ASSET management group Frontier IP has completed of a £3 million share issue, the funds from which will be used to drive growth in the UK and overseas.

The oversubscribed share issue saw 7.5 million ordinary 10p shares placed at 40p. The new shares will rank pari passu with existing ordinary shares when they are admitted on Monday. Shares closed last night down 12.4 per cent at 42.5p.

Alternative investment market (AIM) listed Frontier IP said the net proceeds of the placing will fund the development of its portfolio, key relationships and allied advisory roles

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Neil Crabb, chief executive officer of Edinburgh-based Frontier IP, said he was delighted that the fundraiser had been completed successfully. “[We] welcome the support of existing and new investors. Frontier IP is now well-positioned to accelerate its growth through the development of its existing portfolio and... new opportunities in the UK and beyond.”

Following the transaction, the company’s total issued share capital will comprise 38,278,520 ordinary shares, each with voting rights.

Frontier IP helps universities and research organisations to commercialise the intellectual property arising from their research, taking an equity stake in spin-out companies and helping its portfolio companies in secure further funding.

The group works with a number of universities across the UK, including Heriot Watt University and University of Dundee.

The share issue was conducted by the company’s nominated adviser and joint broker, Cenkos Securities, with legal advice from Glasgow-based HBJ Gateley.