TIDM0Y71
RNS Number : 5111Y
Malin Corporation PLC
07 September 2022
Malin Corporation plc
Malin reports 2022 Interim Results
-- Intrinsic equity value estimate increases to EUR9.08 per
share at 5 September 2022, a 21% increase on our last publicly
disclosed value of EUR7.50 per share at 11 March 2022.
-- Significant clinical and transactional progress achieved by
Malin's investee companies during the period, including two US FDA
approvals: Immunocore's lead product candidate, KIMMTRAK(R) and
Viamet's drug, VIVJOA(TM), through its successor company,
Mycovia.
Dublin-Ireland, 7 September 2022: Malin Corporation plc
(Euronext Growth Dublin:MLC) ("Malin", the "Company"), a company
investing in highly innovative life sciences companies, today
publishes its interim results for the six month period to 30 June
2022.
"We continued to advance the execution of our business strategy
during the first half of 2022, while our investee companies
achieved some important clinical, operational and transactional
milestones," said Darragh Lyons, Chief Executive Officer,
commenting on the results. "While the volatility and weakness in
biotech public equity markets continue, we have seen an improvement
in the share prices of both of our public company holdings,
Immunocore and Poseida, in recent months, buoyed by the achievement
of some notable strategic and operational milestones by both
companies. Our current intrinsic equity value per share is
approximately EUR9.08 per share, a 21% increase on our last
publicly disclosed value of EUR7.50 at 11 March 2022."
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 cash.
-- Malin's estimated intrinsic equity value per share at 30 June
2022 was EUR7.61, representing a 13% decrease compared to the
estimated intrinsic equity value per share as at 31 December 2020
of EUR8.70. This decrease was primarily attributable to the decline
in the public market share price of Poseida in that period.
-- Malin's estimated intrinsic equity value per share at 5
September 2022 was EUR9.08, a 19% increase compared to 30 June
2022. This increase was attributable to increases in the public
market share prices of Immunocore and Poseida over the summer
months, buoyed by good execution and progress from both companies,
and supported by a broader biotech market improvement.
-- Malin's corporate cash balance at 30 June 2022 was EUR27.9
million. During August 2022, Malin acquired an additional 2.2
million shares in Poseida for consideration of $7.5 million
(approximately EUR7.4 million). Malin also sold approximately 380k
shares in Immunocore, yielding proceeds of $20.6 million
(approximately EUR20.4 million). As at 5 September 2022, Malin's
corporate cash balance was EUR40.4 million.
-- Corporate cash operating expenses for the first half of 2022
were EUR1.5 million. Malin also incurred EUR1.6 million of
exceptional costs during the period, including EUR1.0 million of
litigation-related costs in preparing for the Irish High Court
proceedings initiated by the holders of A Ordinary Shares in Malin
against the Company. Including the costs incurred during 2021,
Malin has incurred approximately EUR1.5 million of costs to date in
preparing for the trial, which has been set down for hearing in
October 2022.
Investee Company Highlights
Immunocore
-- KIMMTRAK(R) (tebentafusp) now approved in over 30 countries
with commercial launches underway in the U.S. and Germany, and paid
access in France.
-- Protocol finalised for randomised Phase 2/3 trial of
tebentafusp in advanced melanoma with planned initiation of the
study by Q4 2022.
-- Completed a $140 million PIPE financing transaction to extend cash runway through 2025.
-- Initial Phase 1 data from the PRAME-targeting IMC-F106C
ImmTAC to be presented at the ESMO Congress later this week (9
September).
-- Post period end, Malin took advantage of recent strong share
price momentum in Immunocore's stock to sell approximately 380k
shares at an average price of $54.15 per share realising net
proceeds of $20.6 million (approximately EUR20.4 million). Malin
had acquired 128k Immunocore shares during December 2021 and
January 2022 for total consideration of $3.7 million (average price
per share of $28.89). Malin retains a 4.5% interest in Immunocore
valued at approximately EUR110 million with significant potential
for further upside driven by important clinical milestones and
other operational catalysts.
Poseida
-- Entered into a strategic collaboration with Roche to focus on
the research and development of allogeneic CAR-T cell therapies
directed to haematologic malignancies. Poseida will receive $110.0
million upfront from Roche and is eligible to receive payments
potentially up to $6.0 billion in aggregate value on the
achievement of certain milestones.
-- Completed an $80 million (gross) underwritten public offering
of shares. Poseida now expects to have cash runway through at least
mid-2024.
-- Initiated patient dosing in two allogeneic CAR-T studies
targeting the BCMA and MUC-1C cancer antigens.
Viamet
-- U.S. approval and commercial launch of VIVJOA(TM)
(oteseconazole) for the treatment of RVVC in females with a history
of RVVC and who are not of reproductive potential. Malin, alongside
other shareholders in Viamet, will benefit from milestone payments
and royalties linked to the global development and commercial
success of the drug under the agreement through which Mycovia
acquired Viamet's anti-fungal drug in 2018.
Strategy
-- Malin remains committed to maximising shareholder returns by
protecting and enhancing the value of positions in existing
investee companies and deploying additional capital into existing
and new asset opportunities with suitable value, risk and maturity
profiles and which are strategically aligned to our business. Malin
also retains its long-term commitment to returning excess capital
of the business to its shareholders.
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: 01 53695 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: 978118
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
Fiona Dunlevy, Company Secretary
Tel: +353 (0)1 901 5700
investorrelations@malinplc.com
Davy Corporate Finance (Euronext Growth Listing Sponsor &
Joint Broker)
Brian Garrahy / Daragh O'Reilly
Tel: +353 1 679 6363
Liberum (Joint Broker)
Phil Walker / Ben Cryer
Tel: +44 (0) 20 3100 2000
Powerscourt (Media enquiries)
Eavan Gannon
Tel: +353 87 236 5973
malin@powerscourt-group.com
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