28th Apr 2015 06:57
LONDON (Alliance News) - Allied Minds PLC Tuesday reported a wider loss for 2014 as it spent more on research and development, but its key value measure rose strongly.
The US-focused science and technology development and commercialisation company reported a net loss of USD45.5 million for 2014, compared with a loss of USD34.5 million a year earlier, as a rise in both R&D and selling, general and administrative expenses more than offset a rise in revenue to USD7.7 million from USD2.9 million.
Its closely-watched group subsidiary ownership adjusted value, a measure of the value of the company, rose by almost a third to USD488.0 million, from USD367.3 million at the end of 2013.
"In 2015, we will continue to focus on the commercial advancement of our subsidiary businesses; intend to invest further in our businesses and together with third-party investment where appropriate; expand our portfolio of high-impact businesses; and add key industry managers and expertise to the group," Chief Executive Chris Silva said.
"Importantly, as the group and the subsidiary businesses mature, we aspire to attract new corporate alliances, which we believe will further validate our model and the commercial potential of the subsidiaries. Future corporate collaborations could include co-development agreements, licensing, joint ventures, and direct equity investment," he added.
Allied Minds also said that Peter Dolan will become its non-executive chairman from its annual general meeting on May 28, replacing founder Mark Pritchard who will remain on the board in an executive role until he steps down late in the year. Pritchard is still expected to remain "actively engaged" with the company.
"Peter's deep experience in leading complex organisations and boards, and working closely with stakeholders, will be a powerful asset for the company as it continues to grow. I look forward to his contributions and guidance as we seek to achieve the company's long-term strategic and business objectives," Silva said.
By Steve McGrath; [email protected]; @stevemcgrath1
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