Portfolio News- Nandi Proteins Limited Fundraising
RNS
AIM: FIPP
20 July 2017
Frontier IP Group Plc
("Frontier IP" or the "Group")
Portfolio News- Nandi Proteins Limited Fundraising
Frontier IP, which specialises in the commercialisation of intellectual property, is pleased to announce the completion of a fundraising for portfolio company Nandi Proteins Limited ("Nandi" or "the Company"). Nandi has raised approximately £1 million from new and existing investors, to further its commercialisation and enable scale-up.
Nandi, which spun out from Heriot-Watt University, Edinburgh, commercialises a patented, platform technology which enables food manufacturers to significantly reduce the sugar, fat and additive content in foods.
Nandi's technology offers a range of potential benefits to multinational food companies including competitive advantage through increased market share as consumer preference shifts towards healthier products and clean labelling, principally through the elimination of emulsifiers.
The funding will provide Nandi with working capital to help fund its scale up, enabling product trials and sample production and recruiting key personnel to steer growth.
This funding, totalling £1,009,974, was achieved at a valuation of approximately £10 million, reflecting a 32% increase to the price per share over the previous fundraising. The resulting revaluation of the Group's holding in the issued share capital of Nandi was recognised in the Group's half-year results at 31 December 2016.
Dr. Lydia Campbell, Chief Technology Officer of Nandi, said:
"We are delighted to have secured this additional funding, which creates a platform for Nandi's growth. Our technology addresses head-on some of the major ingredients issues currently facing the food industry as consumers increasingly seek healthier options.".
Neil Crabb, Chief Executive of Frontier IP, said:
"Nandi remains a core portfolio company for Frontier IP and we are delighted to have successfully completed this financing round which will help Nandi to secure the commercialisation of its transformational technology which materially reduces sugar, fat and emulsifiers in processed foods.".
ENDS
For further information:
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Frontier IP Group Plc |
T: 0131 240 1251 |
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Neil Crabb, Chief Executive Company website: www.frontierip.co.uk |
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Cenkos Securities plc (Nominated Adviser and Joint Broker) |
T: 0131 220 6939 |
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Neil McDonald / Beth McKiernan |
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Peterhouse Corporate Finance Limited (Joint Broker) |
T: 020 7469 0935 |
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Lucy Williams |
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Kreab (Financial PR) |
T: 020 7074 1800 |
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Robert Speed / Matthew Jervois |
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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
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.
This information is provided by RNS
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