Frontier IP Group PLC (AIM:FIPP), an investor in early-stage companies, said it sold further shares in Exscientia PLC, an artificial intelligence (AI)-driven drug developer, for a net $4.3mln (£3.2mln).
The specialist in commercialising intellectual property sold 207,299 American Depositary Shares (ADS) in Exscientia between February 1 and February 11. It will use the proceeds for general working capital purposes and to provide further support to its existing portfolio companies.
Including the sale of Exscientia shares last month, Frontier has sold a total of 391,200 Exscientia ADSs for net proceeds of about $8.3mln, generating an estimated realised gain of £2.79mln for Frontier in its financial year to end June 2022.
Frontier still holds 1.17mln shares in Exscientia.
Oxford-based Exscientia listed in the US on Nasdaq last year with a value of US$2.9bn.