Frontier IP Group plc Portfolio News- Nandi Proteins Limited Fundraising (5649L)
20 July 2017 - 4:00PM
UK Regulatory
TIDMFIPP
RNS Number : 5649L
Frontier IP Group plc
20 July 2017
RNS
AIM: FIPP
20 July 2017
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio News- Nandi Proteins Limited Fundraising
Frontier IP, which specialises in the commercialisation of
intellectual property, is pleased to announce the completion of a
fundraising for portfolio company Nandi Proteins Limited ("Nandi"
or "the Company"). Nandi has raised approximately GBP1 million from
new and existing investors, to further its commercialisation and
enable scale-up.
Nandi, which spun out from Heriot-Watt University, Edinburgh,
commercialises a patented, platform technology which enables food
manufacturers to significantly reduce the sugar, fat and additive
content in foods.
Nandi's technology offers a range of potential benefits to
multinational food companies including competitive advantage
through increased market share as consumer preference shifts
towards healthier products and clean labelling, principally through
the elimination of emulsifiers.
The funding will provide Nandi with working capital to help fund
its scale up, enabling product trials and sample production and
recruiting key personnel to steer growth.
This funding, totalling GBP1,009,974, was achieved at a
valuation of approximately GBP10 million, reflecting a 32% increase
to the price per share over the previous fundraising. The resulting
revaluation of the Group's holding in the issued share capital of
Nandi was recognised in the Group's half-year results at 31
December 2016.
Dr. Lydia Campbell, Chief Technology Officer of Nandi, said:
"We are delighted to have secured this additional funding, which
creates a platform for Nandi's growth. Our technology addresses
head-on some of the major ingredients issues currently facing the
food industry as consumers increasingly seek healthier
options.".
Neil Crabb, Chief Executive of Frontier IP, said:
"Nandi remains a core portfolio company for Frontier IP and we
are delighted to have successfully completed this financing round
which will help Nandi to secure the commercialisation of its
transformational technology which materially reduces sugar, fat and
emulsifiers in processed foods.".
ENDS
For further information:
Frontier IP Group Plc T: 0131 240 1251
Neil Crabb, Chief Executive
Company website: www.frontierip.co.uk
Cenkos Securities plc (Nominated T: 0131 220 6939
Adviser and Joint Broker)
Neil McDonald / Beth McKiernan
Peterhouse Corporate Finance T: 020 7469 0935
Limited (Joint Broker)
Lucy Williams
Kreab (Financial PR) T: 020 7074 1800
Robert Speed / Matthew Jervois
Notes to Editor:
About Frontier IP Group plc
www.frontierip.co.uk.
Frontier IP specialises in assisting institutions and companies
in the commercialisation and exploitation of their intellectual
property. It establishes formal and informal relationships with
sources of exploitable IP, principally universities. Its core
business is building and growing a portfolio of equity stakes in
spin-out companies by taking an active involvement in the
commercialisation and funding of these businesses.
About Nandi
Nandi exploits its patented technology and know-how to improve
the functionality of protein-based food ingredients. The structural
change in proteins during heat treatment is manipulated to add
value to common naturally occurring proteins, which have a wide
range of applications in the food industry. Nandi's products are
particularly effective as sugar, fat and emulsifier replacers
enabling lower fat, lower sugar and clean-label product.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDMGMNNLMGNZM
(END) Dow Jones Newswires
July 20, 2017 02:00 ET (06:00 GMT)
Frontier Ip (LSE:FIPP)
Historical Stock Chart
From Apr 2024 to May 2024
Frontier Ip (LSE:FIPP)
Historical Stock Chart
From May 2023 to May 2024