Frontier IP Group PLC (AIM:FIPP), an early-stage investor in innovative companies, has booked a profit on selling stock in one of its portfolio businesses.
It found buyers for 183,901 American depositary shares in Exscientia at an average price of US$21.68, netting US$4mln for a ‘realised gain’ of US$1.9mln.
It still holds 1.38mln depositary shares (worth around US$25mln at current prices) in Exscientia, which is using AI to modernise drug discovery.
The proceeds of the stock sale, which took place between January 10 and 21st, will be used for general working capital purposes and to “provide further support to the group's existing portfolio companies”.