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(Sharecast News) - Frontier IP responded to recent share price movement on Friday, confirming that its portfolio company CamGraPhIC had secured approval from the European Commission for a 211m Italian government funding measure.
The AIM-traded intellectual property commercialisation specialist said the EC had cleared the state aid under EU rules to support the development of graphene-based photonic optical transceivers by CamGraPhIC, an Italian SME.
CamGraPhIC is a wholly-owned subsidiary of 2D Photonics SpA, in which Frontier IP holds an interest through its portfolio.
Frontier IP said it became aware of the approval following publication of the Commission's decision, and expected to provide a further update to the market in due course.
At 1229 BST, shares in Frontier IP Group were up 44.55% at 15.9p.
Reporting by Josh White for Sharecast.com.
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