Business
Portfolio news - Molendotech raises £425,000
Portfolio news - Molendotech raises £425,000.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5760L\n Frontier IP Group plc\n 01 May 2020\n \n \n \n \n RNS Reach\n \n \n AIM: FIPP\n \n \n 01 May 2020\n \n \n \n \n \n Frontier IP Group plc\n \n \n (\"Frontier IP\" or the \"Group\")\n \n \n \n Portfolio news - Molendotech raises £425,000 to accelerate development of novel rapid tests for harmful bacteria \n \n \n Frontier IP, a specialist in commercialising intellectual property, today notes the following announcement from portfolio company Molendotech Limited (\"Molendotech\" or the \"Company\") that it has raised £425,000 through an equity funding round. \n \n \n The proceeds from the equity funding round will be used by Molendotech to accelerate development and expand the applications of the Company's novel rapid testing technology for bacteria, which has attracted strong interest internationally from potential customers concerned about secondary infections as they tackle the COVID-19 outbreak. Palintest, a subsidiary of FTSE 100 group Halma plc, has already launched a commercial kit based on the technology to detect faecal bacteria in recreational water. \n \n \n The Company has also developed a novel method to detect specific pathogenic bacteria. This investment will enable further development of this technology in new markets including the food industry. The Company is collaborating with one of Europe's leading fresh produce companies, G's Group, to develop tests to detect the levels of different bacteria in fresh produce, irrigation water, wash water and food contact areas. \n \n \n The fundraising, supported by new and existing private investors, means the University of Plymouth spin out is now worth £3.9 million valuing Frontier IP's 12.6 per cent equity stake at £493,000. Before the funding round, Frontier IP held a 14.1 per cent equity stake worth £324,000. \n \n \n Frontier IP Chief Executive Officer, Neil Crabb, said: \n \"Molendotech has already made strong progress, with its technology now being commercialised by a subsidiary of major multinational hazard detection group Halma plc. The COVID-19 outbreak and the heightened need for testing of all kinds has increased interest in the Company's technology. This fundraising ensures it is well placed to accelerate development of its technology and to explore opportunities as they arise.\"\n \n \n Molendotech stat...