22nd Apr 2015 06:45
LONDON (Alliance News) - Allied Minds PLC said Wednesday its subsidiary company SciFluor Life Sciences has raised USD30 million to accelerate the development of its two lead compounds and expand its pipeline.
SciFluor also has appointed William Koster, previously president and chief executive officer of Neurogen Corp, as its chairman.
SciFluor's lead compounds are a topical treatment for retinal diseases and a treatment for neurological diseases.
In the fundraising Invesco Ltd and Woodford Investment Management, both substantial shareholders in Allied Minds, contributed USD23.0 million in total.
Prior to this Allied Minds' last reported ownership value in SciFluor was USD30.8 million. Allied Minds said that as a result of the new transaction the total valuation of SciFluor rose to USD130.7 million from USD37.1 million including new invested capital, and the ownership adjusted value of its holding in SciFluor increased to USD91.4 million.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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