By Duncan Ferris
Date: Monday 19 Feb 2018
LONDON (ShareCast) - (ShareCast News) - Frontier IP's portfolio company Molendotech has received a total of £0.5m in its first fundraising, which will be invested in three separate tranches.
Following the investment of the third tranche, Frontier will hold approximately 14% of the issued share capital of Molendotech, a water testing company founded in June 2017.
Neil Crabb, chief executive of Frontier IP, said: "We are delighted that Molendotech has attracted significant backing so soon after its formation. This funding is a clear demonstration of confidence in both the technology and the stature of the partners it is able to bring in."
Molendotech focuses on developing a test which identifies the concentration of faecal bacteria in water, allowing analysis of water quality and the determination of any pollution source.
The Frontier subsidiary recently entered into a collaboration agreement with Palintest, a subsidiary of FTSE-100 listed company Halma.
Simon Jackson, director of Molendotech, said: "Securing significant investment at this early stage is a great achievement and confirmation of the commercial potential of Molendotech products. This funding will enable us to realise our business plans and develop a portfolio of water testing assays for different markets."
At 0852 GMT, Frontier IP's shares were up 3.3% to 86.25p.
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Currency | UK Pounds |
Share Price | 39.00p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 56.00p |
52 Week Low | 29.00p |
Volume | 2,561 |
Shares Issued | 56.17m |
Market Cap | £21.91m |
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No dividends found |
Time | Volume / Share Price |
13:57 | 125 @ 39.96p |
10:10 | 5 @ 39.96p |
08:04 | 2,031 @ 40.00p |
08:02 | 400 @ 40.00p |
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