Port Erin Biopharma Investments Ltd Net Asset Value(s) (6849L)
April 23 2018 - 1:01AM
UK Regulatory
TIDMPEBI
RNS Number : 6849L
Port Erin Biopharma Investments Ltd
23 April 2018
23 April 2018
Port Erin Biopharma Investments Limited
(the "Company")
Net Asset Value calculation to 31 March 2018
Jim Mellon, Chairman, commented: -
"The Net Asset Value ("NAV") calculation for the Company as at
closing on 31 March 2018 was 8.27 pence per share, including
un-invested cash of GBP502,705. The portfolio is valued under IFRS
at bid price.
Net Assets stand at GBP2.0 million including investments of
GBP1.2 million. This quarter's NAV represents a decrease of 6.0%
from the previous valuation of 8.80 pence per share, which included
un-invested cash of GBP603,123. No management fee is due to
Shellbay Investments Limited.
Of our quoted investments, Regent Pacific Group Limited
published its annual financial results in March 2018. The European
launch of Fortacin(TM), the first European Union approved topical
prescription treatment for premature ejaculation that does not act
on the central nervous system, in February and March this year and
subsequent global launches are expected to generate long-term
recurring royalty revenues from their commercial sales partners,
further fueling future growth. This month, Summit Therapeutics plc,
announced the completion of ezutromid dosing in patients with
Duchenne muscular dystrophy ('DMD') for the full 48-week PhaseOut
DMD clinical trial. They expect top-line data from the full trial
to be available in the third quarter of 2018. In March 2018,
SalvaRX Group plc announced that two of its investee companies, iOx
Therapeutics and Intensity Therapeutics - both developing cancer
immunotherapy treatments - have been granted additional patents and
are moving towards commencing clinical trials.
Our holdings in unquoted companies continue to show promise and
we have subscribed for warrants in support of our holding in AgeX
Therapeutics, Inc., an early stage operation focused on the
emerging field of interventional gerontology. Cytox Limited
announced in March 2018 that it had been awarded a further GBP0.8
million funding from Innovate UK to continue Alzheimer's disease
research testing. Finally, Insilico Medicine, Inc. has been listed
as one of the companies in the "AI Top 100" of most promising
artificial intelligence companies in the world for its work in
using AI to extend healthy longevity through innovative solutions
for drug discovery and aging research.
Thus, the Company's investment portfolio continues to show
significant growth prospects for 2018 and beyond".
Unaudited to
31 March 2018 GBP
Fixed Assets
Investments 1,202,033
Current Assets
Loan receivable 200,000
Sundry Debtors 47,815
Uninvested cash 502,705
Current Liabilities
Creditors: amounts due (34,766)
------------------
1,917,787
Capital and Reserves
Share Capital 23
Share Premium 1,890,142
Reserves 27,622
------------------
1,917,787
Shares in Issue 23,195,558
Net Asset Value per share 8.27 pence
Portfolio Details
Investments as at 31 Value % of Total Portfolio
March 2018
------------------------- ------------- --------------------
Regent Pacific Group
Limited GBP369,816 30.76%
Summit Therapeutics
plc GBP225,576 18.77%
SalvaRX Group plc GBP33,333 2.77%
Other quoted holdings GBP35,351 2.94%
Other unquoted holdings GBP537,957 44.76%
Total GBP1,202,033 100.00%
------------------------- ------------- --------------------
For further information, please contact:
Port Erin Biopharma Beaumont Cornish Limited Optiva Securities
Investments Limited Limited
The Company Nomad Broker
Denham Eke Roland Cornish/James Biddle Jeremy King/Ed
+44 (0) 1624 639396 +44 (0) 207 628 3396 McDermott
+44 (0) 203 137
1904
This information is provided by RNS
The company news service from the London Stock Exchange
END
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