StockMarketWire.com - Intellectual Property company Allied Minds said each of Spin Memory, HawkEye 360 and Federated Wireless are on track to deliver commercial revenue in the current following progress in 2018.

The cash balance at 31 December 2018 was estimated at $50m, which was sufficient to support the company's activities into 2021, before any potential returns from monetisations, Allied minds said.

The company said it would annualised HQ cash operating expenses would be reduced by $5.6m, or more than 40%, supported by a decision from CEO Jill Smith to take a significant pay cut.

Recognising the challenging capital markets environment for the firm, Jill Smith, CEO of Allied Minds, agreed in December to materially reduce her cash salary for 24 months, commencing with calendar year 2019, and to defer payment of the balance of her salary into 2021.

The company secured place bridge funding for its scifluor and precision biopsy segments to boost the funding round for its topical eye drop treatment trials for retinal disease and fund its pivotal score study, respectively.

The company, together with Woodford Investment Management, had agreed to equally contribute an aggregate $9m of convertible bridge financing to the scifluor and precision biopsy segments.

'Our strategy to secure strategic investors and commercial partners is paying dividends across our technology portfolio by accelerating commercialisation and creating optionality,' the company said.

'With proactive cost management measures, Allied Minds has cash runway into 2021 and is in a strong position to maximise returns, focusing on supporting its existing portfolio.'




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