Allied Minds announces successful completion of ABLS II drug candidate feasibility programme and approval of up to $15 million to fund further drug development

 

Allied Minds announces successful completion of ABLS II drug candidate feasibility programme and approval of up to $15 million to fund further drug development

·         Allied-Bristol Life Sciences, LLC (ABLS) has successfully completed the drug candidate feasibility programme at ABLS II, LLC (ABLS II). 

·         ABLS has approved up to $15 million to fund further development of the lead optimisation programme.

·         ABLS II is seeking to develop novel small molecule therapeutics for the treatment of fibrotic and autoimmune diseases.

·         It is intended that ABLS Capital, LLC (ABLS Capital) will fund 80% of the next phase of development, with Bristol-Myers Squibb Company (BMS) funding the remaining 20%.


Boston, MA (25 May 2016) – 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 programme at ABLS II, LLC (ABLS II), and has approved up to $15 million to fund further development of the lead optimisation programme. It is intended that ABLS Capital, LLC, which includes Allied Minds, Woodford Investment Management and Invesco Asset Management among its investors, will fund 80% of this phase of development, with BMS funding the remaining 20%.

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 iβeCa 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 programme. It is therefore the first to obtain joint approval and funding from Allied Minds and BMS to continue the lead optimisation programme 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 Optimisation Phase. ABLS II represents the first example of this novel, de-risked approach to drug development.

- Ends-

For more information, please contact:

Allied Minds plc                                    



Chris Silva, Chief Executive Officer           

+1 617 419 1800


www.alliedminds.com

Citigate Dewe Rogerson



Patrick Donovan/Rob Newman        

+44 20 7638 9571



This email address is being protected from spambots. You need JavaScript enabled to view it.

Notes to Editors

 

About Allied Minds

Allied Minds (LSE: ALM) is an innovative U.S. science and technology development and commercialisation company. Operating since 2006, Allied Minds forms, funds, manages and builds products and businesses based on innovative technologies developed at leading U.S. universities and federal research institutions. Allied Minds serves as a diversified holding company that supports its businesses and product development with capital, central management and shared services. More information about the Boston-based company can be found at www.alliedminds.com.

 

Allied Minds Forward-Looking Statement


This press release contains statements that are or may be forward-looking statements, including statements that relate to the company’s future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risk and uncertainties described in the risk factors included in the company’s regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies of the company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure and Transparency Rules, neither the company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Allied Minds announces funding commitments of up to $80 million for the development of up to 10 drug discovery programmes

 

Allied Minds announces funding commitments of up to $80 million for the development of up to 10 drug discovery programmes

·         Formation of new subsidiary, ABLS Capital, LLC (ABLS Capital), to accept funding commitments of $80 million from investors including Woodford Investment Management and Invesco Asset Management. 

·         ABLS Capital will fund 80% of the lead optimisation phase of up to ten new drug candidates that pass initial feasibility studies funded by Allied Bristol Life Sciences LLC (ABLS).  The remaining 20% of lead optimisation phase investment,   or up to an additional $20 million, will be funded by Bristol-Myers Squibb Company (BMS), pursuant to the terms of the partnership formed in 2014 through ABLS. 

·         ABLS Capital will have the opportunity to invest in early-stage subsidiary companies of ABLS with drug candidates aimed at addressing diseases with large unmet medical need and large market size, where successful completion of the lead optimisation phase is intended to result in a sale of such company to BMS at pre-agreed terms.  ABLS focuses on drug discovery in areas of strategic interest to BMS.


Boston, MA (26 April 2016) – Allied Minds (LSE: ALM), an innovative U.S. science and technology development and commercialisation company, today announces that through its newly formed subsidiary, ABLS Capital, it has secured investment commitments of $80 million to fund up to ten potential lead optimisation programmes of promising drug development opportunities that have successfully completed an initial candidate feasibility programme. 

Pursuant to the terms of the ABLS partnership formed between Allied Minds and BMS in 2014, BMS is committed to fund an additional $20 million along with these commitments.  Investors in ABLS Capital include Woodford Investment Management (committing to fund up to $40 million), Invesco Asset Management (committing to fund up to $20 million), as well as Allied Minds and others. 

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 forms and funds new subsidiary companies to conduct an initial feasibility programme on identified discoveries.  Upon completion of a successful feasibility program, ABLS arranges for additional funds to be provided to such ABLS subsidiary for the next stage of development.  ABLS Capital will provide 80% of the funds for this critical next stage, and together with the 20% of funds provided by BMS, will ensure that up to ten ABLS subsidiaries will have the necessary capital to seek to identify pre-clinical drug candidates. 

