Frontier IP fields $3.1m profit

UK-based commercialisation firm Frontier IP almost trebled its pre-tax profit to generate £2.4m ($3.1m) during the 2018-19 period compared with $1.2m the previous year.
The company’s statements for the year to June 30, 2019 also show a fair value portfolio increase of 47% to $16.9m from $11.9m in 2017-18.
Its cash pile stood at $1.9m at the end of the reporting period, up 36.4% year-on-year, while total revenues escalated by 81% to reach $5.5m.
Frontier IP had 17 portfolio businesses by the end of 2018-2019, having launched four new spinouts including three founded in partnership with Portuguese universities and with support from the UK Department for International Trade.
The firm regards its investments as having made “good commercial progress” with “strong” industry engagement that has been reflected in the fair value increase.
Highlights over the period include a $26m series B round in January 2019 for small molecule discovery company Exscientia – a University of Dundee spinout – that attracted drug developers Celgene and Evotec.
Andrew Richmond, chairman of Frontier IP, said: “The year to June 2019 saw Frontier IP and its portfolio companies make strong progress despite the uncertain political, economic and market environments in which we operate.
“We materially increased the value of our portfolio, gained four new spinouts, including the first three from our partnerships in Portugal, and further strengthened our relationships with industry, universities and academics.”