Spin Transfer Technologies Develops 20nm Magnetic Tunnel Junction MRAM Technology at On-site R&D Fab

Startup Moves to Commercialization Phase, Initiates Sampling Program

FREMONT, Calif. — (BUSINESS WIRE) — September 27, 2016 — Spin Transfer Technologies, Inc. (STT), a leading developer of breakthrough Orthogonal Spin Transfer Magneto-Resistive Random Access Memory technology (OST-MRAM™), today announced it has fabricated perpendicular MRAM magnetic tunnel junctions (MTJs) as small as 20nm — among the smallest MTJs reported — at its state-of-the-art development fab at the company’s Silicon Valley headquarters. The MTJ is the primary component of an MRAM memory cell and is the core technology of an MRAM device.

STT has had working ST-MRAM memory chips internally for some time, and based on requests from certain major semiconductor and systems companies, the company is now preparing to deliver fully functional samples to select customers. STT has moved its MRAM technology from R&D to commercialization largely on the strength of development done at its magnetics R&D fab, located at the company’s headquarters in Fremont, California. This R&D fab includes state-of-the-art process and analysis equipment, enabling the company to compress engineering development cycles to 10 days that otherwise would have taken several months.

“Since the beginning of the year, we’ve been able to process more than 40 wafer lots, an achievement that likely would have taken more than three years without our on-site R&D fab,” said Barry Hoberman, CEO of STT. “In just four years, STT has taken the journey from incubation to commercialization. We are excited to enter the next phase of the company’s evolution.”

STT’s patented OST-MRAM has the potential to replace major segments of the market for Flash, SRAM and DRAM semiconductors in applications such as mobile products, automotive, Internet of Things (IoT) and data storage. Compared with conventional spin transfer MRAM approaches, the STT OST-MRAM devices are expected to offer advantages in speed, power efficiency, cost, reliability and scalability. In addition, the company’s successful integration of magnetics and CMOS demonstrates the capability of the technology to operate in memory arrays with existing process standards and move quickly into high-volume production.

Initial samples of STT’s fully functional MRAM memories are targeted for non-volatile memory applications. The company is currently preparing evaluation boards to enable customers to fully evaluate the parameters of the memory.

STT’s development has been fueled by a venture capital structure led by Allied Minds, and to date, STT has received $108M in aggregate funding from its investors. This level of commitment has not only enabled STT to build its development fab, but also to assemble a world-class team of experts in the fields of magnetics and CMOS memory technology.

The STT leadership team also includes Chief Technology Officer and Senior Vice President of Magnetics Technology Mustafa Pinarbasi, a pioneer and innovator in magnetic thin films who spent nearly two decades as a leading technologist at IBM and Hitachi Global Storage Technologies (GST); Vice President of Memory Integration Amitay Levi, a 28-year veteran of advanced technology development in non-volatile memory; and Senior Vice President of IC Product Development Les Crudele, who has more than 40 years of experience in semiconductor development.

The company’s technology was originally developed from research conducted in the laboratory of Professor Andrew Kent at New York University. Spin Transfer Technologies was formed and incubated by Boston-based Allied Minds in 2007 and first attracted direct institutional investment in 2012.

More information about the company can be found at www.spintransfer.com.

Spin Transfer Technologies is a subsidiary of Boston-based Allied Minds (LSE: ALM).

About Spin Transfer Technologies

Spin Transfer Technologies, Inc. was established by Allied Minds and New York University to develop and commercialize its Orthogonal Spin Transfer Magneto-Resistive Random Access Memory technology, OST-MRAM™. The technology, invented by Professor Andrew Kent, is a disruptive innovation in the field of spin-transfer-based MRAM devices, enabling faster switching times, lower power operation, lower manufactured device cost, and scalability to smaller lithographic dimensions. For more information, visit www.spintransfer.com.

About Allied Minds

Allied Minds is a diversified holding company focused on venture creation within the life science and technology sectors. With unparalleled access to hundreds of university and federal labs across the U.S., Allied Minds forms, funds, and operates a portfolio of companies to generate long-term value for its investors and stakeholders. Based in Boston, with nationwide presence in Los Angeles and New York, Allied Minds supports its businesses with capital, central management, and shared services. For more information, please visit  www.alliedminds.com.

Allied Minds Forward-looking Statement

This press release contains statements that are or may be forward-looking statements, including statements that relate to the company’s future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risk and uncertainties described in the risk factors included in the company’s regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies of the company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure and Transparency Rules, neither the company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

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