Chris Silva, CEO of Allied Minds, said: “This is another exciting step forward for achieving the goals of ABLS, which was formed less than two years ago. Backed by supportive new investors and together with our partner Bristol-Myers Squibb, we have secured sufficient funding commitments for the pre-clinical development of up to ten drug candidates.  Each of these have the potential to address areas of great unmet medical need across very sizeable markets.” 

ABLS Capital’s sole purpose is to co-invest with BMS and Allied Minds. The objective is to generate high returns in drug discovery with a significantly lower risk profile. The risk to Allied Minds shareholders is reduced in two ways: early exit potential to partner BMS at pre-agreed terms upon the successful identification of pre-clinical drug candidates, and investment in opportunities of strategic interest to BMS only after they have successfully completed their respective initial feasibility phase. 

For Allied Minds shareholders, the ABLS Capital vehicle provides a funding model that further lowers risk exposure to the drug discovery process due to the support of third party investor commitments.  In addition, where the lead optimisation phase is successful, this model may provide an accelerated timeline to monetisation on pre-agreed terms, with additional returns through the potential for milestone and royalty payments. 

To date, ABLS has launched three subsidiaries to license and initiate development work on proprietary assets from Yale University, Harvard University and NYU School of Medicine, respectively.  If any of these subsidiaries are successful in their initial feasibility studies, then ABLS Capital financing commitments may soon be put to work to fund the lead optimisation phase and the identification of pre-clinical drug candidates for potential sale to BMS. 

- Ends- 

For more information, please contact: 

Allied Minds plc                                    



Chris Silva, Chief Executive Officer           

+1 617 419 1800


www.alliedminds.com

Citigate Dewe Rogerson



Patrick Donovan/Rob Newman        

+44 20 7638 9571



This email address is being protected from spambots. You need JavaScript enabled to view it.

Notes to Editors

 

About Allied Minds

Allied Minds (LSE: ALM) is an innovative U.S. science and technology development and commercialisation company. Operating since 2006, Allied Minds forms, funds, manages and builds products and businesses based on innovative technologies developed at leading U.S. universities and federal research institutions. Allied Minds serves as a diversified holding company that supports its businesses and product development with capital, central management and shared services. More information about the Boston-based company can be found at www.alliedminds.com.

 

Allied Minds Forward-Looking Statement


This press release contains statements that are or may be forward-looking statements, including statements that relate to the company’s future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risk and uncertainties described in the risk factors included in the company’s regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies of the company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure and Transparency Rules, neither the company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Allied Minds raises $80M for drug discovery joint venture with BMS

Allied Minds raises $80M for drug discovery joint venture with BMS

By Nuala Moran, Staff Writer at BIOWORLD TODAY

LONDON (APRIL 27, 2016) – The U.S. technology commercialization specialist Allied Minds plc has raised $80 million from U.K. investors to fund drug discovery programs in-licensed through its partnership with Bristol-Myers Squibb Co. (BMS).

Allied Minds has set up a new subsidiary, Allied Bristol Life Sciences Capital LLC (ABLS Capital), to manage the fund and meet 80 percent of the cost of lead optimization of up to 10 candidate drugs, sourced from U.S. universities. The remaining 20 percent of the costs will be met by BMS.

The drug candidates will all have passed initial inspection by the Allied Minds/BMS joint venture Allied-Bristol Life Sciences LLC (ABLS), and spun into separate subsidiary companies.

Satish Jindal, CEO of ABLS, said the intention is to invest up to $10 million to $15 million per product. “Some will reach a clinical candidate; some may not get that far,” he told BioWorld Today. For those that do, BMS has the option at pre-agreed terms to in-license the program. “If BMS declines, then companies are free to do deals with others,” Jindal said.

To date, ABLS has set up three subsidiaries, into which it has vested assets from Yale University, Harvard University and NYU School of Medicine. Once initial feasibility studies are completed, the money from ABLS Capital will be used to fund lead optimization and the selection of preclinical drug candidates.

The backing for ABLS Capital comes from Oxford, U.K.-based Woodford Investment Management, which is committing up to $40 million, and London-based Invesco Asset Management, which is committing up to $20 million. Allied Minds and other unnamed investors are also making commitments.

ABLS Capital has been formed solely to co-invest with BMS and Allied Minds. It is a model that will reduce the risk for investors, said Jindal. All the products fit within BMS’s key therapeutic areas and each program has been subject to due diligence before being spun out of its university lab.

The programs will then be formally validated to defined success criteria before ABLS Capital’s funding comes into play. “We will reproduce the work of the academic labs over about one year and then present [the programs] to ABLS Capital, triggering the investment,” Jindal said.

Through its network of more than 60 U.S. universities and federal research labs, Allied Minds has spun out more than 25 companies since its formation in 2006. However, before setting up the joint venture with BMS in August 2014, it shied away from drug discovery because of a lack of expertise, the larger funding requirements and higher risk. (See BioWorld Today, Sept. 8, 2014.)

