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Frontier IP says portfolio firm Molendotech raises funds to accelerate development of bacteria tests

The group said Molendotech’s testing technology has attracted “strong interest internationally” from potential customers concerned about secondary infections during the coronavirus pandemic

Frontier IP Group PLC - Frontier IP’s Molendotech raises funds to accelerate development of bacteria tests

Frontier IP Group PLC (LON:FIPP) revealed that its portfolio firm Molendotech has raised £425,000 in an equity funding round to accelerate the development of its bacteria testing technology.

The investment firm said, following the fundraising, Molendotech is now worth £3.9mln, valuing Frontier IP’s own 12.6% stake in the firm at around £493,000. Before the funding round, Frontier IP held a 14.1% stake valued at £324,000.

READ: Frontier IP higher as Pulsiv Solar awarded Japanese patent

Frontier IP said Molendotech’s testing technology has attracted “strong interest internationally” from potential customers concerned about secondary infections during the coronavirus pandemic.

Palintest, a subsidiary of Halma Plc (LON:HLMA), has already launched a commercial kit based on the firm’s technology to detect faecal bacteria in recreational water.

"Molendotech has already made strong progress, with its technology now being commercialised by a subsidiary of major multinational hazard detection group Halma”, Frontier IP chief executive Neil Crabb said in a statement.

“The [coronavirus] outbreak and the heightened need for testing of all kinds has increased interest in the company's technology. This fundraising ensures it is well placed to accelerate development of its technology and to explore opportunities as they arise", he added.

Frontier's shares rose 1.5% to 66.5p in early trading on Friday.

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AIM:FIPP
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