28/4/2021

As outlined in the Group’s interim results statement released on 24 March 2021, the Group enjoyed a strong first half to the financial year with the Group’s portfolio continuing to show strong commercial and technical progress. A growing number of the Group’s portfolio companies are approaching inflection points, reflected by the increased flow of equity fundraisings across the portfolio. As outlined in the interim results statement, this progress has continued in the second half of the Group’s financial year with further fundraising and commercialisation activity across the portfolio.

In addition, Frontier IP announced earlier today that Exscientia, a clinical stage pharmatech company using artificial intelligence to design patient-based drugs, has raised US$225 million through a Series D funding round led by SoftBank Vision Fund 2. This is expected to result in an uplift in Frontier IP’s book value for its holding which will be reflected in the Group’s results to 30 June 2021.

As a result of overall trading across the portfolio in the year to date, the Group anticipates that the outcome for the year ending 30 June 2021 will be materially ahead of management expectations with a significant contribution to the outcome being the increase in the book value of the Group’s interest in Exscientia.

We are delighted with the news released by Exscientia as well as the progress across the portfolio during the financial year to date. Whilst it is not possible for the Board to be certain on what the overall portfolio valuation will be at 30 June 2021, we expect it to be positively impacted by the material progress made at a number of companies, including Exscientia, Camgraphic and The Vaccine Group. As a result, we anticipate that the outcome for the year will be materially ahead of management expectations and we look forward to the remainder of the financial year and beyond with optimism.

Frontier IP Group Chief Executive Officer Neil Crabb