Business
Portfolio – Cambridge Raman Imaging loan facility
Portfolio – Cambridge Raman Imaging loan facility.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n\nRNS\nAIM: FIPP\n28 June 2024\n \nFrontier IP Group plc\n(\"Frontier IP\" or the \"Group\")\n \nPortfolio news - Cambridge Raman Imaging loan facility of up to £0.6 million to support accelerated growth\n \nFrontier IP, a specialist in commercialising intellectual property, announces that its portfolio company Cambridge Raman Imaging Ltd (\"CRI\" or the \"Company\") has put in place a loan facility with Frontier IP of up to £0.6 million (the \"Loan Facility\") to fund CRI's short-term working capital requirements during a period of accelerated growth. Upon completion of the Loan Facility, CRI has drawn down an initial £0.2m under the Loan Facility.\n \nCRI has developed and patented graphene-enhanced ultra-fast fibre lasers for high-speed coherent Raman spectroscopy, initially for use in clinical diagnosis and biotech research. The Company, a spin-out from the University of Cambridge and the Politecnico di Milano in Italy, is combining its laser technology with advanced microscopy. The technology enables label free discovery of not just morphology but also chemical composition which is relevant for both diagnosis and research.\n \nThe technology launched earlier this year. Revenues to date are trending ahead of CRI's management expectations, with growth being accelerated by this working capital facility in advance of a planned equity round that is anticipated for CRI in the coming months.\n \nThe key terms of the Loan Facility are:\n \na) Frontier IP grants to CRI an unsecured term loan facility of a total principal amount not exceeding £600,000;\nb) the Loan Facility will bear interest at a rate of 10% per annum from the date on which the first loan amount under the Loan Facility is drawn by CRI;\nc) CRI shall use all money borrowed under the Loan Facility for general working capital purposes;\nd) the Loan Facility shall have availability to CRI until 31 December 2024;\ne) CRI may, on any business day until 31 December 2024, drawdown on the Loan Facility by sending Frontier IP a duly completed drawdown request with the aggregate amount not exceeding £600,000;\nf) the amount of each drawdown by CRI must be not less than £10,000 and must correspond to CRI's anticipated revenues fr...