Allied Minds PLC Allied Minds' Subsidiary ABLS II Raises $15m (6643H)
August 22 2016 - 2:00AM
UK Regulatory
TIDMALM
RNS Number : 6643H
Allied Minds PLC
22 August 2016
22 AUGUST 2016
Allied Minds plc
Allied Minds' Subsidiary ABLS II Raises $15 million
-- On 25 May 2016, Allied-Bristol Life Sciences, LLC (ABLS)
announced that it had successfully completed the drug candidate
feasibility programme at ABLS II, LLC (ABLS II) for novel small
molecule therapeutics for the treatment of fibrotic and autoimmune
diseases
-- ABLS II has now raised $15 million of new equity in a Series
A Preferred round from investors including ABLS Capital, LLC ($12
million) and Bristol-Myers Squibb Company ($3 million) to fund
further development of the lead optimisation programme
-- To fund its portion of the ABLS II financing, ABLS Capital
has raised $12 million of new equity in a Class B shares round from
investors including Woodford Investment Management ($6 million),
Invesco Asset Management ($3 million) and Allied Minds
-- Allied Minds' economic interest in ABLS II is 35.95%, arising
from its 80% interest in ABLS and 30.25% interest in ABLS
Capital
-- Should this next lead optimisation phase prove successful,
Bristol-Myers Squibb has the right to acquire Allied Minds'
interest in ABLS II at a pre-determined multiple of invested
capital
Boston, MA (22 August 2016) - Allied Minds (LSE: ALM), a
diversified holding company focused on venture creation within the
life science and technology sectors, today announces that its
subsidiary, ABLS II, LLC (ABLS II), has raised $15 million of new
equity in a Series A Preferred round from investors including ABLS
Capital, LLC (ABLS Capital; $12 million) and Bristol-Myers Squibb
Company (BMS; $3 million) to fund further development of the lead
optimisation programme. In addition, Allied Minds' subsidiary, ABLS
Capital, has raised $12 million of new equity in a Class B shares
round from investors including Woodford Investment Management
(Woodford; $6 million) and Invesco Asset Management (Invesco; $3
million).
Allied-Bristol Life Sciences, LLC (ABLS), Allied Minds'
partnership with BMS, 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 previously announced that it had successfully completed the
drug candidate feasibility programme at ABLS II, and had approved
up to $15 million to fund further development of the lead
optimisation programme. It was also previously announced that ABLS
Capital, which includes Allied Minds, Woodford and Invesco among
its investors, would fund 80% of this phase of development, with
BMS funding the remaining 20%.
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.
ABLS Capital was recently formed with the sole purpose of
investing in ABLS subsidiaries as their assets enter the
optimisation phase. ABLS II represents the first example of this
novel, de-risked approach to drug development.
- Ends-
For more information, please contact:
Allied Minds plc
------------------------------ -----------------------------
Chris Silva, Chief Executive
Officer +1 617 419 1800
------------------------------ -----------------------------
www.alliedminds.com
------------------------------ -----------------------------
Citigate Dewe Rogerson
------------------------------ -----------------------------
Patrick Donovan/Rob Newman +44 20 7638 9571
------------------------------ -----------------------------
alliedminds@citigatedr.co.uk
------------------------------ -----------------------------
Notes to Editors
Further information on fundraising
Of the $12 million raised in the ABLS Capital financing,
Woodford contributed approximately $6 million for the purchase of
6,007,500 Class B shares, and Invesco contributed approximately $3
million for the purchase of 3,003,750 Class B shares. Each of
Woodford and Invesco is a substantial shareholder of Allied Minds
pursuant to the Listing Rules and thus, this transaction is a
smaller related party transaction falling within the scope of
Listing Rule 11.1.10R.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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