Frontier IP said first half numbers will beat expectations following the recent flotation of portfolio company Exscientia on Nasdaq.
“While it is clear there are many challenges facing markets and industry, we anticipate reporting a set of results for H1 2022 ahead of management expectations and continuing to build on progress in the balance of the financial year,” the investment company said in a statement.
AI-focused drug group Exscientia is worth more than US$2.2bn and on 7 January announced a strategic research collaboration with Sanofi that will see an upfront cash payment of US$100mln with the potential for US$5.2bn in total milestones plus tiered royalties
Frontier IP added it has now started to sell down some of its stake in Exscientia. It held a 1.7% stake in October.
“As at the date of this announcement a small portion has been sold in January 2022 and the group will provide a further update at the appropriate time,” it said.
Elsewhere, Frontier IP said the rest of its portfolio has continued to make good progress.
The Vaccine Group announced encouraging data on the development of its next-generation COVID-19 vaccine, Camgraphic completed a fundraising and management has been strengthened at Pulsiv, it added.
Celerum, meanwhile, yesterday launched its Truck Logistics System at a time when supply chain challenges are high on the priority list for many businesses.
“We remain confident on the group's prospects for the remainder of the financial year and beyond.”