22 Aug 2016 07:00
FOR RELEASE ON 22 august 2016
Allied Minds Secures $20 Million Debt Facility from Silicon Valley Bank
New available capital to back research, development and commercialisation of innovations from U.S. universities and U.S. federal research laboratories
Boston, MA (22 August 2016) - Allied Minds plc (LSE: ALM) ("Allied Minds" or "the Group"), a diversified holding company focused on venture creation within the life science and technology sectors, announces today that it has secured a $20 million, one-year revolving debt facility from Silicon Valley Bank ("SVB"). The facility is secured over certain assets of the Group. To secure the facility, the Group was required to meet certain financial strength tests set by SVB.
Chris Silva, CEO of Allied Minds, said: "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. The SVB facility further diversifies our capital structure and is a powerful endorsement of the Group's growth and development prospects."
Glen Mello, Managing Director of SVB, said: "Allied Minds and SVB are aligned in their mission to help innovative companies in the life science and technology sectors to be successful. It is our pleasure to continue Silicon Valley Bank's partnership with Allied Minds."
For more information, please contact:
Allied Minds plc | +1 617 419 1800 |
Chris Silva, Chief Executive Officer | www.alliedminds.com |
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Silicon Valley Bank | +1 617 630 4100 |
Glen Mello, Managing Director | http://www.svb.com/office/boston/ |
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Citigate Dewe Rogerson |
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Patrick Donovan/Rob Newman | +44 20 7638 9571 |
| alliedminds@citigatedr.co.uk |
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
About Allied Minds
Allied Minds (LSE: ALM) is a diversified holding company focused on venture creation within the life science and technology sectors. With unparalleled access to hundreds of university and federal labs across the U.S., Allied Minds forms, funds, and operates a portfolio of companies to generate long-term value for its investors and stakeholders. Based in Boston, with nationwide presence in Los Angeles and New York, Allied Minds supports its businesses with capital, central management, and shared services. For more information, please visit www.alliedminds.com.
Allied Minds Forward-Looking Statement
This press release contains statements that are or may be forward-looking statements, including statements that relate to the company's future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risk and uncertainties described in the risk factors included in the company's regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies of the company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure and Transparency Rules, neither the company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.