The commercialisation firm, which has had a tumultuous 2017 so far that included a $146.6m writedown and the appointment of a new CEO, has had losses increase to $58.2m.
US-based commercialisation firm Allied Minds has revealed it made a $58.2m loss on revenues of $2m in the first half of the year, the Financial Times reported yesterday.
The figures mark an increase over the same period last year, when Allied Minds had revenues of $1.3m and $52.2m in losses. The firm’s mounting losses and dropping share price mean Allied Minds recently also dropped out of the FTSE 250.
The news follows Allied Minds appointing Jill Smith as its interim chief executive in March. She proceeded to review the firm’s portfolio, leading to the decision to cut off funding to seven spinouts in April, a writedown of $146.6m.
In May, Smith was made permanent chief executive and just over a month later was joined by Simon Davidson as new executive vice-president of technology investments. Davidson was previously a managing director at In-Q-Tel, the investment affiliate of the US intelligence community.
Founded in 2004, Allied Minds generates, funds and manages spinouts of universities and US federal research facilities.
Smith stated that Allied Minds intends to stick with its plans to create “more targeted investment strategies” and attract more external investors to portfolio businesses.
Allied Minds also hopes to hire more experienced managers and operating boards for its spinouts. The firm currently holds $113m in cash, excluding money held by spinouts, down from $137m at the end of last year.
