20th Jan 2020 12:23
(Alliance News) - Intellectual property firm Frontier IP Group PLC on Monday said an investee has raised GBP680,000 to develop new vaccines.
Vaccine Group Ltd, in which Frontier has a 17% stake, secured the financing in its first equity funding round. The fundraising values the company at GBP9.5 million, Frontier added.
Vaccine Group is developing vaccines to fight African Swine Fever, which has decimated China's pig population, and Bovine tuberculosis, found in cattle but can also affect humans.
Projects involving Vaccine Group have been granted GBP9 million in funds by the US, UK and Chinese governments, Frontier noted.
The Frontier investee is involved in government-backed programmes to fight diseases such as ebola and streptococcus suis, a bacterial disease found in pigs but which also can cause death if contracted by a human.
Frontier Chief Executive Neil Crabb said: "TVG's novel technology has huge potential to address some of the most pressing global health challenges we are facing today."
Frontier shares were 1.1% higher at 67.74 pence each in London on Monday afternoon.
By Eric Cunha; [email protected]
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