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Frontier IP Group PLC placing snapped up by backers

Published: 09:11 24 Mar 2016 GMT

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Frontier IP has relationships with a number of UK-based universities

University inventions spin-off specialist Frontier IP Group PLC (LON:FIPP) has raised £1mln at 24p through an oversubscribed share placing.

Frontier recently took up its entitlement in food additive specialist Nandi Proteins, which raised £250,000. Frontier maintained its stake at 20.8%.

Nandi came out of Heriot-Watt, but the company also has relationships with a number of other universities.

PulsiV Solar, which has come up with a technology that improves the energy generation of photovoltaic panels, came out of Plymouth University for example.

Neil Crabb, Frontier’s chief executive, said: "We are delighted to announce the successful completion of our fundraising, which was over-subscribed following our recent strong half yearly results.

“This funding positions the group to pursue new opportunities in the UK and beyond, whilst continuing to deliver strong growth from our current portfolio."

Shares rose 2% to 24.06p

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