The sudden departure of Allied Mind 's (ALM) chief executive and founder, Chris Silva, in mid-March raised a few eyebrows. Just two weeks later the group has announced plans to cut funding for seven of its holdings, primarily in the medical sector.
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Management is seeking alternatives for these businesses, which could include sales or transfers of the assets, or liquidation. The discontinued investments include RF Biocidics and Novare Pharmaceuticals and have an estimated value of $147m (£118m). Interim chief executive Jill Smith said the companies are "unlikely to yield appropriate financial returns" as they reach commercialisation.
