Allied Minds announces successful completion of feasibility programme

Allied Minds’ partnership with Bristol-Myers Squibb (BMS), Allied-Bristol Life Sciences, has successfully completed the drug candidate feasibility programme ABLS II and has approved up to $15m 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.

The company said that ABLS Capital, 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%.

Chief executive officer Chris Silva 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."

At 1010 BST, Allied Minds shares were up 0.3% to 334.70p.