Frontier IP Group PLC (AIM:FIPP) told investors it has divested a further interest in portfolio company Exscientia, selling 288,850 American depositary shares (ADS) to generate US$1.86mln of net proceeds.
"This further realisation strengthens our balance sheet when, as we have noted for some time, there is a risk of ongoing uncertainty in markets, and also increases our ability to be selectively supportive of portfolio companies where we see strong progress and opportunity," said chief executive Neil Crabb.
The company retains a holding of 439,550 ADS in Exscientia.