Cambridge Raman Imaging raises £1.1 million
Source: RNS
REACH
AIM: FIPP
24 May 2022
Frontier IP Group plc
("Frontier IP" or the "Group")
Portfolio news - Cambridge Raman Imaging raises £1.1 million to accelerate technology scale up
Frontier IP, a specialist in commercialising intellectual property, today announces that portfolio company Cambridge Raman Imaging ("CRI" or the "Company") has raised £1.1 million through an equity funding round from existing and new investors.
The fundraising values CRI at £6.1 million post new money. Frontier IP invested £334,000 in the round and now holds a 26.8 per cent equity stake in the Company. The investment included a £95,000 loan conversion with the remainder being made in cash.
CRI will invest the proceeds to accelerate commercialisation of its high-speed Raman imaging technology and artificial intelligence ("AI") supported diagnostics, initially for use in medical devices to diagnose and support treatment of diseases, such as cancer. In particular, the Company aims to further develop the first commercial prototype of a Raman imaging microscope, image generation, and the AI software. It has signed a collaboration agreement with Motic, a maker of medical imaging devices.
The technology uses graphene-based ultra-fast fibre lasers to generate hyperspatial digital images of patient tissue which are analysed by the AI. Because the images are digital, they remove the need for intrusive chemical staining of tissue and can be viewed remotely. This allows histopathologists to work more efficiently and to support regions and countries short of qualified staff. In the longer term, the technology has the potential to support more personalised treatments for cancer.
CRI is also involved in two important pan-European projects. CRIMSON is a 10-strong consortium developing technology to monitor diseases unfolding at a molecular level in cells and tissue in real time. This will help to deepen understanding of the cellular origin of disease and to enable the creation of new treatments. It is backed by €5 million in funding from the European Commission.
The second project, CHARM, aims to develop a medical device based on high-speed, low-cost Raman digital imaging technology and AI to transform cancer diagnosis and treatment. CRI is coordinating the project between five partners. It is supported by €3.3 million from the European Innovation Council, Europe's flagship innovation programme to identify, develop and scale up breakthrough technologies.
In July 2020, Frontier IP announced Cambridge Raman Imaging had raised £250,000 valuing it at £1.5 million.
Cambridge Raman Imaging Chief Executive Officer, Dr Matteo Negro, said: "The technology being developed by Cambridge Raman Imaging has the potential to transform diagnosis and treatment of diseases such as cancer, and open the way for more personalised treatments too. This funding will provide the support needed to develop our prototype imaging system and the artificial intelligence to analyse the images generated."
Neil Crabb, Chief Executive Officer of Frontier IP Group, said: "We are very encouraged by the progress Cambridge Raman Imaging has made to date and are very much looking forward to the future development of the technology as it scales up to commercialisation, supported by this funding round."
ENQUIRIES
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Frontier IP Group Plc |
T: 020 7332 2338 |
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Neil Crabb, Chief Executive Andrew Johnson, Communications and investor relations andrew.johnson@frontierip.co.uk Company website: www.frontierip.co.uk |
M: 07464 546 025 |
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Allenby Capital Limited (Nominated Adviser) |
T: 0203 328 5656 |
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Nick Athanas / George Payne
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ABOUT FRONTIER IP
Frontier IP unites science, finance and industry by identifying strong intellectual property and accelerating its development through a range of commercialisation services. A critical part of the Group's work is involving relevant industry partners at an early stage of development to ensure technology meets real world demands and needs.
The Group looks to build and grow a portfolio of equity stakes and licence income by taking an active involvement in spin-out companies, including support for fund raising and collaboration with relevant industry partners at an early stage of development.
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