Frontier IP Group PLC (LON:FIPP) noted that its portfolio company Exscientia Limited, a world leader in AI-driven drug discovery, has raised $60mln through a Series C financing round.
The specialist in commercialising intellectual property said the new capital will be used to expand Exscientia's existing portfolio and pipeline and to accelerate international expansion, including in the USA.
READ: Frontier IP portfolio firm Exscientia enters drug discovery collaboration with SRI International
It pointed out that the portfolio company has demonstrated high growth and met significant milestones. Earlier this year, it announced that the first-ever drug designed by AI had entered Phase I human clinical trials in partnership with Sumitomo Dainippon Pharma.
Frontier IP noted that the financing round was led by new investor Novo Holdings with existing investors - Evotec, Bristol Myers Squibb, and GT Healthcare Capital Partners (through its LPs) - participating.
It noted that Robert Ghenchev, senior partner and head of Novo Growth, will join Exscientia's board of directors as part of the financing round.
As a result of the financing round, Frontier IP said it now holds a 2.4% equity stake in Exscientia.
Based on trading for the year to date, the outlook for Frontier IP for the remainder of the financial year ending June 30, 2020, including in relation to the group's overall portfolio valuation, remains in line with management expectations following the completion of the Exscientia financing round, it added.