Statement re Fundraising for Portfolio Client
FIPP
27 August 2009
FRONTIER IP GROUP PLC
("Frontier IP Group" or "the Group")
Fundraising for Portfolio Client
Frontier IP Group, which specialises in the commercialisation of university
intellectual property, is pleased to announce that it has successfully closed
its first fundraising for a portfolio client since its flotation in May this
year, raising a total of £1.1m gross. The fundraising was completed on behalf
of its portfolio client, B1 Medical Limited ("B1 Medical"), which has developed
a range of innovative orthopaedic devices.
The fundraising attracted support from both new and existing investors. New
investors included Barwell plc, the Glasgow-based angel investment company, and
RGU Ventures Investment Fund. Existing investors who participated included the
management team of B1 Medical as well as Scottish Enterprise Co-investment Fund,
Robert Gordon University, the University of Aberdeen, Scottish Health
Innovations Limited and Sigma Technology Management Limited.
At the same time, B1 Medical has appointed a new Chief Executive, Dr Mark
Wickham. Dr Wickham has held a number of senior management roles in the medical
device industry, most recently as Operations Director at the leading orthopaedic
research centre, Smith & Nephew Research Centre, in York.
Neil Crabb, Chairman of Frontier IP Group plc, commented,
"We are delighted to have raised additional funds for our portfolio client, B1
Medical. This represents the first fundraising we have completed on behalf of a
portfolio client since our flotation on the PLUS Market and the new funds will
enable B1 Medical to accelerate the development of its pioneering technologies.
We will continue to work together with both B1 Medical and our other portfolio
clients in order to maximise the exciting opportunities available."
Dr Wickham, Chief Executive of B1 Medical, said,
"The high growth orthopaedic sector provides an exciting opportunity for leading-
edge new products that address real clinical needs. This investment will
underpin the next stage of the development of B1 Medical's innovative products,
in particular enabling us to expand the company's marketing and sales
resources."
The Directors accept responsibility for the content of this announcement.
For further information please contact:
Frontier IP Group T: 0131 220 9444
Neil Crabb, Chairman
Biddicks T: 020 7448 1000
Katie Tzouliadis/ Sophie Lane
Ruegg & Co Limited T: 020 7448 4471
Gavin Burnell/ Brett Miller
About Frontier IP Group plc
www.frontierip.co.uk
Based in Edinburgh, Frontier IP specialises in the commercialisation of the
intellectual property developed by universities and research institutions. It
establishes partnerships with individual universities and research institutions
to assist with their spin-out activities and so helps to maximise the commercial
value of technologies emerging from their research programmes.
Frontier IP is a subsidiary of Sigma Capital Group plc, the AIM quoted, UK-based
asset management group.
About B1 Medical Limited
www.b1medical.com
B1 Medical is a unique collaboration focused on the commercialisation of
intellectual property in the field of orthopaedics from the NHS Grampian, the
University of Aberdeen and Robert Gordon University. It received first round
funding in July 2006 of £1.3m from the Sigma Technology Venture Fund and the
Scottish Co-investment Fund. It has developed a range of innovative orthopaedic
devices based on intellectual property licensed from the founding institutions
and has an ongoing pipeline agreement giving it access to future inventions.
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