LONDON (Alliance News) - Allied Minds said it has approved up to USD15 million in funding to further Allied-Bristol Life Sciences LLC's drug development programme.
Allied-Bristol, in partnership with Bristol-Myers Squibb Co, has completed its drug candidate feasibility programme at its subsidiary ABLS II LLC, targeting small molecule therapeutics for the treatment of fibrotic and autoimmune diseases.
It is intended that ABLS Capital LLC, which includes Allied Minds, Woodford Investment Management and Invesco Asset Management among its investors, will fund 80% of the next phase of development, with Bristol-Myers funding the remaining 20%.
"Of the three subsidiaries launched by ABLS in the last 12 months to undertake development work on proprietary assets from leading research institutions, ABLS II is the first to successfully complete the drug candidate feasibility programme. It is therefore the first to obtain joint approval and funding from Allied Minds and BMS to continue the lead optimisation programme and the identification of pre-clinical drug candidates for potential sale to BMS," said Chief Executive Officer of Allied Minds Chris Silva in a statement.
Shares in Allied Minds were untraded Wednesday morning. They last closed at 332.39 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
