Fundraising for portfolio company, Nandi
AIM: FIPP
Frontier IP Group plc
("Frontier IP" or "the Company")
Nandi Proteins Limited - Fundraising
Frontier IP, which specialises in the commercialisation of university intellectual property, is pleased to announce that its portfolio company, Nandi Proteins Limited ("Nandi"), has completed a funding round totalling £660,000 (gross). The round comprises capital from new shareholders of £575,000 and existing debt conversion totalling £85,000. New investors include Parkwalk Technology Funds and Quilter Cheviot Limited.
As part of the funding round, Frontier IP has converted part of the debt owed to it by Nandi into 3,738 Nandi shares, bringing Frontier IP's total shareholding in Nandi to 21.49%. Following this investment round, the Company's holding in Nandi has been revalued and shows an uplift of over £0.3m. The revaluation will be recognised in Frontier IP's Annual Report & Financial Statements for the year ended 30 June 2014.
The new funding provides working capital to enable Nandi to support the roll-out of its technology to its food industry customers and partners, increase its scientific resource and continue to protect and develop its intellectual property portfolio. The investment will also enable Nandi to exploit further certain glycation technologies previously licensed to Tate & Lyle plc and now reverted to Nandi.
Nandi, spun out of Heriot Watt University Edinburgh, develops patented technology which improves the functional properties of common proteins in food and beverage applications. Nandi is focused on food industry and ingredients customers for whom its technology provides a range of benefits including lower cost, reduced fat and sugar and clean labelling with no e-numbers.
Interest in Nandi's technology is increasing, in particular with the drive to tackle obesity and other weight-related problems combined with government-led initiatives such as traffic-light food labelling, which is leading the food industry to explore new ways of reducing fats and sugars in product. Nandi's technology has potential application in a wide range of proteins used in the food industry, with the total global protein ingredient market size estimated at $10 billion (Source: UBIC Consulting Report 2014).
Neil Crabb, Chief Executive of Frontier IP, said,
"Nandi is at an important stage in its development with its innovative protein technology now at the point of roll-out. I am delighted with the strong support we received for this funding round, which reflects Nandi's very encouraging prospects."
Michael Brennand, Executive Chairman of Nandi, said,
"This funding will enable us to work closely with our partners to take our products into the food ingredient marketplace. With the increasing concern over obesity, our technology has significant relevance to food producers looking at how they can reduce fats and sugars in their products without compromising the taste experience."
Enquiries
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Frontier IP Group Plc |
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T: 0131 240 1251 |
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Neil Crabb, Chief Executive |
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Company website: www.frontierip.co.uk
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Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) |
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T: 020 7894 7000 |
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Mark Percy / Catherine Leftley, Corporate Finance |
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David Banks / Paul Jewell, Corporate Broking |
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Peterhouse Corporate Finance Limited (Joint Broker) |
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T: 020 7469 0935 |
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Jon Levinson / Lucy Williams |
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KTZ Communications |
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T: 020 3178 6378 |
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Katie Tzouliadis / Deborah Walter |
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Trade Enquiries
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Nandi Proteins Limited Michael Brennand |
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T: 07966 341801 |
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Executive Chairman |
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Notes to Editor:
Frontier IP Group plc ("Frontier IP") specialises in the commercialisation of Intellectual Property. It establishes partnerships with individual universities and research institutions to assist with their spin-out and licensing activities and helps to maximise the commercial value of technologies emerging from their research programmes. www.frontierip.co.uk.
Nandi Proteins Limited ("Nandi") is a sales, marketing, IP and licensing company spun out of Heriot Watt University, Edinburgh. The company develops patented process technology and know how to improve the functional properties of common proteins such as whey, egg and soy. The company's objective is to become a market leader in the field of denatured protein technology.
This information is provided by RNS
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