27 Aug 2009
26 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
The Directors accept responsibility for the content of this announcement.
For further information please contact:
Neil Crabb, Chairman
Frontier IP Group
T: 0131 220 9444
Katie Tzouliadis/ Sophie Lane
T: 020 7448 1000
Gavin Burnell/ Brett Miller
T: 020 7584 3663
About Frontier IP Group plc
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
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.