27th Aug 2015 07:25
LONDON (Alliance News) - Allied Minds PLC on Thursday said a biopharmaceutical enterprise it owns with Bristol-Myers Squibb Co has agreed a worldwide licensing deal with Yale University in a move intended to treat diseases such as prostate cancer.
In a statement, Allied Minds said the proprietary platform and associated lead molecules provide a new approach for the treatment of cancer.
The proprietary platform technology and associated lead molecules were developed by Professor David Spiegel and his team at Yale University in the US, it said.
The so-called Antibody Recruiting Molecules are said to use the human body's own immune system to treat cancer by using antibodies already in the blood and then leading them to a specific protein on the surface of cancer cells.
"Traditional antibody therapeutics, due to their molecular size and structure, often must be administered intravenously. They are costly to manufacture and may elicit undesirable immune reactions that in some patients reduces their efficacy," Allied Minds said in a statement.
The company added that the Antibody Recruiting Molecules "offer the promise of less expensive manufacturing and reduced potential for such unwanted immune reactions".
The news came as Allied Minds, a US science and technology development and commercialization company, said it made a USD39.1 million pretax loss in the six months ended June 30, compared with a USD27.2 million loss the corresponding half the prior year. Revenue fell to USD1.5 million from USD2.9 million. Selling, general and administrative expenses increased to USD20.7 million from USD18.4 million, while research and development costs rose to USD19.7 million from USD9.7 million.
Allied Minds listed on the London Stock Exchange in June 2014, when it raised about GBP76.2 million to help it commercialise science and technology from US universities and government research institutions.
"Since becoming a public company one year ago, Allied Minds has made solid strategic progress and has delivered on multiple commitments to shareholders," Chief Executive Chris Silva said in a statement.
"We have created six new subsidiaries, formed a historic joint venture with Bristol-Myers Squibb, attracted USD75.2 million in third party investment for subsidiary acceleration, and made significant advancements in a number of our key subsidiaries through strategic collaborations, licenses and co-developments. We have had a strong first half of 2015 and have delivered on the most important elements of our plan for the first year post-IPO. Most importantly, Allied Minds is well positioned for the remainder of this year and beyond," Silva added.
Allied Minds shares were up 5.4% to 453.40 pence soon after the market open on Thursday in London.
By Samuel Agini; [email protected]; @samuelagini
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