Allied Minds Announces Successful Completion of ABLS II Drug Candidate Feasibility Program & Approval of Up to $15 Million t...
May 25 2016 - 2:00AM
Business Wire
- Allied-Bristol Life Sciences, LLC
(ABLS) has successfully completed the drug candidate feasibility
program at ABLS II, LLC (ABLS II)
- ABLS has approved up to $15 million to
fund further development of the lead optimization program
- ABLS II is seeking to develop novel
small molecule therapeutics for the treatment of fibrotic and
autoimmune diseases
- It is intended that ABLS Capital, LLC
(ABLS Capital) will fund 80 percent of the next phase of
development, with Bristol-Myers Squibb Company (BMS) funding the
remaining 20 percent
Allied Minds (LSE: ALM), a diversified holding company focused
on venture creation within the life science and technology sectors,
today announces that Allied-Bristol Life Sciences, LLC (ABLS), its
partnership with Bristol-Myers Squibb Company (BMS), has
successfully completed the drug candidate feasibility program at
ABLS II, LLC (ABLS II), and has approved up to $15 million to fund
further development of the lead optimization program. It is
intended that ABLS Capital, LLC, which includes Allied Minds,
Woodford Investment Management and Invesco Asset Management among
its investors, will fund 80 percent of this phase of development,
with BMS funding the remaining 20 percent.
ABLS is a drug discovery company focused on identifying and
developing biopharmaceutical innovations from leading
U.S. universities and research institutions that it believes
have significant therapeutic and commercial potential. ABLS focuses
on early-stage opportunities in key therapeutic areas including
fibrosis, cardiovascular, oncology, immunology and genetically
defined diseases. ABLS has launched three subsidiaries; ABLS I,
ABLS II and iβeCa Therapeutics to license and initiate development
work on proprietary assets from Yale University, Harvard University
and NYU School of Medicine, respectively.
ABLS II is seeking to develop novel small molecule therapeutics
for the treatment of fibrotic and autoimmune diseases, and is based
on research and intellectual property developed in the Harvard
University laboratory of Professor Malcolm Whitman.
Chris Silva, CEO of Allied Minds, said: “This is an exciting
milestone for our ABLS partnership with BMS. 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 program. It is therefore the first to
obtain joint approval and funding from Allied Minds and BMS to
continue the lead optimization program and the identification of
pre-clinical drug candidates for potential sale to BMS.”
ABLS Capital was formed last month with the sole purpose of
investing in ABLS subsidiaries as their assets enter the
Optimization Phase. ABLS II represents the first example of this
novel, de-risked approach to drug development.
Notes to Editors
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 offices 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160524006701/en/
Allied Minds plcChris Silva, +1 617-419-1800Chief
Executive Officerwww.alliedminds.comorCitigate Dewe
RogersonPatrick Donovan/Rob Newman, +44 20 7638
9571alliedminds@citigatedr.co.uk
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