RCS - Frontier IP Group - Cambridge Raman Imaging raises £1.1 million

Frontier IPAnnouncement

24/05/2022 07:16

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RNS Number : 5098M  Frontier IP Group plc  24 May 2022

REACH

AIM: FIPP

24 May 2022

 

Frontier IP Group plc

("Frontier IP" or the "Group")

 

 

Portfolio news - Cambridge Raman Imaging raises £1.1 million to accelerate
technology scale up

 

Frontier IP, a specialist in commercialising intellectual property, today
announces that portfolio company Cambridge Raman Imaging ("CRI" or the
"Company") has raised £1.1 million through an equity funding round from
existing and new investors.

 

The fundraising values CRI at £6.1 million post new money. Frontier IP
invested £334,000 in the round and now holds a 26.8 per cent equity stake in
the Company. The investment included a £95,000 loan conversion with the
remainder being made in cash.

 

CRI will invest the proceeds to accelerate commercialisation of its high-speed
Raman imaging technology and artificial intelligence ("AI") supported
diagnostics, initially for use in medical devices to diagnose and support
treatment of diseases, such as cancer. In particular, the Company aims to
further develop the first commercial prototype of a Raman imaging microscope,
image generation, and the AI software. It has signed a collaboration agreement
with Motic, a maker of medical imaging devices.

 

The technology uses graphene-based ultra-fast fibre lasers to generate
hyperspatial digital images of patient tissue which are analysed by the AI.
Because the images are digital, they remove the need for intrusive chemical
staining of tissue and can be viewed remotely. This allows histopathologists
to work more efficiently and to support regions and countries short of
qualified staff. In the longer term, the technology has the potential to
support more personalised treatments for cancer.

 

CRI is also involved in two important pan-European projects. CRIMSON is a
10-strong consortium developing technology to monitor diseases unfolding at a
molecular level in cells and tissue in  real time. This will help to deepen
understanding of the cellular origin of disease and to enable the creation of
new treatments. It is backed by €5 million in funding from the European
Commission.

 

The second project, CHARM, aims to develop a medical device based on
high-speed, low-cost Raman digital imaging technology and AI to transform
cancer diagnosis and treatment. CRI is coordinating the project between five
partners. It is supported by €3.3 million from the European Innovation
Council, Europe's flagship innovation programme to identify, develop and scale
up breakthrough technologies.

 

In July 2020, Frontier IP announced Cambridge Raman Imaging had raised
£250,000 valuing it at £1.5 million.

 

Cambridge Raman Imaging Chief Executive Officer, Dr Matteo Negro, said:  "The
technology being developed by Cambridge Raman Imaging has the potential to
transform diagnosis and treatment of diseases such as cancer, and open the way
for more personalised treatments too. This funding will provide the support
needed to develop our prototype imaging system and the artificial intelligence
to analyse the images generated."

 

Neil Crabb, Chief Executive Officer of Frontier IP Group, said: "We are very
encouraged by the progress Cambridge Raman Imaging has made to date and are
very much looking forward to the future development of the technology as it
scales up to commercialisation, supported by this funding round."

 

ENQUIRIES

 Frontier IP Group Plc                                                   T: 020 7332 2338
 Neil Crabb, Chief Executive                                             neil@frontierip.co.uk (mailto:neil@frontierip.co.uk)

 Andrew Johnson, Communications and investor relations                   M: 07464 546 025

 andrew.johnson@frontierip.co.uk

 Company website: www.frontierip.co.uk (http://www.frontierip.co.uk/)
 Allenby Capital Limited (Nominated Adviser)                             T: 0203 328 5656
 Nick Athanas / George Payne

ABOUT FRONTIER IP

Frontier IP unites science, finance and industry by identifying strong
intellectual property and accelerating its development through a range of
commercialisation services. A critical part of the Group's work is involving
relevant industry partners at an early stage of development to ensure
technology meets real world demands and needs.

The Group looks to build and grow a portfolio of equity stakes and licence
income by taking an active involvement in spin-out companies, including
support for fund raising and collaboration with relevant industry partners at
an early stage of development.

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