Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSUMM.L Share News (SUMM)

  • There is currently no data for SUMM

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Port Erin Biopharma Swings To First Half Loss As Gains Do Not Recur

Mon, 30th Mar 2015 12:15

LONDON (Alliance News) - Port Erin Biopharma Investments Ltd Monday said it swung to a pretax loss in the first half of its financial year after it had booked significant gains a year earlier, but said its three core investments continue to show " substantial growth potential for the remainder of 2015 and beyond".

The investing firm's core investments are in Magna Biopharma Income Fund, Plethora Solutions Holdings PLC and Summit Corp PLC.

For the half year to end-December, Port Erin posted a pretax loss of GBP143,388, compared with a pretax profit of GBP1.8 million a year earlier when it had booked significant unrealised gains against its investments in Summit and Plethora. Its investment revenue also fell to GBP83,835, from GBP2.3 million a year earlier.

Its invested assets at fair value at the end of 2014 were GBP2.5 million, compared with GBP4.8 million at the end of June.

In January the company undertook a tender offer to allow shareholders to sell part of their holding back to the company at an implicit value, rather than the "historically discounted market price". This was planned as part of a strategic review to eliminate the discount to net asset value implicit in its share price.

"Whilst the results for the present period have reported losses, positive steps have been taken in addressing the significant discount to net asset value implicit in the company's share price mentioned above which we firmly believe will enhance shareholder value in the future," the company said in a statement.

Additionally, Port Erin said it was considering a number of investment options which "show considerable promise", it said.

Shares in Port Erin are trading down 4.5% at 10.50 pence Monday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright 2015 Alliance News Limited. All Rights Reserved.

More News
24 Feb 2020 10:52

Summit Therapeutics Delists In London As Focus Shifts To US

Summit Therapeutics Delists In London As Focus Shifts To US

Read more
24 Jan 2020 12:49

Summit Therapeutics Chief Operating & Medical Officer Roblin Resigns

Summit Therapeutics Chief Operating & Medical Officer Roblin Resigns

Read more
23 Jan 2020 16:47

Summit Gets More Funding For C. Difficile Infection Treatment

Summit Gets More Funding For C. Difficile Infection Treatment

Read more
24 Dec 2019 10:27

Summit Therapeutics Shuffles Board After Raising USD50 Million

Summit Therapeutics Shuffles Board After Raising USD50 Million

Read more
24 Dec 2019 09:09

Summit Therapeutics raises $40m, completes board restructuring

(Sharecast News) - Antibiotic innovation company Summit Therapeutics raised $50.0m on Tuesday by way of a subscription and placing of new ordinary shares and warrants.

Read more
17 Dec 2019 13:20

Summit Therapeutics Reports Decrease In Revenue In Third Quarter

Summit Therapeutics Reports Decrease In Revenue In Third Quarter

Read more
6 Dec 2019 13:34

Summit Therapeutics Plans Wholesale Changes As It Raises Cash

Summit Therapeutics Plans Wholesale Changes As It Raises Cash

Read more
6 Dec 2019 08:56

Summit Therapeutics raising $50m, plans to delist from AIM

(Sharecast News) - Antibiotic innovation company Summit Therapeutics announced a proposed fundraising of about $50m through a subscription and placing of new ordinary shares and warrants to existing investors on Friday, which would be subject to certain shareholder approvals being obtained and certain customary closing conditions being satisfied.

Read more
11 Oct 2019 12:53

Summit Therapeutics Sinks To Interim Loss On Ezutromid Discontinuation

Summit Therapeutics Sinks To Interim Loss On Ezutromid Discontinuation

Read more
7 Oct 2019 13:23

Summit Therapeutics Posts Explanation For Ridinilazole Trial In C Diff

Summit Therapeutics Posts Explanation For Ridinilazole Trial In C Diff

Read more
3 Oct 2019 14:23

Summit Therapeutics Reports Positive Ridinilazole Trial Results

Summit Therapeutics Reports Positive Ridinilazole Trial Results

Read more
17 Jul 2019 13:48

Summit Therapeutics New Antibiotic Shows Potential Against Gonorrhoea

(Alliance News) - Summit Therapeutics PLC on Wednesday highlighted the potential of its preclinical new class antibiotic, SMT-571, to treat gonorrhoea, at the STI & HIV World Congress in said

Read more
12 Jun 2019 13:54

Summit Therapeutics Narrows First Quarter Loss As Expenses Drop

(Alliance News) - Summit Therapeutics on Wednesday said its loss narrowed in its financial first quarter due to an increase in other operating income and a reduction in operating which develops a

Read more
15 Apr 2019 11:26

Summit Therapeutics DDS-04 Series Antibiotic Cures Infection In Study

LONDON (Alliance News) - Summit Therapeutics PLC on Monday presented proof of concept data for its DDS-04 series of antibiotics targeting Enterobacteriaceae, a family of bacteria that cause severe

Read more
15 Apr 2019 10:16

Summit Therapeutics upbeat on latest DDS-04 data

(Sharecast News) - Antibiotic innovation firm Summit Therapeutics reported on in vivo proof-of-concept data for the DDS-04 series of new mechanism antibiotics targeting enterobacteriaceae on Monday, having presented them at the 29th European Congress of Clinical Microbiology and Infectious Diseases in Amsterdam.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.