Boston-based innovation development group Allied Minds is planning a $140 million (£83 million) initial public offering on the London Stock Exchange in support of its effort to commercialize products in the U.S.
Allied Minds CEO Chris Silva called the offering is "a major strategic step" for the firm, which in 2011 formed a medtech-focused subsidiary to develop new devices originating from U.S. universities and federally funded research institutions. Allied Minds aims to take new products from development to market in 2 years.
The firm’s current medtech portfolio features only 1 name, an electronic training product called InstructOR. The system is designed to train physicians on how to properly use new medical devices, aiming to accelerate adoption and thus revenue for device makers.
Allied Minds also holds a majority stake in Precision Biopsy, a company developing tissue spectroscopy devices; and SoundCure, an FDA-cleared medical device for treating tinnitus.
The IPO is scheduled for next month and will be comprised mostly of new shares, as well as some existing shares currently held by company employees.
"The funds raised will enhance and accelerate our ability to commercialize innovative science and technologies from the world’s largest R&D investor, the U.S.," Silva said in prepared remarks. "We expect to further leverage Allied Minds’ innovative screening and evaluation process, combined with our disciplined and milestone-based approach to allocating capital and resources to our businesses, to accelerate our progress in accessing the significant, relatively untapped potential of US IP commercialization."