INTEGRATING EXPERTISE

The model of forming partnerships with multiple universities to commercialize their technologies was pioneered in the U.K., and a number of those technology commercialization companies, including IP Group plc and Imperial Innovations plc, have listed on the London Stock Exchange.

That persuaded Allied Minds to go public in London, where its approach is understood. The Boston-based company raised $212.2 million in a listing in July 2014.

The joint venture with BMS reduces risk by giving programs the BMS imprimatur and in having pre-agreed terms on which BMS will take projects in-house. Now, by pulling in support from third-party investors, ABLS Capital further lowers the risk for Allied Minds shareholders of investing in drug discovery. If lead optimization is successful, the agreement with BMS could reduce the time taken for the investors to reach an exit, with additional returns to come through potential milestone and royalty payments.

For BMS, the ABLS joint venture is a one-stop shop for accessing research across Allied Minds’ U.S. network, which encompasses more than 30 universities throughout the country. Rather than scoping research itself, BMS has drawn up a priority list of therapeutic areas, to which Allied Minds has alerted partner institutions.

Potential projects are assessed by a joint committee from Allied Minds and BMS. Areas of interest include fibrosis, cardiovascular disease, oncology, virology and immunology. Other pharma companies grappling with the problem of accessing the best university research have come up with different approaches. Johnson & Johnson for example, has set up innovation centers to engage with external researchers in R&D hubs in California, Boston, London and Shanghai.

Glaxosmithkline plc (GSK) is taking a broader sweep in its discovery fast track scheme, in which academics are invited to submit a one-page, nonconfidential proposal about their projects directly to the pharma company. The scheme was set up in 2010, with the explicit aim of rapidly screening the most promising research without having to engage with university technology transfer office processes, which GSK cited as the biggest bottleneck in pharma/academic collaboration. Jindal said the ABLS model has the advantage of providing access to a network of universities that Allied Minds has been nurturing over 10 years. “It would be difficult for BMS to do this on its own,” he said.

To date, ABLS has formed three subsidiaries, with the most recent, ißeca Therapeutics, being spun out from NYU School of Medicine last month. That company is developing inhibitors of beta-catenin responsive transcription as potential therapies for hard-to-treat cancers. The inhibitors target the Wnt signalling pathway, which plays a key role in the development and progression of a number of cancers.

In August 2015, ABLS in-licensed a cancer immuno-therapy platform and lead compounds called antibody recruiting molecules (ARMs) from Yale University. ARMs harness the power of the immune system to treat cancer by recruiting antibodies already present in the bloodstream and presenting them to cancer-specific antigens.

Before that, in June 2015, ABLS took rights to Harvard University research carried out by Malcolm Whitman, professor of developmental biology, who has identified the mechanism of action of halofuginone (HF), a chemical compound based on an active ingredient in the root of the blue evergreen hydrangea (Dichroa febrifuga), which has been used in traditional Chinese medicine for centuries. Whitman has shown that HF works through inhibition of prolyl-tRNA synthetase, which leads to activation of an amino acid restriction response pathway. Based on that novel and differentiated mechanism, several lead molecules have been identified with potential to treat fibrotic and autoimmune diseases.

Those projects now have access to BMS’s drug discovery and development expertise, including a drug discovery and development center in India. Jindal said that is an important advantage.

There is integrated expertise “all under one roof” and the center has previously been successful in delivering leads for BMS. As soon as licenses are agreed with the university partner, the research can be transferred to India. “It is industry-led research,” Jindal said. While having access to pharma industry standard resources, keeping the programs in small companies will maintain an entrepreneurial environment. “There will be faster decision-making without sacrificing on the quality of the science,” said Jindal. //

Allied-Bristol Life Sciences Launches iβeCa Therapeutics from NYU School of Medicine to Develop Novel Cancer Therapeutics Targeting the Wnt Pathway

  • Cancer therapeutics known as Inhibitors of Beta-Catenin Responsive Transcription (iCRTs) provide an approach to potential therapy for a number of hard-to-treat cancers

BOSTON (March 16, 2016) - Allied-Bristol Life Sciences, LLC (ABLS), a biopharmaceutical enterprise jointly owned between Allied Minds (LSE: ALM) and Bristol-Myers Squibb Company (NYSE: BMY), announced that it has launched a new subsidiary, iβeCa Therapeutics, to license proprietary compounds from NYU School of Medicine that target the Wnt signalling pathway. The Wnt pathway plays a key role in the development and progression of a number of cancers affecting large numbers of patients. iβeCa Therapeutics will focus on further discovery and development activities needed to identify candidates for human clinical testing.

Read more: Allied-Bristol Life Sciences Launches iβeCa Therapeutics from NYU School of Medicine to Develop...

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