7th Feb 2019 09:12
LONDON (Alliance News) - Allied Minds PLC on Thursday said it has significantly reduced its operating costs to further improve cash and progress on the funding of its portfolio.
The intellectual property commercialization company expects to reduce its target annualised headquarters cash operating expenses by USD5.6 million, or more than 40% year-on-year.
At the end of December, Allied Minds had USD50 million in cash, which it believes is sufficient to support its activities into 2021, before any potential returns from monetisations.
The company has made "strong" progress in funding the technology portfolio in 2018.
Allied Minds has agreed together with Woodford Investment Management to equally contribute an aggregate USD9 million of convertible bridge financing to drug discovery company SciFluor Life Sciences LLC and optical biopsy technologies firm Precision Biopsy LLC.
In the case of SciFluor, the USD4 million will be applied to support the completion of the second phase trials for its SF0166 topical eye drop treatment for retinal disease, Allied minds explained.
Meanwhile, Precision Biopsy will use the USD5 million to support the completion of its SCORE study.
"We are pleased to announce we have put in place bridge funding for SciFluor and Precision Biopsy," said Chief Executive Jill Smith.
"With proactive cost management measures, Allied Minds has cash runway into 2021 and is in a strong position to maximise returns, focusing on supporting its existing portfolio," added Smith.
Allied Minds shares were trading 5.4% higher on Thursday at 64.60 pence each.
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