Allied Minds Announces Successful Completion Of ABLS II Drug Candidate Feasibility Program And Approval Of Up To $15 Million To Fund Further Drug Development

BOSTON--(BUSINESS WIRE)--Allied Minds (LSE: ALM), a diversified holding company focused on venture creation within the life science and technology sectors, today announces that Allied-Bristol Life Sciences, LLC (ABLS), its partnership with Bristol-Myers Squibb Company (BMS), has successfully completed the drug candidate feasibility program at ABLS II, LLC (ABLS II), and has approved up to $15 million to fund further development of the lead optimization program. It is intended that ABLS Capital, LLC, which includes Allied Minds, Woodford Investment Management and Invesco Asset Management among its investors, will fund 80 percent of this phase of development, with BMS funding the remaining 20 percent.

ABLS is a drug discovery company focused on identifying and developing biopharmaceutical innovations from leading U.S. universities and research institutions that it believes have significant therapeutic and commercial potential. ABLS focuses on early-stage opportunities in key therapeutic areas including fibrosis, cardiovascular, oncology, immunology and genetically defined diseases. ABLS has launched three subsidiaries; ABLS I, ABLS II and ißeCa Therapeutics to license and initiate development work on proprietary assets from Yale University, Harvard University and NYU School of Medicine, respectively.

ABLS II is seeking to develop novel small molecule therapeutics for the treatment of fibrotic and autoimmune diseases, and is based on research and intellectual property developed in the Harvard University laboratory of Professor Malcolm Whitman.

Chris Silva, CEO of Allied Minds, said: “This is an exciting milestone for our ABLS partnership with BMS. Of the three subsidiaries launched by ABLS in the last 12 months to undertake development work on proprietary assets from leading research institutions, ABLS II is the first to successfully complete the drug candidate feasibility program. It is therefore the first to obtain joint approval and funding from Allied Minds and BMS to continue the lead optimization program and the identification of pre-clinical drug candidates for potential sale to BMS.”

ABLS Capital was formed last month with the sole purpose of investing in ABLS subsidiaries as their assets enter the Optimization Phase. ABLS II represents the first example of this novel, de-risked approach to drug development.

Notes to Editors

About Allied Minds

Allied Minds (LSE: ALM) is a diversified holding company focused on venture creation within the life science and technology sectors. With unparalleled access to hundreds of university and federal labs across the U.S., Allied Minds forms, funds, and operates a portfolio of companies to generate long-term value for its investors and stakeholders. Based in Boston, with offices in Los Angeles and New York, Allied Minds supports its businesses with capital, central management, and shared services. For more information, please visit www.alliedminds.com.

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