INNOVATION group Allied Minds yesterday said it doubled spending on research and development in the half-year period, as it unveiled “significant advancements” in its cluster of spin-out companies.
The group, which counts former Bristol-Myers Squibb chief executive Peter Dolan (pictured) as chairman, spent $19.6m (£12.7m) on R&D for the six months to 30 June compared with $9.7m a year earlier.
That contributed to a fall in revenue to $1.48m from $2.9m while lower revenue from spin-out firm RF Biocidics contributed to the fall.
The company, which is backed by institutional fund managers like Neil Woodford, invests in university-based R&D and then hives out the technology into commercial subsidiaries which go on to market the products to the private sector.
It currently has three companies at the commercial stage out of 22 businesses in total.
Allied gave a bullish update on many of its subsidiary companies yesterday, with Spin Transfer Technologies – a computer memory technology – on track to produce a demonstrator chip in the final quarter of this year.
Federated Wireless – which makes technology to recycle mobile phone spectrums – is also on course to launch its technology commercially after a US telecoms watchdog gave the thumbs up to spectrum sharing, the company said.
Shares in Allied Minds, which floated a year ago, have more than doubled from their listing price of 190p to 457.7p.