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Allied Minds Secures USD80 Million Commitments For Drug Development

Tue, 26th Apr 2016 06:50

LONDON (Alliance News) - Investment company Allied Minds PLC on Tuesday said it secured funding commitments for up to ten drug discovery programmes through its newly formed ABLS Capital business.

Allied Minds said it secured USD80.0 million from investors for the ABLS Capital business, including Woodford Investment Management and Invesco Asset Management.

ABLS will fund 80% of the lead optimisation phase of up to ten new drug candidates which pass initial feasibility studies funded by Allied Bristol Life Sciences, a partnership with US drug company Bristol-Myers Squibb Co.

ABLS will be able to invest in early-stage subsidiary companies of Allied Bristol Life Sciences.

"This is another exciting step forward for achieving the goals of ABLS, which was formed less than two years ago. Backed by supportive new investors and together with our partner Bristol-Myers Squibb, we have secured sufficient funding commitments for the pre-clinical development of up to ten drug candidates. Each of these have the potential to address areas of great unmet medical need across very sizeable markets," said Allied Minds Chief Executive Chris Silva.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance