Allied Minds hires new chairman after posting more heavy losses

ALLIED Minds has appointed a new chairman, Peter Dolan, after posting another round of heavy annual losses.

The innovation company, that forms, funds and manages startups based on early-stage technology from US universities and research centres, announced an operating loss of $57.9m for the year to the end of December – widening from $42.6m the year before.

Revenues rose to $7.7m from $2.9m but selling, general and administrative costs increased to $38m from $27.5m while research and development expenses rose to $22.2m from $15.7m.

However its group subsidiary ownership adjusted value, measuring the value of the firm, rose by almost a third to $488m, from $367.3m at the end of 2013.

Dolan will become non-executive chairman from 28 May, the date of the next annual general meeting. He will replace the executive chairman, British financier and founder Mark Pritchard, who plans step down from the board later in the year but remain involved with the company.

Dolan, who has been on the Allied Minds board since last May, has spent more than 30 years in the pharmaceutical industry. He served as chairman and chief executive at both Bristol-Myers Squibb and Gemin X.