Net Asset Value(s)

RNS Number : 9337U

Port Erin Biopharma Investments Ltd

18 July 2018

 

18 July 2018

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 30 June 2018

Jim Mellon, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 30 June 2018 was 8.40 pence per share, including un-invested cash of £555,293. The portfolio is valued under IFRS at bid price.

Net Assets stand at £2.0 million including investments of £1.2 million. This quarter's NAV represents an increase of 1.57% from the previous valuation of 8.27 pence per share, which included un-invested cash of £502,705. No management fee is due to Shellbay Investments Limited.

Regent Pacific Group Limited value increased by 21% in the period under review, following the positive annual financial results published in March 2018 highlighting the news regarding the global launches of Fortacin™.

As previously announced in June 2018, we disposed of approximately half of our holding in Summit Therapeutics plc before the announcement of the failure of their clinical trial to meet primary or secondary endpoints. This sale generated £118,701.67 net cash to add to our reserves.

Insilico Medicine Inc, a Baltimore based next generation artificial intelligence company, specializes in the application of deep learning for target identification, drug discovery and aging research.  In June 2018, Insilco announced that it has entered into a collaboration agreement with WuXi AppTec, a leading global pharmaceutical and medical device open-access capability and technology platform, to potentially improve the efficiency of drug discovery and increase productivity.

AgeX Therapeutics, Inc announced in May 2018 the award of a grant of approximately US$386,000 from the National Institute of Neurological Disorders and Stroke of the National Institutes of Health.  The grant provides funding for continued development of the company's technologies for addressing age-related degenerative diseases. In June 2018, AgeX announced it had closed a US$5 million equity financing through the sale of common shares to Juvenescence Limited.

Our other holdings in unquoted companies continue to show promise. In particular, Cytox Limited announced in May 2018 that it has launched a collaboration agreement with Mayo Clinic to evaluate novel genetic based approaches for assessing Alzheimer's risk."

		Unaudited to 30 June 2018 £
Fixed Assets
	Investments	1,174,946
Current Assets
	Loan receivable	226,584
	Sundry Debtors	14,480
	Uninvested cash	555,293
Current Liabilities
	Creditors: amounts due	(23,759)
		1,947,544
Capital and Reserves
	Share Capital	23
	Share Premium	1,890,142
	Reserves	57,379
		1,947,544
Shares in Issue		23,195,558
Net Asset Value per share		8.40 pence

Portfolio Details

Investments as at 30 June 2018	Value	% of Total Portfolio
Regent Pacific Group Limited	£465,974	39.66%
Summit Therapeutics plc	£21,338	1.82%
SalvaRX Group plc	£54,444	4.63%
Other quoted holdings	£35,090	2.99%
Other unquoted holdings	£598,100	50.90%
Total	£1,174,946	100.00%

For further information, please contact:

Port Erin Biopharma Investments Limited	Beaumont Cornish Limited	Optiva Securities Limited
The Company	Nomad	Broker
Denham Eke [phone]	Roland Cornish/James Biddle [phone]	Jeremy King/Ed McDermott [phone]

 

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