REG - Frontier IP Group - Sale of shares in Exscientia

Frontier IPAnnouncement

29/02/2024 15:15

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RNS Number : 0283F  Frontier IP Group plc  29 February 2024

RNS

AIM: FIPP

29 February 2024

 

 

 

Frontier IP Group plc

("Frontier IP" or the "Group")

 

Sale of shares in Exscientia

 

Frontier IP, a specialist in commercialising intellectual property, announces
that further to the announcement released by the Group on 1 June 2023, the
Group has sold a further 493,550 American Depositary Shares ("ADSs") of
portfolio company Exscientia plc ("Exscientia") (Nasdaq: EXAI) for net
proceeds of approximately $3.22 million (approximately £2.54 million) at an
average price of approximately $6.52 per ADS (the "Exscientia Share Sales").
The Exscientia Share Sales took place between 17 November 2023 and 29 February
2024.

 

As at 30 June 2023, being the last published balance sheet of the Group, the
book value of the ADS's sold was £2.30 million and the Exscientia Share Sales
have generated an estimated realised gain of £0.24 million for Frontier IP
for the financial year to 30 June 2024.

 

Following the Exscientia Share Sales, Frontier IP no longer has an interest in
ADSs 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 sold a total of 1,564,800 Exscientia ADSs between 10
January 2022 and 29 February 2024 for net proceeds of approximately £14.0
million. The original cost for these shares was less than £2,000.

 

Neil Crabb, Chief Executive of Frontier IP, commented:

"Exscientia has been an excellent exemplar of our business model, based on
founding equity in companies originating from universities with world leading
technology, realising that equity as its value builds and becomes clearer. We
look forward to demonstrating further success with companies in the current
portfolio."

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

 Harry Gooden / 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.

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 2022 on 23 March 2023.
These showed that based on audited financials for the year ended 31 December
2022, Exscientia generated revenue of $32.9 million and a loss before taxation
of $169.8 million.

 

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