Allied Minds Announces Half-Yearly Results
August 27 2015 - 2:15AM
Business Wire
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
- 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, an Allied Minds’ Director
since 2011, and a Partner and Chief Operating Officer at Pegasus
Capital Advisors, to serve as our Senior Independent Director.
- 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.
- Continued strong commercial progress
across the subsidiary portfolio, led by:
- Spin Transfer Technologies entering
into a co-development contract with a major semiconductor original
equipment manufacturer (OEM);
- Federated Wireless receiving the
necessary regulatory authority to go to market with its proprietary
Spectrum 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
- 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.
- 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
- 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.
- SciFluor successfully raised $30.0
million in a Series A preferred stock financing. Further, Dr.
William Koster joined as 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.
- 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.
- Federated Wireless announced its
support 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, thereby
ensuring the necessary regulatory authority for Federated Wireless
to go to market with its proprietary Spectrum Access System.
- 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) 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.
- SiEnergy Systems was awarded a grant
for $300,000 through the Massachusetts Clean Energy 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.
- 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.
- 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.
- 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.
- 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
- 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.
- 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.
- 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.
- 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.
- 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
- Net cash and investments* at 30 June
2015: $237 million (FY14: $262m).
- Revenue: $1.5 million (HY14:
$2.9m).
- 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.
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Media Contacts:USArcPoint Strategic
CommunicationsChristine Dunn, 617-484-1660
x101cdunn@arcpointstrategy.comorUKFTI ConsultingBen Atwell,
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