Frontier IP attracted $2.9m in a placement that will support its portfolio in responding to coronavirus-related challenges or opportunities.
UK-based commercialisation firm Frontier IP has completed an up to £2.3m ($2.9m) equity placement to enhance its business development capacity and invest in its portfolio companies.
The total includes a placement carried out by N+1 Singer, Frontier IP’s broker, as well as shares subscribed to through quoted stocks marketplace PrimaryBid.
Frontier IP now intends to support its portfolio companies in responding to Covid-19, with some of its shareholdings aiming to directly address the disease.
These include University of Dundee-founded drug discovery company Exscientia, commissioned by UK government-backed science facility SRI International to identify coronavirus drugs, and University of Plymouth’s Vaccine Group, whose focus includes infectious diseases that transfer from animals to humans.
Frontier IP posted a $2.8m net profit for the half-year ending December 2019 but had warned to expect turbulence in trading owed to Covid-19.
Anna Brown, corporate partner at law firm Addleshaw Goddard, which advised Frontier IP on the equity placement, 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.”
