Portfolio News - Molendotech Secures First Funding
FIPP RNS Reach
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio News - Molendotech Secures First Funding
Frontier IP, which specialises in the commercialisation of intellectual property, is pleased to announce the completion of a first fundraising for portfolio company Molendotech Limited ("Molendotech" or "the Company"). Molendotech has received a commitment totalling £0.5 million which will be invested in three tranches. Frontier IP will hold approximately 14% of the issued share capital of Molendotech following the investment of the third tranche.
Molendotech develops a novel test which is able to identify the concentration of faecal bacteria in water. Molendotech's rapid, point-of-use test to determine water quality enables more informed decision-making about the use of water and significantly improves the ability to identify and track any pollution source. The Company recently entered into a collaboration agreement with Palintest Limited ("Palintest"), a subsidiary of FTSE-100 company Halma plc, for the development and licencing of water testing products.
This capital has been raised to support the development of further water testing products, initial sales and its expansion into new markets.
Professor Simon Jackson, Director of Molendotech, said, "Securing significant investment at this early stage is a great achievement and confirmation of the commercial potential of Molendotech products. This funding will enable us to realise our business plans and develop a portfolio of water testing assays for different markets."
Neil Crabb, Chief Executive of Frontier IP, said, "We are delighted that Molendotech has attracted significant backing so soon after its formation. This funding is a clear demonstration of confidence in both the technology and the stature of the partners it is able to bring in."
For further information:
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Frontier IP Group Plc Neil Crabb, Chief Executive Company website: www.frontierip.co.uk |
T: 0131 240 1251 |
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Cenkos Securities plc (Nominated Adviser and Joint Broker) Neil McDonald / Beth McKiernan |
T: 0131 220 6939 |
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Peterhouse Corporate Finance Limited (Joint Broker) Lucy Williams |
T: 020 7469 0935 |
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Kreab (Financial PR) Robert Speed / Matthew Jervois |
T: 020 7074 1800 |
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 Molendotech
Molendotech Limited was created to develop and commercialise the work of Simon Jackson, Professor of Environment and Human Health within the Plymouth University, Peninsula Schools of Medicine and Dentistry. Molendotech develops a rapid assay to screen water for faecal contamination. Current tests on the market may take hours or even days to show results, whereas Molendotech's technology typically produces results in under 15 minutes. A patent has been filed in relation to the technology, which has already been granted in the US for recreational waters.
This information is provided by RNS
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