Allied Minds doubles its spend on R&D year-on-year as commercialisation firm widens losses.
US-based commercialisation firm Allied Minds has increased its spend on research and development twofold, increasing to $19.7m for the first six months of the year compared to $9.7m in 2014.
Consequently, the company has reported a fall in revenues from $2.9m to $1.48m, with a loss in the first half of the year of $39.1m compared to $27.2m for the same period last year.
At present, Allied has 22 firms in its portfolio, three of which are at the commercial stage. It said that Spin Transfer Technologies, an ICT spinout of New York University, will be ready to produce a demonstrator chip of its computer memory technology by the end of the year. Meanwhile, Federated Wireless will be ready to bring its communications technology to market in the near future.
Allied Minds partnership with Bristol-Myers Squibb is also bearing fruit, and has led to a licensing deal with Yale University for a novel oncology treatment. Two other projects have come out of the partnership to date, an autoimmune disease targeting project with Harvard University and a new company, BridgeSat, to communicate with low orbit satellites.
Shares in the company have risen to 457.7p since listing last year at 190p.
