LONDON (Alliance News) - Allied Minds PLC Monday said it has secured USD20.0 million of new debt to back its work in the US whilst its drug discovery subsidiary has raised an additional USD15.0 million to help support its main project focused on treating fibrotic and autoimmune diseases.
Allied Minds is a US-based investment firm focused on forming, funding, managing and building start-ups based on early-stage technology. The FTSE 250-listed constituent said the new one-year revolving debt facility has been provided by Silicon Valley Bank and is secured against "certain assets".
"We are pleased to have Silicon Valley Bank's support as we continue to build and develop our portfolio and look forward to what we anticipate will be a long-term relationship with Silicon Valley Bank. The facility further diversifies our capital structure and is a powerful endorsement of the group's growth and development prospects," said Chief Executive Chris Silva.
Separately, the company said Allied-Bristol Life Sciences II LLC, part of a joint venture between Allied Minds and Bristol-Myers Squibb Co, has raised USD15.0 million of new equity from investors.
That has been raised after the main joint venture company, Allied-Bristol Life Sciences LLC, said it had successfully completed the drug candidate feasibility programme at ABLS II for novel small molecule therapeutics for the treatment of fibrotic and autoimmune diseases back in May.
Allied Bristol Life Sciences Capital LLC, which includes Allied Minds, Woodford Investment Management and Invesco Asset Management among its investors, contributed USD12.0 million of the total equity raised by ABLS II, with the other USD3.0 million coming from Bristol-Myers Squibb Co.
Allied Bristol Life Sciences Capital, in turn, raised USD12.0 million in equity in order to make its contribution to the fundraising by ABLS II. Allied Minds contributed some funds to that raising, with Woodford contributing USD6.0 million and Invesco USD3.0 million.
The work will be used to further develop the lead optimisation programme, which, if successful, will allow Bristol Myers Squibb Co to purchase Allied Minds' interest in ABLS II at a pre-determined multiple of invested capital.
As previously announced, Allied-Bristol Life Sciences Capital will fund 80% of the next phase of development with Bristol-Myers Squibb Co funding the other 20%.
Allied Minds said its economic interest in ABLS II now stands at 35.95%, which is held through an 80% interest in the joint venture Allied-Bristol Life Sciences LLC and the 30.25% interest held in Allied-Bristol Life Sciences Capital.
Allied Minds shares were trading down 0.3% to 380.82 pence per share on Monday morning.
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