28th Aug 2014 09:37
LONDON (Alliance News) - Allied Minds PLC Thursday said it deployed USD22.9 million of capital into businesses held in its portfolio, and said it remains confident that there are significant opportunities for it to get involved with existing and new companies.
"While the risks inherent in early-stage businesses are challenges facing the group and its subsidiary businesses, the board remains confident that there are significant opportunities to form, fund, manage and build companies to undertake research and product development and commercialise scientific research and innovations emerging from US universities and US federal research institutions and laboratories," Allied Minds said in a statement.
"The favourable long-term macro environment, coupled with the group's available capital, access to diversified intellectual property assets, and portfolio of maturing subsidiary companies, gives the directors confidence that the group remains well placed to achieve its objectives," the group added.
Reporting earnings for the first time since its initial public offering in June, the US science and technology development and commercialisation company said its pretax loss widened to USD27.2 million in the six months ended June 30 from USD17.6 million in the corresponding period last year.
Revenue increased by USD2.2 million to USD2.9 million, mainly due to product revenue at RF Biocidics, as well as the increasing sales at CryoXtract of its CXT750 and CXT350 systems when compared to the same period last year. The remaining increase was due to non-recurring revenue in the early stage companies segment, Allied Minds said.
Selling, general and administrative expenses increased by USD2.6 million to USD9.7 million, due to the growth of its research and development activities. It created six new subsidiaries in the later part of 2012 and increased their full scale of R&D in 2013. Two new subsidiaries were created in the first half of 2013 and one during the six months to the midpoint of 2014.
Allied Minds shares were Thursday quoted up 1.5% at 269.00 pence.
By Samuel Agini; [email protected]; @samuelagini
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