[August 27, 2015] |
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Allied Minds Announces Half-Yearly Results
Allied Minds (LSE: ALM), an innovative U.S. science and technology
development and commercialization company, today announced its
half-yearly results for the six months ended 30 June 2015.
"Since becoming a public company one year ago, Allied Minds has made
solid strategic progress and has delivered on multiple commitments to
shareholders. We have created six new subsidiaries, formed a historic
joint venture with Bristol-Myers Squibb, attracted $75.2m in third party
investment for subsidiary acceleration, and made significant
advancements in a number of our key subsidiaries through strategic
collaborations, licenses and co-developments. We have had a strong first
half of 2015 and have delivered on the most important elements of our
plan for the first year post-IPO. Most importantly, Allied Minds is well
positioned for the remainder of this year and beyond."
- Chris Silva, Chief Executive Officer
Overview
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Named Peter Dolan, the former Chairman and CEO of Bristol-Myers
Squibb, as Chairman of the Board of Directors and welcomed Kevin
Sharer, the former Chairman and CEO of Amgen, to the Board; Messrs.
Dolan and Sharer bring a wealth of experience and expertise to help
oversee and guide our growing portfolio of life-science and
high-technology companies. In addition, we appointed Richard Davis (News - Alert), an
Allied Minds' Director since 2011, and a Partner and Chief Operating
Officer at Pegasus Capital Advisors, to serve as our Senior
Independent Director.
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Launched two new projects: (i) entered into a license agreement with
Harvard University through Allied-Bristol Life Sciences, to develop
novel therapies for fibrotic and autoimmune diseases, and (ii) created
the new subsidiary company BridgeSat, to develop an optical
connectivity system for Low Earth Orbit satellites.
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Continued strong commercial progress across the subsidiary portfolio,
led by:
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Spin Transfer Technologies entering into a co-development contract
with a major semiconductor original equipment manufacturer (OEM);
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Federated Wireless receiving the necessary regulatory authority to
go to market with its proprietary Spectrum (News - Alert) Access System, by
virtue of the Federal Communications Commission's (FCC) unanimous
decision to approve the formal Rule & Order governing the dynamic
sharing of federal spectrum in the 3.5 GHz band; and
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SciFluor Life Sciences successfully completing a $30.0 million
equity financing, and adding Dr. William Koster, the former
President and CEO of Neurogen Corp. and 30-year veteran of
Bristol-Myers Squibb, as its Chairman of the Board.
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Launched the Allied Minds Fellows Program, an initiative that will
enable an elite group of graduate students and post-doctoral
researchers from top-tier U.S. research institutions to assist the
Company with technology scouting, diligence, market discovery and
investment analysis in support of the Company's corporate and
subsidiary company activities.
Period Highlights
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Spin Transfer Technologies executed the first phase of a new, unique
partnership with a major electronics company. This joint development
agreement, the first phase of an anticipated two phase structure,
establishes early stage development cooperation, and anticipates
expanded, longer term co-development, manufacturing support, and
supply chain commitments. Technology development also remains on track
for producing demonstrator chips (DM1) in Q4 2015 that will generate
commercially relevant data for evaluation by potential partners and
customers.
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SciFluor successfully raised $30.0 million in a Series A preferred
stock financing. Further, Dr. William Koster joined a the Chairman of
the Board. Dr. Koster previously served as President and Chief
Executive Officer of Neurogen Corp., a NASDAQ-listed biotechnology
company engaged in neuroscience R&D. He also spent 30 years with
Bristol-Myers Squibb Co. in various roles that included Senior Vice
President overseeing worldwide drug discovery research and early
clinical development.
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Allied-Bristol Life Sciences entered into a license agreement with
Harvard University with respect to research and intellectual property
developed by Professor Malcolm Whitman, and commenced a project to
create novel therapeutics for the treatment of fibrotic and autoimmune
diseases.
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Federated Wireless announced its support of the Federal Communications
Commission's (FCC (News - Alert)) unanimous decision to approve the formal Rule &
Order governing the dynamic sharing of federal spectrum in the 3.5 GHz
band, thereby ensuring the necessary regulatory authority for
Federated Wireless to go to market with its proprietary Spectrum
Access System.
