A technology-focused investment firm with strong links to Dundee University said it has made “encouraging progress” despite posting a further loss.
Edinburgh-based Frontier IP, which specialises in the commercialisation of intellectual property arising from university research, saw losses narrow marginally from £380,000 in 2012 to £368,000 in the year to June 30.
However, AIM-listed Frontier said it had made significant headway during the year with three new spin-out companies added to its portfolio and a new collaboration agreement signed with Dundee University to exploit future commercial drug development opportunities.
Frontier said it also achieved its first licensing contribution and equity stake from its Plymouth University partnership in the period, while also signing a memorandum of understanding with Iberdrola and Narec Capital over collaborative work in the energy sector.
The firm’s portfolio of Dundee University related businesses include Aridhia Informatics, Rapid Quality Systems, GlycoBioChem, Circa Connect and Kinetic Discovery Ltd.
Frontier said it was in discussions over how to commercialise intellectual property arising from the drug discovery unit at Dundee University.
“We entered into a collaboration with the Unievrsity of Dundee designed to exploit opportunities in commercial drug development,” AIM-listed Frontier told investors in an update.
“Our fund management activities are progressing with a number of partners. In particular, as part of our collaboration agreement with the University of Dundee. we are exploring the establishment of a funding vehicle for its Drug Discovery Unit.”
Frontier IP chairman Andrew Richmond said that the company fund management activities had moved forward and he expected “further positive momentum across our activities over the new financial year”.
“I am pleased to report that the group has made good progress over the year across a number of fronts,” Mr Richmond said.
“We acquired equity in three new spin-out companies, taking the total number of companies in our portfolio to 13. We have also seen encouraging developments in a number of our portfolio companies.”