Frontier IP Group plc Cambridge Raman Imaging raises GBP1.1 million
24 May 2022 - 4:02PM
RNS Non-Regulatory
TIDMFIPP
Frontier IP Group plc
24 May 2022
REACH
AIM: FIPP
24 May 2022
Frontier IP Group plc
("Frontier IP" or the "Group")
Portfolio news - Cambridge Raman Imaging raises GBP1.1 million
to accelerate technology scale up
Frontier IP, a specialist in commercialising intellectual
property, today announces that portfolio company Cambridge Raman
Imaging ("CRI" or the "Company") has raised GBP1.1 million through
an equity funding round from existing and new investors.
The fundraising values CRI at GBP6.1 million post new money.
Frontier IP invested GBP334,000 in the round and now holds a 26.8
per cent equity stake in the Company. The investment included a
GBP95,000 loan conversion with the remainder being made in
cash.
CRI will invest the proceeds to accelerate commercialisation of
its high-speed Raman imaging technology and artificial intelligence
("AI") supported diagnostics, initially for use in medical devices
to diagnose and support treatment of diseases, such as cancer. In
particular, the Company aims to further develop the first
commercial prototype of a Raman imaging microscope, image
generation, and the AI software. It has signed a collaboration
agreement with Motic, a maker of medical imaging devices.
The technology uses graphene-based ultra-fast fibre lasers to
generate hyperspatial digital images of patient tissue which are
analysed by the AI. Because the images are digital, they remove the
need for intrusive chemical staining of tissue and can be viewed
remotely. This allows histopathologists to work more efficiently
and to support regions and countries short of qualified staff. In
the longer term, the technology has the potential to support more
personalised treatments for cancer.
CRI is also involved in two important pan-European projects.
CRIMSON is a 10-strong consortium developing technology to monitor
diseases unfolding at a molecular level in cells and tissue in real
time. This will help to deepen understanding of the cellular origin
of disease and to enable the creation of new treatments. It is
backed by EUR5 million in funding from the European Commission.
The second project, CHARM, aims to develop a medical device
based on high-speed, low-cost Raman digital imaging technology and
AI to transform cancer diagnosis and treatment. CRI is coordinating
the project between five partners. It is supported by EUR3.3
million from the European Innovation Council, Europe's flagship
innovation programme to identify, develop and scale up breakthrough
technologies.
In July 2020, Frontier IP announced Cambridge Raman Imaging had
raised GBP250,000 valuing it at GBP1.5 million.
Cambridge Raman Imaging Chief Executive Officer, Dr Matteo
Negro, said: "The technology being developed by Cambridge Raman
Imaging has the potential to transform diagnosis and treatment of
diseases such as cancer, and open the way for more personalised
treatments too. This funding will provide the support needed to
develop our prototype imaging system and the artificial
intelligence to analyse the images generated."
Neil Crabb, Chief Executive Officer of Frontier IP Group, said:
"We are very encouraged by the progress Cambridge Raman Imaging has
made to date and are very much looking forward to the future
development of the technology as it scales up to commercialisation,
supported by this funding round."
ENQUIRIES
Frontier IP Group Plc T: 020 7332 2338
Neil Crabb, Chief Executive neil@frontierip.co.uk
Andrew Johnson, Communications and investor M: 07464 546 025
relations
andrew.johnson@frontierip.co.uk
Company website: www.frontierip.co.uk
Allenby Capital Limited (Nominated Adviser) T: 0203 328 5656
Nick Athanas / George Payne
ABOUT FRONTIER IP
Frontier IP unites science, finance and industry 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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