3rd Nov 2014 08:02
LONDON (Alliance News) - Frontier IP Group PLC Monday said portfolio company Nandi Proteins Ltd has completed a funding round in which it raised GBP660,000.
In a statement, Frontier IP said the funding round comprises capital from new shareholders of GBP575,000 and existing debt conversion totalling GBP85,000.
New investors include Parkwalk Technology Funds and Quilter Cheviot Ltd, the discretionary investment management firm acquired by Old Mutual PLC last month.
As part of the funding round, Frontier IP converted part of the debt owed to it by Nandi into 3,738 shares. This gives Frontier IP a 21.49% stake in the company.
Following the funding round, Frontier IP's holding in Nandi has been revalued with an uplift of more than GBP300,000. The uplift will be recognised in the intellectual property commercialisation company's year ended June 30, 2014.
Nandi, spun out of Heriot Watt University Edinburgh, develops patented technology which improves the functional properties of common proteins in food and beverage applications.
The new funding will provide it with working capital to support the roll-out of its technology to its food industry customers and partners, increase its scientific resource and continue to protect and develop its intellectual property portfolio, according to Frontier IP.
Nandi will also be able to use the investment to exploit further certain glycation technologies previously licensed to Tate & Lyle PLC and now reverted to Nandi.
"This funding will enable us to work closely with our partners to take our products into the food ingredient marketplace. With the increasing concern over obesity, our technology has significant relevance to food producers looking at how they can reduce fats and sugars in their products without compromising the taste experience," Nandi Executive Chairman Michael Brennand said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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