Business
Nandi Proteins Ltd: Further Successful Fundraising
Nandi Proteins Ltd: Further Successful Fundraising.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 1514R Frontier IP Group plc 07 March 2016 \n\n \nAIM: FIPP\n7 March 2016\n \nFrontier IP Group Plc\n(\"Frontier IP\" or the \"Group\")\n \nNandi Proteins Limited - Further Successful Fundraising\n \nFrontier 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.\n \nNandi 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.\n \nNandi, 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.\n \nThis 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.\n \nDr. Lydia Campbell, Chief Technology Officer of Nandi, said:\n \n\"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.\"\n \nNeil Crabb, Chief Executive of Frontier IP, said:\n \n\"Nandi's technology enables food companies to improve...