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Allied Minds established BridgeSat, in collaboration with The
Aerospace Corporation, Draper Laboratory, Massachusetts Institute of
Technology Assistant Professor Dr. Kerri L. Cahoy and the graduate
student team in the Space, Telecommunications, Astronomy, and
Radiation (STAR (News - Alert)) Laboratory, to develop an optical connectivity system
that aims to increase the speed, security and efficiency of data
transmissions from Low Earth Orbit satellites compared to traditional
radio frequency solutions.
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SiEnergy Systems was awarded a grant for $300,000 through the
Massachusetts Clean Energy (News - Alert) Center's AmplifyMass Program. The grant is
designed to supplement funding provided to recipients of the Advanced
Research Projects Agency-Energy (ARPA-E) program, which SiEnergy won
last year. The company is being recognised for its efforts to develop
a hybrid electrochemical system that performs as both a fuel cell and
battery.
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Optio Labs purchased the assets of Maryland-based security company
Oculis Labs, and its CEO, Dr. Bill Anderson, joined Optio Labs as
Chief Product Officer. Oculis Labs develops products that protect data
displayed on a computer and mobile device screens from visual
eavesdroppers.
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Biotectix announced that its AmplicoatTM electro-conductive
polymer coating had been licensed by Acutus Medical for use on the
their real-time 3D Cardiac Chamber Imaging and Dipole Density Mapping
system.
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Recorded Group revenue during the first half 2015 of $1.5 million,
down from $2.9 million during the same period last year; the decrease
primarily reflects slower than expected sales progress at RF Biocidics.
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Maintained strong balance sheet, with net cash and investments at 30
June 2015 of $237 million (FY14: $262m), enabling Allied Minds to
further invest in forming, developing and commercialising potentially
disruptive technologies.
Post-period-end Highlights
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Allied-Bristol Life Sciences entered into a license agreement with
Yale University with respect to research and intellectual property
developed in the laboratory of Dr. David Spiegel. The proprietary
platform, and associated lead molecules known as Antibody-Recruiting
Molecules (ARMs), provide a novel approach for the treatment of cancer.
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Tinnitus Treatment Solutions (TTS), executed a new, unique partnership
with Your Hearing Network. This partnership will dramatically expand
the reach of TTS by roughly 1,000 hearing healthcare sites.
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Percipient's STRONGARM product was selected by R&D Magazine as a
finalist for a 2015 R&D 100 Award in the Software/Services category.
An R&D 100 Award recognises the 100 most technologically significant
products introduced in the past year.
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Optio Labs announced the release of PrivateEye Enterprise 5.0, a major
upgrade to its data security and compliance software product that
protects computer screens against data leakage and insider threats.
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Whitewood Encryption Systems introduced the Entropy EngineTM,
a cost-effective, quantum-powered random number generator, which is
designed for any application that incorporates cryptography or relies
on high-quality random data.
HY15 Financial Highlights
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Net cash and investments* at 30 June 2015: $237 million (FY14: $262m).
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Revenue: $1.5 million (HY14: $2.9m).
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Net loss: $39.1 million (HY14: $27.2m), of which $30.4 million
attributable to Allied Minds (HY14: $21.9m).
*includes excess cash in the form of fixed income securities.
A full copy of the Half-Yearly Report is available on our website (www.alliedminds.com)
under Investors/Reports and Presentations.
About Allied Minds
Allied Minds is an innovative U.S. science and technology development
and commercialization company. Operating since 2006, Allied Minds forms,
funds, manages and builds products and businesses based on innovative
technologies developed at leading U.S. universities and federal research
institutions. Allied Minds serves as a diversified holding company that
supports its businesses and product development with capital, central
management and shared services. More information about the Boston-based
company can be found at www.alliedminds.com.
Allied Minds Forward-Looking Statement
This press release and the Half-Yearly Report contain 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 risks 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150826006093/en/
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