26th May 2020 14:46
(Alliance News) - Frontier IP Group PLC on Tuesday said its portfolio company Exscientia has raised USD60 million in its series C financing round.
Frontier IP holds a 2.4% stake in artificial intelligence drug discovery company Exscientia.
The intellectual property investment company said the round was led by new investor Novo Holdings AS. Other participants include biotechnology company Evotec AG, American pharmaceutical company Bristol Myers Squibb, and investment advisor GT Healthcare Capital Partners.
Frontier IP said Exscientia will use the new cash to expand its existing portfolio and pipeline, as well as accelerate international expansion including in the US.
Separately, Frontier said it expects trading for the remainder of financial 2020, ending June 30, to be in line with expectations.
Frontier IP stock was trading 4.7% higher at 65.95 pence each on Tuesday afternoon in London.
By Ife Taiwo; [email protected]
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