-term portfolio milestones, potential realisations and the development of its SC² facility.
The funds will also strengthen Frontier IP’s balance sheet and provide working capital.
Chief executive Neil Crabb said the investment round would support the company in delivering on the value it sees in its maturing portfolio.
He added that Frontier IP had received support from a wide range of existing and new investors in a challenging market.
The money was raised through a placing and subscription of new shares priced at 12p each.
Six of Frontier IP’s directors took part in the subscription, together accounting for its entire value, led by Crabb’s £70,000 stake.
A separate retail offer, run through the BookBuild platform, aims to raise up to a further £400,000 before expenses and is due to close at 5pm on 18 June.
