Frontier IP has sold a further 391,200 ADS in investee company Exscientia at an average price of US$11.97 raising net proceeds of approximately US$4.68mln.
Since January, net proceeds from sales of Exscientia shares amount to approximately £9.96mln, said Frontier IP, generating an estimated realised gain of £2.79mln in the financial year to 30 June 2022 and £0.31mln in the financial year to 30 June 2023.
The original cost for these shares was less than £2,000 and following this sale Frontier IP said it is interested in 782,400 shares in Exscientia.
Neil Crabb, Frontier IP chief executive, said: "Exscientia has been leading the way in the application of artificial intelligence to drug discovery since its formation in 2012, and we retain half of our original holding even after the substantial realisations to date.
“These share sales place Frontier IP in a strong financial position to cope with what we anticipate will remain a tough economic environment.”