Frontier IP Group plc Sale of shares in Exscientia (5104B)
February 14 2022 - 1:00AM
UK Regulatory
TIDMFIPP
RNS Number : 5104B
Frontier IP Group plc
14 February 2022
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
14 February 2022
Frontier IP Group plc
("Frontier IP" or the "Group")
Sale of shares in Exscientia
Frontier IP (AIM: FIPP), a specialist in commercialising
intellectual property, announces that further to the announcement
released by the Group on 25 January 2022, the Group has sold a
further 207,299 American Depositary Shares ("ADSs") of portfolio
company Exscientia plc ("Exscientia") (Nasdaq: EXAI) for net
proceeds of approximately $4.3 million (approximately GBP3.2
million) at an average price of $20.63 per ADS (the "Exscientia
Share Sales"). The Exscientia Share Sales took place between 1
February 2022 and 11 February 2022. The book value of the ADSs sold
as at 30 June 2021, being the last published balance sheet of the
Group, was GBP1.75 million and the Exscientia Share Sales have
generated an estimated realised gain of GBP1.41 million for
Frontier IP in the current financial year to 30 June 2022.
Following the Exscientia Share Sales, Frontier IP will be
interested in 1,173,600 shares 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 aggregate , the Group has sold a total of 391,200 Exscientia
ADSs for net proceeds of approximately $8.3 million (approximately
GBP6.1 million) generating an estimated realised gain of GBP2.79
million for Frontier IP in the current financial year to 30 June
2022.
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. On 7 January 2022, Exscientia announced a strategic
research collaboration with Sanofi that will entitle Exscientia to
an upfront cash payment of $100 million with the potential for $5.2
billion in total milestones plus tiered royalties. Exscientia
announced its third quarter results to 30 September 2021 on 17
November 2021. These showed that based on unaudited financials for
the nine months ended 30 September 2021, Exscientia generated
revenue of GBP23.2 million and a loss before taxation of GBP33.1
million.
ENQUIRIES
Frontier IP Group Plc T: 020 3968 7815 neil@frontierip.co.uk
Neil Crabb, Chief Executive
M: 07464 546 025
Andrew Johnson, Communications & Investor andrew.johnson@frontierip.co.uk
Relations
Company website: www.frontierip.co.uk
Allenby Capital Limited (Nominated T: 0203 328 5656
Adviser)
Nick Athanas / George Payne
Singer Capital Markets (Broker) T: 0207 496 3000
Sandy Fraser / Harry Gooden / George
Tzimas
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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END
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