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Press Release

Update on Spin Transfer Technologies’ $22.8 million convertible bridge facility

Allied Minds
Posted on: 11 Jan 18

Boston MA – 11 January 2018 – Allied Minds (ALM: LSE) today announces that it has syndicated $10.28 million of the $22.8 million convertible bridge facility commitment it put in place for Spin Transfer Technologies (STT) in October 2017.

 

Existing STT shareholders Invesco Asset Management (Invesco) and Woodford Investment Management (WIM) will subscribe $10.28 million for convertible equity securities in STT, and Allied Minds commitment to the convertible bridge facility will be reduced by a corresponding amount to $12.52 million.

 

The facility is designed to bridge STT to the completion of a planned Series B funding round targeting strategic investors.

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Mike Wood
PharmiWeb.com
www.pharmiweb.com
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Last updated on: 11/01/2018

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