TIDMFIPP
Frontier IP Group plc
01 May 2020
RNS Reach
AIM: FIPP
01 May 2020
Frontier IP Group plc
("Frontier IP" or the "Group")
Portfolio news - Molendotech raises GBP425,000 to accelerate
development of novel rapid tests for harmful bacteria
Frontier IP, a specialist in commercialising intellectual
property, today notes the following announcement from portfolio
company Molendotech Limited ("Molendotech" or the "Company") that
it has raised GBP425,000 through an equity funding round.
The proceeds from the equity funding round will be used by
Molendotech to accelerate development and expand the applications
of the Company's novel rapid testing technology for bacteria, which
has attracted strong interest internationally from potential
customers concerned about secondary infections as they tackle the
COVID-19 outbreak. Palintest, a subsidiary of FTSE 100 group Halma
plc, has already launched a commercial kit based on the technology
to detect faecal bacteria in recreational water.
The Company has also developed a novel method to detect specific
pathogenic bacteria. This investment will enable further
development of this technology in new markets including the food
industry. The Company is collaborating with one of Europe's leading
fresh produce companies, G's Group, to develop tests to detect the
levels of different bacteria in fresh produce, irrigation water,
wash water and food contact areas.
The fundraising, supported by new and existing private
investors, means the University of Plymouth spin out is now worth
GBP3.9 million valuing Frontier IP's 12.6 per cent equity stake at
GBP493,000. Before the funding round, Frontier IP held a 14.1 per
cent equity stake worth GBP324,000.
Frontier IP Chief Executive Officer, Neil Crabb, said:
"Molendotech has already made strong progress, with its technology
now being commercialised by a subsidiary of major multinational
hazard detection group Halma plc. The COVID-19 outbreak and the
heightened need for testing of all kinds has increased interest in
the Company's technology. This fundraising ensures it is well
placed to accelerate development of its technology and to explore
opportunities as they arise."
Molendotech statement is set out in full below:
Molendotech raises GBP425,000 to accelerate development of
technology for rapid detection of pathogenic bacteria
Molendotech Limited (the "Company") today announces it has
raised GBP425,000 to accelerate development of its innovative rapid
pathogen detection technology through an equity funding round.
The fundraising values the Company at GBP3.9 million, up from
its previous valuation of GBP2.3 million, reflecting the success it
has achieved in commercialising its patented technology. Palintest,
a subsidiary of FTSE 100 life protection and hazard detection group
Halma plc, is already selling Siren(BW,) , a testing kit based on
the technology to detect faecal bacteria in bathing water.
Molendotech's technology cuts the time it takes to test for
faecal bacteria in water from up to two days to under an hour, with
the Palintest Siren(BW) kit taking as little as 15 minutes. This
technology can be used in real time and on site, removing the need
for samples to be sent to a laboratory.
The Company, a University of Plymouth spin out, has also
recently developed a novel method to detect specific pathogenic
bacteria. The current investment will enable further development of
this technology in new markets including the food industry.
Molendotech is collaborating with one of Europe's leading fresh
produce companies G's Group, a supplier to Asda, Sainsbury's, Tesco
and many other major retailers, on tests to detect the levels of
different bacteria in fresh produce, irrigation water, wash water
and food contact areas.
The technology has also received strong interest internationally
from potential customers concerned about the risk of secondary
infections resulting from the COVID-19 outbreak.
The new funding will ensure Molendotech can step up development
of its technology and take advantage of opportunities as they
arise. Investment has come from new and existing private
investors.
The Company was incorporated in 2017 to develop and
commercialise the work of Professor Simon Jackson, Honorary
Professor at the University of Plymouth's Peninsula Medical
School.
Molendotech Chief Executive Officer Professor Simon Jackson,
Honorary Professor of the Peninsula Medical School, University of
Plymouth, said: "Molendotech continues to use its research
capabilities to develop novel solutions to protect human health
from environmental risks. Commercial assays of our initial
technology are helping to deliver rapid risk assessments for users
of recreational water.
"Our new technology will allow detection of specific bacterial
pathogens within hours, much faster than conventional culture
assays. This investment will allow us to further develop our
technology for use in new markets. In particular, it will help to
support and expand our work with large food producers to rapidly
assess food safety and enhance food supply to retailers."
Molendotech Business Development Director, Rui Andres, said:
"Siren(BW) is showing commercial traction and the feedback is
encouraging. The new technology is showing very encouraging results
in rapidly detecting and quantifying pathogenic bacteria, such as
E.coli O157, producing results within a couple of hours. This could
dramatically reduce the number of recalls in food industry and its
associated cost."
Molendotech statement ends.
ENQUIRIES
Frontier IP Group plc
Neil Crabb, Chief Executive Officer T: 0207 332 2338
Andrew Johnson, Communications & Investor M: 07464 546 025
Relations
Company website: www.frontierip.co.uk
Allenby Capital Limited (Nominated Adviser) T: 0203 328 5656
Nick Athanas / Nicholas Chambers M: 07384 469486
M: 07462 034756
Molendotech Ltd
Simon Jackson, Chief Executive Officer
Rui Andres, Director of Business Development
Company website: www.molendotech.com
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 THE UNIVERSITY OF PLYMOUTH
The University of Plymouth is renowned for high quality,
internationally-leading education, research and innovation.
With a mission to Advance Knowledge and Transform Lives,
Plymouth is a *top 50 research university with clusters of world
class research across a wide range of disciplines including marine
science and engineering, medicine, robotics and psychology. A
three-time winner of the Queen's Anniversary Prize for Higher and
Further Education, the University of Plymouth continues to grow in
stature and reputation.
It has a strong track record for teaching and learning
excellence and has one of the highest numbers of National Teaching
Fellows of any UK university. With over 19,000 students, and a
further 9,500 studying for a Plymouth degree at partner
institutions in the UK and around the world, and over 130,000
alumni pursuing their chosen careers globally, it has a growing
global presence.
http://www.plymouth.ac.uk
* Research Fortnight Research Power League Table 2014.
About RNS Reach announcements
This is an RNS Reach announcement. RNS Reach is an investor
communication service aimed at assisting listed and unlisted
(including AIM quoted) companies to distribute media only /
non-regulatory news releases into the public domain. Information
required to be notified under the AIM Rules for Companies, Market
Abuse Regulation or other regulation would be disseminated as an
RNS regulatory announcement and not on RNS Reach.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NRAUROWRRAUSOAR
(END) Dow Jones Newswires
May 01, 2020 02:00 ET (06:00 GMT)
Frontier Ip (LSE:FIPP)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Frontier Ip (LSE:FIPP)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024