TIDM0Y71
RNS Number : 8155J
Malin Corporation PLC
26 August 2021
Malin Corporation plc
Malin reports 2021 Interim Results
-- Intrinsic equity value estimate increases to EUR9.24 per
share as at 30 June 2021, a 9% increase
-- Significant clinical and transactional progress achieved by
investee companies, including the sale of Kymab, agreement to sell
Altan and Immunocore's IPO
-- Sale of Altan expected to close in the coming months, after
which Malin expects to execute a significant return of capital to
shareholders
Dublin-Ireland, 26 August 2021 : Malin Corporation plc (Euronext
Growth Dublin:MLC) ("Malin", the "Company"), a company investing in
highly innovative life sciences companies, today publishes its
interim results and interim report for the six month period to 30
June 2021.
"The first half of 2021 has been a period of strong achievement
for Malin as we continued to see good execution of our business
strategy, with the sale of Kymab and Altan at significant premiums
to their last disclosed fair value estimates. As a result, our
estimated intrinsic equity value, which we believe is the most
robust financial metric to assess the progress of Malin, increased
9% to EUR9.24 per share as at 30 June 2021," said Darragh Lyons,
Chief Executive Officer, commenting on the results. "The initial
proceeds from the Kymab divestment of EUR88.2 million allowed us to
fully repay all outstanding debt with the European Investment Bank
and buy back over 1.5 million Malin shares. As we look ahead to the
remainder of 2021, we will seek to demonstrate further execution of
our business strategy with the close of the Altan company sale, an
expected significant return of capital to shareholders and further
value accretion from our remaining assets."
Financial Highlights
-- Estimated intrinsic equity value is calculated using our
estimate of the fair value of our investee company holdings in
accordance with the International Private Equity and Venture
Capital Valuation ("IPEV") guidelines, adjusted for net cash /
debt.
-- Malin's estimated intrinsic equity value per share as at 30
June 2021 was EUR9.24, representing a 9% increase compared to the
estimated intrinsic equity value per share as at 31 December 2020
of EUR8.48. This has decreased to EUR8.83 per share as at 25 August
2021, as a result of declines in the share prices of Immunocore and
Poseida in the period.
-- Malin's corporate cash balance at 30 June 2021 was EUR57.6
million, following the receipt of EUR88.2 million in initial
proceeds from the sale of Kymab and the repayment of the full
outstanding debt balance with the EIB of EUR45.0 million.
-- The Company has bought back over 1.5 million shares at a
weighted average price of EUR6.34 per share in recent months and as
at 25 August 2021, Malin's corporate cash balance was EUR54.9
million.
-- C orporate cash operating expenses for the first half of 2021
were EUR1.4 million, in line with previous guidance.
Investee Company Highlights
Kymab
-- Completed the sale of Kymab to Sanofi for consideration of up
to $1.45 billion. The transaction delivered gross upfront proceeds
to Malin of $113 million, of which $105 million (EUR88.2 million)
was received in April 2021.
-- Potential for Malin to receive up to a further $33 million on
the achievement of certain milestones.
Immunocore
-- Raised $75 million in a Series C financing round, before
completing an IPO on the Nasdaq Global Select Market, raising a
further $312 million.
-- A Biologics License Application and Marketing Authorisation
Application for the company's lead product candidate, tebentafusp,
has been accepted by the US FDA and European Medicines Agency
respectively, following very positive Phase 3 clinical data late
last year; and we expect tebentafusp to be commercially launched in
Q1 2022.
-- Dose escalation of IMC-C103C targeting MAGE-A4 and IMC-F106C
targeting PRAME continues as planned; initial Phase 1 MAGE-A4 data
planned for Q4 2021 and initial Phase 1 PRAME data expected by
mid-2022.
-- Initiated patient dosing in its wholly owned clinical stage
programme for chronic Hepatitis B and advanced several other
programmes.
Poseida
-- Progressed the Phase 2 clinical study of its autologous CAR-T
programme targeting BCMA, while continuing to seek to optimise the
therapy's efficacy in a Phase 1 expansion study.
-- Advanced the universal donor (or allogeneic) version of its
BCMA-targeting product candidate as planned, with an IND filing and
initiation of a Phase 1 clinical trial on track for Q3 2021.
-- Encouraging early data on product candidate for metastatic
castrate-resistant prostate cancer, with further updates scheduled
for the end of this month.
Viamet
-- Submitted a New Drug Application to the US FDA for
oteseconazole which is currently under review, following excellent
Phase 3 data in December 2020 and January 2021. Product approval
would initiate cash inflows to Viamet shareholders, including
Malin.
Altan
-- Announced a definitive agreement to sell the company to
Ethypharm in June 2021. The transaction, which is subject to
competition authority filings, is expected to close in the coming
months and will deliver net proceeds to Malin of approximately
EUR68 million.
Interim Report
Malin's interim report and further information on Malin is
available to view on Malin's website at www.malinplc.com , under
the Investors' section.
Corporate Update Conference Call
Darragh Lyons, Chief Executive Officer, will host a conference
call today at 12:00pm Irish Standard Time / BST to provide an
operational update. Presentation slides will be available in
advance of the call on Malin's website under the Investors'
section, http://malinplc.com/investors/results-centre/. This call
can be accessed as follows:
From Ireland dial: 0153 695 84
From the UK dial: 020 3936 2999
From the USA dial: 1 646 664 1960
From all other locations dial: +44 203 936 2999
Participant access code: 330707
A replay of the call will be available on the Company's website
as soon as practicable.
ENDS
About Malin Corporation plc
Malin (Euronext Growth Dublin:MLC) is a company investing in
highly innovative life sciences companies. Its purpose is to create
shareholder value through the application of long-term capital and
operational and strategic expertise to a diverse range of global
healthcare businesses. Malin has a focus on innovative businesses
underpinned by exceptional science and works with its investee
companies, providing strategic and financial support to enable them
to reach their value potential. Malin is headquartered and
domiciled in Ireland and listed on the Euronext Growth Dublin. For
more information visit www.malinplc.com
For further information, please contact:
Malin
Jessica Bergin, Investor Relations & External Reporting
Tel: +353 (0)1 901 5700
investorrelations@malinplc.com
Davy Corporate Finance (Euronext Growth Adviser & Joint
Broker)
Brian Garrahy / Daragh O'Reilly
Tel: +353 1 679 6363
Liberum (Joint Broker)
Bidhi Bhoma / Euan Brown
Tel: +44 (0) 20 3100 2000
Powerscourt (Irish media enquiries)
Eavan Gannon
Tel: +353 87 236 5973
malin@powerscourt-group.com
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