9th Feb 2016 09:08
LONDON (Alliance News) - Allied Minds PLC on Tuesday said its revenue fell in 2015, primarily due to a shortfall at RF Biocidics, which develops and commercialises technology that helps disinfect and disinfest pests and pathogens from agricultural food and non-food commodities.
Revenue amounted to USD3.2 million in 2015, down from USD7.7 million in 2014, primarily due to revenue shortfall at RF Biocidics, which "following initial regulatory approval now requires certification for each individual installation and is subsequently delaying revenue".
Shares in London-listed Allied Minds were down 4.8% at 283.90 pence on Tuesday.
The company said its new technology pipeline will support the creation of new subsidiaries in 2016 and beyond, with a number in its current portfolio to progress into the commercialisation phase during the year ahead.
Chief Executive Chris Silva said there was positive progress across the US science and technology development and commercialisation company in 2015.
"Our subsidiaries met, or exceeded, commercial milestones in nearly all instances. We have embarked on exciting collaborations with industry leaders such as Bristol-Myers Squibb, Intel, AMD and Google; raised material third-party funding to accelerate the development of two of our key subsidiaries; and seen the number of commercialisation phase subsidiaries double to six," Silva said.
"Our US academic and federal partner network is continuing to flourish and has been highly productive over the year. We reviewed more than 5,000 new technologies and engaged with over 90 new research institutions, reflecting the growing recognition of the strengths of Allied Minds as a commercialisation partner. We continue to apply our rigorous selection and due diligence processes to these new technologies and are confident in the potential of our pipeline," he added.
By Samuel Agini; [email protected]; @samuelagini
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