Business
Statement re Fundraising for Portfolio Client
Statement re Fundraising for Portfolio Client.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n FIPP\n27 August 2009\n\n FRONTIER IP GROUP PLC\n (\"Frontier IP Group\" or \"the Group\")\n\n Fundraising for Portfolio Client\n\nFrontier IP Group, which specialises in the commercialisation of university\nintellectual property, is pleased to announce that it has successfully closed\nits first fundraising for a portfolio client since its flotation in May this\nyear, raising a total of £1.1m gross. The fundraising was completed on behalf\nof its portfolio client, B1 Medical Limited (\"B1 Medical\"), which has developed\na range of innovative orthopaedic devices.\n\nThe fundraising attracted support from both new and existing investors. New\ninvestors included Barwell plc, the Glasgow-based angel investment company, and\nRGU Ventures Investment Fund. Existing investors who participated included the\nmanagement team of B1 Medical as well as Scottish Enterprise Co-investment Fund,\nRobert Gordon University, the University of Aberdeen, Scottish Health\nInnovations Limited and Sigma Technology Management Limited.\n\nAt the same time, B1 Medical has appointed a new Chief Executive, Dr Mark\nWickham. Dr Wickham has held a number of senior management roles in the medical\ndevice industry, most recently as Operations Director at the leading orthopaedic\nresearch centre, Smith & Nephew Research Centre, in York.\n\nNeil Crabb, Chairman of Frontier IP Group plc, commented,\n\n\"We are delighted to have raised additional funds for our portfolio client, B1\nMedical. This represents the first fundraising we have completed on behalf of a\nportfolio client since our flotation on the PLUS Market and the new funds will\nenable B1 Medical to accelerate the development of its pioneering technologies.\nWe will continue to work together with both B1 Medical and our other portfolio\nclients in order to maximise the exciting opportunities available.\"\n\nDr Wickham, Chief Executive of B1 Medical, said,\n\n\"The high growth orthopaedic sector provides an exciting opportunity for leading-\nedge new products that address real clinical needs. This investment will\nunderpin the next stage of the development of B1 Medical's innovative products,\nin particular enabling us to expand the company's marketing and sales\nresources.\"\n\nThe Directors accept responsibility for the content of this announcement.\n\nFor further information please contact:\n\nFro...