TIDM0Y71
RNS Number : 4794L
Malin Corporation PLC
06 September 2023
Malin Corporation plc
Malin reports 2023 Interim Results
-- Intrinsic equity value estimate of EUR6.25 per share at 30
June 2023 and EUR6.49 per share at 4 September 2023.
-- Encouraging clinical and transactional progress achieved by
Malin's investee companies during the period.
-- Continued execution of the business strategy during the first
half of 2023, including the return of EUR140 million to our
shareholders via a tender offer; the Company may deploy up to EUR5
million to buy back shares in the market over the coming months
within the existing authority granted by shareholders.
Dublin-Ireland, 6 September 2023: 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
2023.
"We continued to execute our business strategy during the first
half of 2023, including the return of EUR140 million to our
shareholders via a tender offer, said Darragh Lyons, Chief
Executive Officer, commenting on the results. "Our investee
companies achieved some important clinical, operational and
transactional milestones which we believe will help to advance them
towards value inflection points in the months ahead. Biotech
capital markets continue to be extremely challenging and Poseida's
share price has been under significant pressure, despite some
notable transactional and operational progress. Our current
intrinsic equity value per share is approximately EUR6.49 per
share, a 36% decrease on our last publicly disclosed value of
EUR10.07 at 14 February 2023, which is largely attributable to the
sharp decline in the share price of Poseida during this
period."
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
2023 was EUR6.25, compared to the estimated intrinsic equity value
per share as at 31 December 2022 of EUR9.34. 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 4
September 2023 was EUR6.49, a 4% increase compared to 30 June 2023.
This increase was attributable to a modest increase in the public
market share price of Poseida following the announcement of a $50
million strategic investment by Astellas in Poseida in August
2023.
-- C orporate cash operating expenses for the first half of 2023 were EUR1.7 million.
Investee Company Highlights
Poseida
-- Astellas made a $50 million strategic investment in Poseida
in August 2023 which is comprised of the purchase of 8.3 million
common shares of Poseida, approximately 8.8% of Poseida, and a
right of exclusive negotiation and first refusal for any potential
partnering of P-MUC1C-ALLO1, Poseida's allogeneic CAR-T cell
therapy product candidate for solid tumours.
-- Poseida's Phase 1 trials for both P-BCMA-ALLO1 and
P-MUC1C-ALLO1 are progressing, having identified improvements that
Poseida believes have the potential to greatly benefit the
allogeneic portfolio.
-- Poseida's gene therapy collaboration with Takeda was
terminated in July 2023 following Takeda's decision to pivot its
research priorities. Poseida may seek new strategic collaborations
in gene therapy that could include some or all of the programs
previously included in the Takeda Collaboration Agreement and
potentially additional internal programs.
Viamet
-- VIVJOA(TM) (oteseconazole) was approved in the U.S. in April
2022 for the treatment of Recurrent Vulvovaginal Candidiasis (RVVC)
but with a contraindication for females who are pregnant or of
reproductive potential. The contraindication was prompted by ocular
abnormalities observed in pre and postnatal rat studies. Mycovia is
working to better understand the cause of the rats' ocular
abnormalities in these studies and to assess their relevance, if
any, to humans, with the aim of gaining regulatory approval to
extend the targeted patient population.
-- Development progress continues outside of the U.S.
Oteseconazole was recently approved for the treatment of severe
vulvovaginal candidiasis in China.
CG Oncology
-- CG Oncology executed an oversubscribed $105 million crossover
financing round in August 2023, in which Malin invested $2.3
million (EUR2.1 million) to maintain its c.2% interest.
-- CG Oncology presented very encouraging preliminary data in
May 2023 from its ongoing global Phase 2 study of CG0070 in
combination with Merck's anti-PD-1 therapy KEYTRUDA(R)
(pembrolizumab), for the treatment of patients with non-muscle
invasive bladder cancer (NMIBC)
-- CG Oncology completed enrolment in a Phase 3 monotherapy trial of CG0070 for the treatment of BCG-unresponsive NMIBC with topline data expected before the end of 2023, which will hopefully support a Biologics Licensing Application (BLA) regulatory approval filing in late-2024.
Xenex
-- On 1 September 2023, the FDA granted De Novo authorisation
for Xenex's LightStrike(TM) + device, a high-intensity,
broad-spectrum ultraviolet (UV) light robot. The authorisation
creates a new medical device product classification under which the
LightStrike+ robot is the first and only product of its type,
setting the precedent for FDA regulation of UV robots intended for
use in reducing pathogens on non-porous, high-touch surfaces in the
healthcare environment.
Balance Sheet
-- Malin's corporate cash balance at 30 June 2023 was EUR31.5
million. During August 2023, Malin invested an additional $2.3
million (approximately EUR2.1 million) in CG Oncology, as part of a
$105 million crossover financing round. Malin had investment
inflows of approximately EUR2.1 million during July and August
2023. As at 4 September 2023, Malin's corporate cash balance was
EUR31.4 million.
-- The corporate cash balance will be used to fund the Company's
operations, including the possible investment of additional capital
into Malin's remaining assets if attractive investment
opportunities arise or if it is determined that additional capital
will help advance the investee company towards a value inflection
point or realisation opportunity. The Company remains committed to
returning the excess capital of the business to shareholders.
-- The Company may deploy up to EUR5 million of capital to buy
back shares in the market over the coming months within the
existing authority granted by shareholders. Any decision to
repurchase shares will be within the existing authority granted by
shareholders.
Leadership Updates
-- As previously announced, following Malin's significant
capital realisations and shareholder returns over the past four
years, its Chief Executive Officer, Darragh Lyons, will leave the
Company before the end of 2023. Mr Lyons will step down as member
of the board on his departure as CEO.
-- Fiona Dunlevy will assume the role of Executive Director from
2 October 2023 and join Malin's board of directors.
-- Malin's Chairman, Liam Daniel, will also undertake additional
responsibilities as an Executive Chairman from 2 October 2023.
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.
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
Andrea Stafford, Head of Finance
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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END
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