REG - Frontier IP Group - Sale of shares in Exscientia

Frontier IPAnnouncement

18/08/2022 15:30

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RNS Number : 5184W  Frontier IP Group plc  18 August 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

18 August 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
14 February 2022, the Group has sold a further 391,200 American Depositary
Shares ("ADSs") of portfolio company Exscientia plc ("Exscientia") (Nasdaq:
EXAI) for net proceeds of approximately $4.68 million (approximately £3.88
million) at an average price of $11.97 per ADS (the "Exscientia Share Sales").
The Exscientia Share Sales took place between 17 June 2022 and 16 August 2022.

 

The book value as at 31 December 2021, being the last published balance sheet
of the Group, of the ADSs sold was £5.73 million resulting in a total
realised loss of £1.85 million. The £1.85 million loss comprises a loss of
£2.16 million in the financial year to 30 June 2022 and a gain of £0.31
million in the financial year to 30 June 2023.

 

Following the Exscientia Share Sales, Frontier IP is interested in 782,400
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 total, the Group has sold a total of 782,400 Exscientia ADSs since 10
January 2022 for net proceeds of approximately £9.96 million generating an
estimated realised gain for Frontier IP of £2.79 million in the financial
year to 30 June 2022 and £0.31 million in the financial year to 30 June 2023.
The original cost for these shares was less than £2,000.

 

Neil Crabb, Chief Executive of Frontier IP, commented: "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. We look forward to
continuing to develop the next generation of companies that will help in
addressing the major challenges that we face around climate, food, water,
energy, health and beyond."

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.

ABOUT EXSCIENTIA

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. Exscientia announced its annual results to 31 December 2021 on 23
March 2022. These showed that based on audited financials for the year ended
31 December 2021, Exscientia generated revenue of £27.3 million and a loss
before taxation of £56.2 million.

 

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