REG - Frontier IP Group - Portfolio – Cambridge Raman Imaging loan facility

Frontier IPAnnouncement

28/06/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240628:nRSb2431Ua&default-theme=true

RNS Number : 2431U  Frontier IP Group plc  28 June 2024

RNS

AIM: FIPP

28 June 2024

 

Frontier IP Group plc

("Frontier IP" or the "Group")

 

Portfolio news - Cambridge Raman Imaging loan facility of up to £0.6 million
to support accelerated growth

 

Frontier IP, a specialist in commercialising intellectual property, announces
that its portfolio company Cambridge Raman Imaging Ltd ("CRI" or the
"Company") has put in place a loan facility with Frontier IP of up to £0.6
million (the "Loan Facility") to fund CRI's short-term working capital
requirements during a period of accelerated growth. Upon completion of the
Loan Facility, CRI has drawn down an initial £0.2m under the Loan Facility.

 

CRI has developed and patented graphene-enhanced ultra-fast fibre lasers for
high-speed coherent Raman spectroscopy, initially for use in clinical
diagnosis and biotech research. The Company, a spin-out from the University of
Cambridge and the Politecnico di Milano in Italy, is combining its laser
technology with advanced microscopy. The technology enables label free
discovery of not just morphology but also chemical composition which is
relevant for both diagnosis and research.

 

The technology launched earlier this year. Revenues to date are trending ahead
of CRI's management expectations, with growth being accelerated by this
working capital facility in advance of a planned equity round that is
anticipated for CRI in the coming months.

 

The key terms of the Loan Facility are:

 

a)    Frontier IP grants to CRI an unsecured term loan facility of a total
principal amount not exceeding £600,000;

b)    the Loan Facility will bear interest at a rate of 10% per annum from
the date on which the first loan amount under the Loan Facility is drawn by
CRI;

c)    CRI shall use all money borrowed under the Loan Facility for general
working capital purposes;

d)    the Loan Facility shall have availability to CRI until 31 December
2024;

e)    CRI may, on any business day until 31 December 2024, drawdown on the
Loan Facility by sending Frontier IP a duly completed drawdown request with
the aggregate amount not exceeding £600,000;

f)     the amount of each drawdown by CRI must be not less than £10,000
and must correspond to CRI's anticipated revenues from any purchase orders
received, tenders issued or sales invoices raised;

g)    any amount of the Loan Facility not drawdown by 31 December 2024 will
automatically be cancelled;

h)    CRI shall repay to Frontier IP each drawn down amount within 5
working days of receipt of the corresponding cash received from relevant
purchase orders or sales invoices;

i)     any amounts outstanding under the Loan Facility within 30 working
days of 31 December 2024 shall be paid in full by 31 December 2024; and

j)     the CRI board has discretion to allow other participants to provide
financing under the terms of the agreement up to the amount of £600,000.

 

As at the date of this announcement Frontier IP has advanced an initial
drawdown of £0.2 million to CRI. In addition, Frontier IP holds a 26.81 per
cent. equity stake in CRI.

 

 

For the year ended 31 December 2023, CRI had net losses of £422k with net
liabilities of approximately £28k based on unaudited statutory accounts.

 

 

ENQUIRIES

 

 Frontier IP Group Plc                                                  T: 020 3968 7815 neil@frontierip.co.uk (mailto:neil@frontierip.co.uk)

 Neil Crabb, Chief Executive

                                                                        M: 07464 546 025

 Andrew Johnson, Communications & Investor Relations                    andrew.johnson@frontierip.co.uk (mailto: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

 Singer Capital Markets (Broker)                                        T: 0207 496 3000

 Charles Leigh-Pemberton / James Fischer

 

ABOUT FRONTIER IP

Frontier IP unites science and commerce 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  PFUBRGDLUBDDGSR