Business
Portfolio news - Exscientia raises $60 million
Portfolio news - Exscientia raises $60 million.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 8314N\n Frontier IP Group plc\n 26 May 2020\n \n \n \n \n \n AIM: FIPP\n \n \n 26 May 2020\n \n \n \n \n \n \n \n \n Frontier IP Group Plc\n \n \n (\"Frontier IP\" or the \"Group\")\n \n \n \n \n \n Portfolio news - Exscientia raises $60 million in Series C financing round led by Novo Holdings\n \n \n \n \n \n Frontier IP, a specialist in commercialising intellectual property, notes that portfolio company Exscientia Limited (\"Exscientia\" or the \"Company\"), a world leader in AI-driven drug discovery, has raised $60 million through a Series C financing round. \n \n \n \n \n \n The new capital will be used to expand Exscientia's existing portfolio and pipeline and to accelerate international expansion, including in the USA. The Company has demonstrated high growth and met significant milestones. Earlier this year, it announced that the first ever drug designed by AI had entered Phase I human clinical trials in partnership with Sumitomo Dainippon Pharma. \n \n \n \n \n \n The financing round has been led by new investor Novo Holdings with existing investors - Evotec, Bristol Myers Squibb, and GT Healthcare Capital Partners (through its LPs) - participating. Robert Ghenchev, Senior Partner and Head of Novo Growth, joins Exscientia's board of directors as part of the financing round. \n \n \n \n \n \n As a result of the financing round, Frontier IP now holds a 2.4 per cent equity stake in Exscientia. Based on the Group's trading for the year to date, the outlook for Frontier IP for the remainder of the financial year ending 30 June 2020, including in relation to the Group's overall portfolio valuation, remains in line with management expectations following the completion of the Exscientia financing round.\n \n \n \n \n \n Exscientia statement in full:\n \n \n \n \n \n Exscientia raises $60 million in Series C financing round led by Novo Holdings\n \n \n \n \n \n 26th May 2020, Oxford, Copenhagen, and Hamburg \n \n \n \n \n \n Exscientia, the world leading artificial intelligence (AI) drug discovery company, today announced it has raised $60 million in a Series C financing round. The financing round has been led by new investor Novo Holdings with existing investors - Evotec, Bristol Myers Squibb, and GT Healthcare Capital...