The commercialisation firm will cut cash operating expenses by more than 40% year-on-year, while SciFluor Life and Precision Biopsy received $9m in financing between them.

Commercialisation firm Allied Minds intends to pare back its operating costs by more than 40% year-on-year as it braces itself for what the firm described as “challenging capital markets” ahead.
Allied Mind’s headquarters cash operating expenses are expected to be $5.6m less than in 2018. The firm’s chief executive, Jill Smith, has agreed to reduce her cash salary for 24 months and defer the balance of her earnings until 2021.
Allied Minds reported holding $50m in cash stocks at the end of December 2018, sufficient capital to sustain operations until 2021 without accounting for potential returns from its portfolio activities.
Savings were made with the reduction of its backstop contribution to a $52m series B round for computer memory technology spinout Spin Memory, founded by Allied in partnership with New York University, as other backers provided most of the capital.
Allied Minds will put up…

Subscribe to go deeper

GCV subscribers get access to all our proprietary data and deep-dive articles, as well as the global directory of CVC investors.

Not sure if you have a subscription?