Allied Minds PLC Precision Biopsy Raises $5.0 Million (2328N)
October 24 2016 - 1:00AM
UK Regulatory
TIDMALM
RNS Number : 2328N
Allied Minds PLC
24 October 2016
24 OCTOBER 2016
Allied Minds plc
Allied Minds' Subsidiary Precision Biopsy Raises $5.0
Million
-- Funds raised will continue the commercial expansion of
Precision Biopsy's ClariCore Biopsy System, designed to provide
accurate real-time classification of prostate tissue during biopsy
procedures, and its Focal Therapy program which seeks to provide
targeted localized therapy to improve outcomes while reducing
complications.
-- These funds are in addition to the $33.6 million raised in
October 2015 and are being invested at the same valuation.
Boston, MA (24 October 2016) - Allied Minds (LSE: ALM), a
diversified holding company focused on venture creation within the
life science and technology sectors, today announces that its
subsidiary, Precision Biopsy, has raised an additional $5.0 million
in new equity from the sale of additional Series A Preferred shares
to investor Woodford Investment Management, as the company
continues its global commercialization strategy for its
ClariCore(TM) Biopsy System, a device platform designed to provide
accurate, real-time classification of prostate tissue during biopsy
procedures. The funds will also be used to continue the development
of the company's Focal Therapy program, which seeks to provide
targeted, localized therapy to the prostate gland by using the same
optical tissue-targeting technology found in the ClariCore
system.
"We are delighted to receive the additional support from our
leading institutional investor as we prepare to bring our ClariCore
Biopsy System to market," said Amir Tehrani, Chief Executive
Officer of Precision Biopsy. "We believe that the ClariCore system
will help to improve the diagnostic process for millions of
patients who undergo biopsy procedures each year to monitor for
prostate cancer, the second-most deadly cancer in men after lung
cancer."
Equipped with an optical fiber and companion console, Precision
Biopsy's ClariCore system performs spectral analysis of prostate
tissue during a prostate biopsy, providing in-vivo tissue
classification that seeks to minimize the number of normal core
samples taken by up to 90 percent, while offering actionable
diagnostic information at the time of the biopsy.
More than 2 million men worldwide undergo TRUS-guided prostate
biopsies each year due to risk factors that include elevated PSA
levels, physical exam abnormalities and family history. Of the 12
million biopsy core samples that are analysed in the U.S. alone,
less than 10 percent are shown to be positive for cancer - at a
cost of nearly $1 billion dollars.
These TRUS-guided prostate biopsies also miss as much as 30
percent of cancers that require therapy. Reducing that error rate
could have measurable impact: In the U.S., about 28,000 men die
each year from prostate cancer, according to the American Cancer
Society.
Precision Biopsy's application of the ClariCore technology in
its Focal Therapy program also aims to reduce complications and
improve outcomes for prostate cancer patients. The use of focal
therapy has traditionally been limited because of an inability to
directly identify the location of a cancer tumor or how broadly it
has spread within the prostate gland. Precision Biopsy's plans to
offer 3-D mapping of the prostate tissue are designed to provide
better insight into a cancerous area. Urologists would have the
ability to treat patients in one session, potentially reducing the
need for radical prostatectomy procedures and preserving healthy
tissue.
- 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
------------------------------ -----------------------------
alliedminds@citigatedr.co.uk
------------------------------ -----------------------------
Notes to Editors
Further information on fundraising
Woodford Investment Management contributed $5.0 million for the
purchase of 945,966 Series A Preferred shares. Woodford is a
substantial shareholder of Allied Minds pursuant to the Listing
Rules, and thus this transaction is a smaller related party
transaction falling within the scope of Listing Rule 11.1.10R.
About Allied Minds
Allied Minds (LSE: ALM) is a diversified holding company focused
on venture creation within the life science and technology sectors.
With unparalleled access to hundreds of university and federal labs
across the U.S., Allied Minds forms, funds, and operates a
portfolio of companies to generate long-term value for its
investors and stakeholders. Based in Boston, with offices in Los
Angeles and New York, Allied Minds supports its businesses with
capital, central management, and shared services. For more
information, please visit www.alliedminds.com.
About Precision Biopsy
Precision Biopsy aims to develop and commercialize a novel
technology for the accurate real-time classification of tissue
initially focused on prostate biopsies - a procedure that is
performed in an estimated 1.75 million patients each year in the
U.S. and Europe. It is also developing a Focal Therapy system,
which incorporates the ClariCore technology. The company's
diagnostic technology, licensed from the University of Colorado,
uses advanced spectroscopy imaging techniques in combination with
tissue biopsy. After developing a first-generation system in 2011,
Precision Biopsy evaluated human subjects in 2012. The success of
that first human study led Precision Biopsy to focus on developing
its next-generation product, the ClariCore Optical Biopsy
System(TM), as it prepares for global commercialization. More
information about Precision Biopsy can be found at:
www.precisionbiopsy.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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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