REG - Frontier IP Group - Sale of shares in Exscientia

Frontier IPAnnouncement

14/02/2022 07:00

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RNS Number : 5104B  Frontier IP Group plc  14 February 2022

The information contained within this announcement is deemed by the Group to
constitute inside information as stipulated under the Regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310 ("MAR"). With the
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inside information is now considered to be in the public domain.

 

RNS

AIM: FIPP

14 February 2022

 

 

 

Frontier IP Group plc

("Frontier IP" or the "Group")

 

Sale of shares in Exscientia

 

Frontier IP (AIM: FIPP), a specialist in commercialising intellectual
property, announces that further to the announcement released by the Group on
25 January 2022, the Group has sold a further 207,299 American Depositary
Shares ("ADSs") of portfolio company Exscientia plc ("Exscientia") (Nasdaq:
EXAI) for net proceeds of approximately $4.3 million (approximately £3.2
million) at an average price of $20.63 per ADS (the "Exscientia Share Sales").
The Exscientia Share Sales took place between 1 February 2022 and 11 February
2022. The book value of the ADSs sold as at 30 June 2021, being the last
published balance sheet of the Group, was £1.75 million and the Exscientia
Share Sales have generated an estimated realised gain of £1.41 million for
Frontier IP in the current financial year to 30 June 2022.

 

Following the Exscientia Share Sales, Frontier IP will be interested in
1,173,600 shares in Exscientia. The Directors of Frontier IP intend to use the
net proceeds from the sale of ADSs in Exscientia for general working capital
purposes and to provide further support to the Group's existing portfolio
companies.

 

In aggregate, the Group has sold a total of 391,200 Exscientia ADSs for net
proceeds of approximately $8.3 million (approximately £6.1 million)
generating an estimated realised gain of £2.79 million for Frontier IP in the
current financial year to 30 June 2022.

 

Exscientia uses artificial intelligence ("AI") to modernise the way new
medicines are discovered and developed, aiming to deliver medicines faster
than industry standards. Exscientia has built a complete end-to-end solution
of AI and experimental technologies for target identification, drug candidate
design, translational models and patient selection. ADSs of Exscientia trade
on the Nasdaq Global Select Market. Each ADS represents one ordinary share in
Exscientia. On 7 January 2022, Exscientia announced a strategic research
collaboration with Sanofi that will entitle Exscientia to an upfront cash
payment of $100 million with the potential for $5.2 billion in total
milestones plus tiered royalties. Exscientia announced its third quarter
results to 30 September 2021 on 17 November 2021. These showed that based on
unaudited financials for the nine months ended 30 September 2021, Exscientia
generated revenue of £23.2 million and a loss before taxation of £33.1
million.

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

 Sandy Fraser / Harry Gooden / George Tzimas

 

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.

 

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