Frontier IP Group PLC (LSE:FIPP, FRA:8WT), the AIM-listed intellectual property commercialisation specialist, has reported broad operational and commercial progress across its portfolio of university spin-out companies.
Alongside interim results, it noted 2D Photonics moved closer to establishing an advanced photonics pilot line in northern Italy, having demonstrated critical wafer-scale manufacturing steps, with a recruitment drive targeting 120 full-time staff over three years now underway.
Pulsiv, whose technology improves the energy efficiency of power conversion, raised £2.8 million during the period at a valuation of approximately £62 million and signed a global stocking agreement with distribution group Farnell.
The Vaccine Group recorded strong results in challenge trials for two vaccine candidates targeting bovine respiratory syncytial virus, a disease with significant economic consequences for livestock producers, and subsequently demonstrated efficacy against Streptococcus suis, a harmful bacterial disease in pigs.
Amprologix raised £740,000 in a pre-Series A round to accelerate development of novel antibiotics designed to overcome antimicrobial-resistant MRSA, while sustainable materials business Alusid raised £500,000 in a pre-IPO round and signed distribution deals in Sweden and the Benelux region.
Post-period, GraphEnergyTech was selected for Japan's Keihanna Global Acceleration Programme, positioning the company within Japan's advanced perovskite solar ecosystem.
On the financials, the group reported a pre-tax loss of £3.1 million for the six months ended December 31, driven primarily by two non-cash items: £0.9 million related to IFRS 16 lease accounting for its new SC2 innovation hub and an £0.8 million unrealised fair value reduction on one portfolio company.
The fair value of the equity portfolio was broadly stable at £33.5 million, while cash stood at £1.6 million.
The group said a further cost reduction programme would cut annual operating expenses by £1 million to around £2.5 million from May.