Nandi Proteins Ltd: Further Successful Fundraising
AIM: FIPP
7 March 2016
Frontier IP Group Plc
("Frontier IP" or the "Group")
Nandi Proteins Limited - Further Successful Fundraising
Frontier IP, which specialises in the commercialisation of intellectual property, is pleased to announce that the latest funding round for its portfolio company Nandi Proteins Limited ("Nandi") has been achieved, at a valuation of £7.57 million, at twice the price per share of the previous fundraising in November 2014.
Nandi has raised £250,000 from new and existing investors, which will result in Frontier IP's holding in Nandi being revalued upwards by £0.78 million. The increase will be recognised in the Group's forthcoming half-year results for the period ended 31 December 2015. Frontier IP retains a 20.8% holding in the issued share capital of Nandi.
Nandi, which spun out from Heriot-Watt University, Edinburgh, is commercialising a patented protein process technology which can reduce sugars, fats and emulsifiers in processed food without adversely impacting taste and texture. Nandi's technology is being rolled out at a time when food companies are under increasing legislative pressure to reduce the level of these ingredients in their products. Nandi's technology enables food industry customers to remain competitive in response to healthier eating trends using sustainable, naturally-occurring proteins in food manufacture.
This funding will enable Nandi to develop further its relationships with multinational food companies, where strong interest has already been shown, extend its product range and prepare for scale-up.
Dr. Lydia Campbell, Chief Technology Officer of Nandi, said:
"Frontier IP has been instrumental in successfully securing this fundraising which will leverage our relationships in the food sector at a time when the industry is seeking effective ways to address consumer health. The potential of Nandi's technology to address the health of consumers is increasingly recognised by major food companies and we are now investing to commercialise our technology to address this demand."
Neil Crabb, Chief Executive of Frontier IP, said:
"Nandi's technology enables food companies to improve the nutritional profile of their products. Frontier IP has been delighted to assist with Nandi's funding round and will continue to deploy its resources to support the rapid commercialisation of this timely technology which offers a solution to such an urgent requirement for the food industry."
Enquiries
|
Frontier IP Group Plc |
|
T: 0131 240 1251 |
|
Neil Crabb, Chief Executive |
|
|
|
|
|
|
|
Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) |
|
T: 020 7894 7000 |
|
David Foreman, Catherine Leftley, Corporate Finance |
|
|
|
David Banks, Corporate Broking |
|
|
|
|
|
|
|
Peterhouse Corporate Finance Limited (Joint Broker) |
|
T: 020 7469 0935 |
|
Lucy Williams |
|
|
|
|
|
|
|
Kreab (Financial PR) |
|
T: 020 7074 1800 |
|
Robert Speed, Matthew Jervois |
|
|
Notes to Editor:
About Frontier IP Group plc
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 Proteins Limited
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.
Dr. Lydia Campbell, Chief Technology Officer of Nandi, has led the development of Nandi's breakthrough technology. She holds a PhD in Biochemistry from the University of Witwatersrand, South Africa and has completed a post-doctoral study in protein chemistry. Lydia has extensive R&D and product application experience gained during 9 years with Nestle Switzerland, Germany and South Africa.
This information is provided by RNS
Latest directors dealings
- 7 hours ago Johnson Matthey
- 9 hours ago Galliford Try
- 9 hours ago Galliford Try
- 9 hours ago Centrica
- 10 hours ago Smith & Nephew