Portfolio Update

RNS Number : 9208X

Woodford Patient Capital Trust PLC

02 May 2019

 

Woodford Patient Capital Trust plc

Portfolio update: April's milestones

2 May 2019

Several of the portfolio companies held in Woodford Patient Capital Trust plc (WPCT) reached significant milestones during April. These include Inivata's valuation uplift and Benevolent AI's collaboration with AstraZeneca plc (AstraZeneca).

Inivata

Following a positive reimbursement decision in the US for Inivata's maiden non-invasive blood cancer test and a successful $52.6m fundraising in March, Inivata's valuation has this week been revised upwards by Link Fund Solutions Limited, WPCT's appointed Alternative Investment Fund Manager (AIFM). The value of Inivata has increased by 58% and is valued at £31.2m.

Inivata is a clinical cancer genomics company commercialising its initial blood biopsy test that helps clinicians make more informed treatment decisions for patients with lung cancer based on their blood samples. Its initial test in the US is called InVisionFirst®-Lung and recent data demonstrated that it reveals the same quality of information as tissue-based cancer profiling in a less invasive way. As at the end of March 2019, it represented a 1.91% position in the WPCT portfolio.

Benevolent AI

Benevolent AI announced a partnership with AstraZeneca to identify new targets in two therapeutic areas of huge unmet need, Idiopathic Pulmonary Fibrosis and Chronic Kidney Disease. The collaboration entitles Benevolent AI to an undisclosed upfront payment, development milestone payments and tiered royalties on future revenues.

Mene Pangalos, on the executive management team at AstraZeneca, said: "By combining AstraZeneca's disease area expertise and large, diverse datasets with Benevolent AI's leading AI and machine learning capabilities, we can unlock the potential of this wealth of data to improve our understanding of complex disease biology and identify new targets that could treat debilitating diseases."  

As at the end of March 2019, Benevolent AI represented an 8.33% position in the WPCT portfolio.

Autolus
Autolus is at the forefront of a revolutionary immuno-oncology treatment, dubbed the 'living medicine', that is offering new hope to patients suffering from blood-related cancers such as lymphoma and myeloma. In April, Autolus raised $100.8m which will propel the company to a position of strength. It will be able to resource late stage clinical activities for its leukaemia asset Auto1 (which recently reported impressive data in both adult and paediatric patients) and build out a commercially viable manufacturing base. As at the end of March 2019, it represented a 9.33% position in the WPCT portfolio.

Idex Biometrics

Idex Biometrics entered into an agreement with a major global information and technology company that provides hardware, analytical software, data services, and news to the world's financial companies. The agreement includes a multi-million dollar commitment for Idex's SmartFinger® IDX 3200 dual-interface sensors. 

The Norwegian technology company was founded in 1996 to pioneer miniaturised fingerprint sensors. The company aims to provide consumers with a secure and user-friendly use of personal identification by developing and commercialising fingerprint imaging, recognition and authentication technology. Last month, Idex also announced that along with China smart card provider, Chutian Dragon, which it has been collaborating with since 2018, it will be working alongside point of sales terminal provider PAX to accelerate biometric smart card adoption in Asia. As at 31 March 2019, it represented a 1.33% position in the WPCT portfolio.

ReNeuron

On 9 April, ReNeuron announced it had signed an exclusive agreement with Shanghai-based Fosun Pharma to fully fund the development, manufacture and commercialisation of its CTX and hRPC cell therapy programmes in China.

ReNeuron is also developing a therapy (known as hRPC) for blindness-causing disease retinitis pigmentosa. Over the past few weeks, the company has reported an ongoing and clinically meaningful improvement in all patients of the first group of phase II patients receiving the treatment. As at the end of March 2019, it represented a 0.48% position in the WPCT portfolio.

Evofem

Evofem has entered into a securities purchase agreement to raise up to $80 million through a private placement of common stock from new and existing investors, including a strategic investment from NASDAQ-listed PDL BioPharma. The financing, at a premium to the current share price, enables Evofem to maximise the opportunity for its contraceptive gel Amphora, which if approved, will be the first hormone-free, woman-controlled birth control method. As at the end of March 2019, it represented a 0.37% position in the WPCT portfolio.

Reaction Engines

Reaction Engines is developing 'SABRE' with the support of BAE Systems, Rolls-Royce and Boeing. The Sabre air-breathing rocket engine is designed to drive space planes to orbit and take airliners around the world in just a few hours and its propulsion system technology has passed a key milestone in April.

The company's pre-cooler heat exchanger passed all test objectives in the first phase of high-temperature testing designed to directly replicate supersonic flight conditions. It demonstrated the ability to handle the simulated conditions of flying at more than three times the speed of sound. As at the end of March 2019, it represented a 0.49% position in WPCT.

For further information please contact:

For Woodford
Four Communications

Roland Cross / Jonathan Atkins / Matt Jones

020 3697 4200

[e-mail]

Notes to editors:

*based on gross asset value

For further information go to: woodfordfunds.com

About Woodford Investment Management:

Woodford Investment Management Limited is an asset management company built on a founding philosophy of transparency and simplicity. Launched in May 2014, the company has £10.5 billion assets under management and advice. Further information can be found at https://woodfordfunds.com

Woodford Investment Management Ltd

9400 Garsington Road Oxford OX4 2HN

[phone]

[e-mail]

woodfordfunds.com

 

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