Frontier said the headway made by TVG during the past year is likely to result in a “material valuation uplift” of its stake in the business
Frontier IP PLC () said one of its portfolio companies was making “significant progress” developing a COVID-19 vaccine for animals.
The approach pioneered by The Vaccine Group (TVG) would stop the disease jumping from one species to another and spilling over to humans.
In the update, TVG, in which Frontier holds a 17% stake, said its vaccine candidates have enjoyed success in pre-animal trial laboratory testing.
It added that it is now preparing to test the two potential vaccines in animals.
Two further vaccine candidates are also under development, investors were told, while TVG is also “investigating the longer-term potential for human vaccines”.
“It has taken TVG just eight weeks to reach its first major milestone in developing vaccines to combat COVID-19 in animals, and we are optimistic the company will continue to make strong progress,” said Frontier chief executive Neil Crabb.
Frontier said the headway made by TVG during the past year is likely to result in a “material valuation uplift” of its stake in the business. The book value of the investment as of a year ago was £1.6mln.
TVG raised £680,000 in January and, along with its international partners, has been awarded more than £9mln in grant funding from the UK, US and Chinese governments for work on a range of non-COVID-19 animal vaccines.
Read More: Frontier IP PLC hails the progress of portfolio company The Vaccines Group