4th Jan 2021 10:36
(Alliance News) - Allied Minds PLC on Monday said its net cash was USD24.6 million as at December 31, 2020 and as a result, expects its 2021 operating costs to be USD5.8 million, which is below previous guidance.
The Boston, US-based intellectual property commercialisation company said its net cash position, along with the significant cost rationalisation actions it has taken, ensures that the company is "well placed to deliver and realise the intrinsic value of the portfolio for its shareholders in the years ahead."
Allied Minds said despite its revenue ambitions across the portfolio being difficult to achieve in 2020 due to the impact of the Covid-19 pandemic, the return prospects of its remaining portfolio are "attractive", and that it "remains focused on evaluating all potential options for monetisation of the group and each company."
It will continue on its current path of supporting and managing its portfolio companies toward financial exits, it added, as they have "strong potential to deliver venture capital-like returns upon exit if they continue to meet their planned technical and commercial goals."
Shares in Allied Minds were down 1.3% at 32.08 pence in London on Monday.
By Zoe Wickens; [email protected]
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