Anna Brown, partner at Addleshaw Goddard

The campaign by the firm, which is a specialist in commercialising intellectual property, comprised of a placing and offer for subscription.

The campaign makes it the 11th equity fundraising on which the law firm has advised since the start of lockdown and the fourth for its Scotland team.  

Frontier IP, an AIM-listed specialist in spinning out and commercialising intellectual property, has raised approximately £2.33 million by way of a Placing, carried out by its broker N+1 Singer, and an offer for subscription carried out by PrimaryBid, on behalf of the company.

The funds are being raised to increase the company’s ability to support its commercialisation and development services and to allow it to flex its business model to enable it to provide bridging finance and directly participate in fundraisings by its portfolio companies.

PrimaryBid is becoming increasingly involved in equity fundraisings and are helping to plug the gap in allowing retail investors and smaller shareholders to participate in the fundraisings. Of the more than £7 billion raised by UK Listed PLC’s since mid-March, the majority of issues have been on a non-pre-emptive basis to institutional shareholders.

Anna Brown, Glasgow-based partner at Addleshaw Goddard who led the team acting for Frontier IP, said: “Providing strong leadership and advice alongside having the ability to adapt and react quickly is one of Frontier IP’s strengths, and this fundraise means it has greater flexibility to support its portfolio companies.

“The portfolio is heavily weighted towards healthcare and infrastructure, so whether in the fight against COVID-19, or the increased focus on health and the environment, Frontier can help them face the current challenges and capitalise on the opportunities. Involving retail shareholders in the fundraising was very important and the inclusion of the PrimaryBid Offer as part of the fundraising provided a straightforward and very effective way of allowing them to participate.

“We were delighted to be part of the team to provide key resource and advice at these challenging times to support Frontier IP in a successful fundraising.”