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Frontier IP Group PLC - London-based intellectual property commercialisation company - Sells 391,200 American Depositary Shares held in portfolio firm Exscientia PLC at an average price of $11.97 per ADS, totalling $4.7 million.
Sale of shares took place between June 17 and August 16.
Following the sale, Frontier IP now holds 782,400 shares in Exscientia. Proceeds from the share sale will of towards general working purposes and providing support to the group's existing portfolio firms.
‘Exscientia has been leading the way in the application of artificial intelligence to drug discovery since its formation in 2012, and we retain half of our original holding even after the substantial realisations to date. These share sales place Frontier IP in a strong financial position to cope with what we anticipate will remain a tough economic environment,’ said Chief Executive Officer Neil Crabb.
Current stock price: 73.00 pence
12-month change: down 29%
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