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Allied Minds secures debt funding and raises funds for drug programme

Mon, 22nd Aug 2016 07:07

(ShareCast News) - Venture capital-style investor Allied Minds has arranged a one-year debt facility Silicon Valley Bank in the US, while its drug discovery subsidiary has raised funds for its leading project from institutional investors.Secured over certain group assets, the $20m one-year facility from the SVB has diversified the capital structure and is "a powerful endorsement of the group's growth and development prospects", said chief executive Chris Silva.Meanwhile, as planned, the $15m equity raising by joint venture Allied-Bristol Life Sciences (ABLS) for the 'ABLS II' subsidiary came after the successful completion of a drug candidate feasibility programme for novel therapeuties to treat fibrotic and autoimmune diseases.Allied Minds contributed some funds to up its stake in ABLS II to 35.95%, alongside $3m from joint venture partner Bristol-Myers Squibb Company, $6m from Woodford Investment Management and $3m from Invesco.ABLS Capital, which includes Allied Minds, Woodford and Invesco among its investors, will fund 80% of the next phase of development of the lead optimisation programme, with Bristol-Myers Squibb funding the remaining 20%.Meanwhile, the $20m debt facility was secured after the group met certain financial strength tests set by SVB."We are pleased to have SVB's support as we continue to build and develop our portfolio and look forward to what we anticipate will be a long-term relationship with SVB," said Silva."The SVB facility further diversifies our capital structure and is a powerful endorsement of the group's growth and development prospects."

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25 Aug 2016 08:05

Allied Minds losses increase but focus remains on future potential

(ShareCast News) - Allied Minds, the university and government technology commercialisation specialist, reported an increased loss, smaller revenue and flat value of its investment assets over the first half of the year. However, the company remains more firmly focused on investing in its various as

1 Aug 2016 08:12

Allied Minds investment SciFluor gets nod from FDA

(ShareCast News) - Life science and technology investor Allied Minds announced on Monday that one of its key subsidiaries, SciFluor Life Sciences, has achieved the necessary scientific and regulatory milestones to enter clinical trials. The FTSE 250 company said SciFluor's Investigational New Drug a

13 Jun 2016 16:35

DIRECTOR DEALINGS: Allied Minds COO Marc Eichenberger Sells Shares

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25 May 2016 10:04

Allied Minds announces successful completion of feasibility programme

(ShareCast News) - Allied Minds' partnership with Bristol-Myers Squibb (BMS), Allied-Bristol Life Sciences, has successfully completed the drug candidate feasibility programme ABLS II and has approved up to $15m to fund further development of the lead optimisation programme. ABLS II is seeking to de

25 May 2016 07:08

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Allied Minds secures £55m funding for up to ten new drugs

(ShareCast News) - Science and technology development and commercialisation company Allied Minds announced a fresh $80m (£55m) of investment commitments on Tuesday, received through its newly-formed subsidiary ABLS Capital. The FTSE 250 firm said the funding would allow up to ten potential lead opti

26 Apr 2016 06:50

Allied Minds Secures USD80 Million Commitments For Drug Development

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