Last checked at 22 Jan 2018 07:00
22 January 2018
Port Erin Biopharma Investments Limited
(the "Company")
Net Asset Value calculation to 31 December 2017
Jim Mellon, Chairman, commented: -
"The Net Asset Value ("NAV") calculation for the Company as at closing on 31 December 2017 was 8.80 pence per share, including un-invested cash of £603,123. The portfolio is valued under IFRS at bid price.
Net assets stand at £2.04 million, including investments of £1.25 million. Despite a significant reduction in operating expenses following a cost-cutting exercise, this quarter's NAV represents a decrease of 4.3% from the previous valuation of 9.20 pence per share, which included un-invested cash of £634,756. No additional management fee is due to Shellbay Investments Limited
Turning to our principal investments, the news continues to be encouraging. On 3 October 2017, Regent Pacific Group Limited ("RPG") announced that it had entered into an amended licensing agreement with Recordati for the sale and distribution of Fortacin™, a breakthrough treatment for premature ejaculation, in Europe. As a result, RPG will be eligible to receive payments of up to €41 million plus royalties after hitting certain milestones related to the European roll-out. RPG received an immediate payment of €4 million on the date on which the amended license agreement became effective.
Summit Therapeutics plc ("Summit") announced on 23 December 2017 that it has obtained an innovative research and development platform for the generation of differentiated antibiotic compounds through its acquisition of Discuva Limited, a privately held UK-based company. The acquisition expands Summit's interests in infectious diseases that are led by its flagship precision C. difficile infection ('CDI') antibiotic candidate ridinilazole. Summit is now better placed to advance additional potential drug treatments for patients with serious bacterial infections where there is substantial unmet need, while in parallel continuing to advance its clinical and research programme in Duchenne muscular dystrophy. Our other investments, both quoted and unquoted, continue to perform in line with expectations.
The board continues to evaluate further opportunities for the Company."
Unaudited to 31 December 2017 £ | ||
Fixed Assets | ||
Investments | 1,247,428 | |
Current Assets | ||
Loan receivable | 200,000 | |
Sundry Debtors | 22,885 | |
Uninvested cash | 603,123 | |
Current Liabilities | ||
Creditors: amounts due | (32,899) | |
2,040,537 | ||
Capital and Reserves | ||
Share Capital | 23 | |
Share Premium | 1,890,142 | |
Reserves | 150,372 | |
2,040,537 | ||
Shares in Issue | 23,195,558 | |
Net Asset Value per share | 8.80 pence |
Portfolio Details
Investments as at 31 December 2017 | Value | % of Total Portfolio | |
Regent Pacific Group Limited | £421,432 | 33.78% | |
Summit Therapeutics plc | £201,190 | 16.13%
| |
SalvaRx Holdings plc | £34,259 | 2.75% | |
Other quoted holdings | £40,768 | 3.27% | |
Other unquoted holdings | £549,779 | 44.07% | |
Total | £1,247,428 | 100.00% | |
For further information, please contact:
Port Erin Biopharma Investments Limited
| Northland Capital Partners Limited | Peterhouse Capital Limited |
The Company | Nomad and Joint Broker | Joint Broker |
Denham Eke (+44) (0) 1624 639396 | Matthew Johnson / DavidHignell (+44) (0) 203 861 6625 | Lucy Williams (+44) (0) 207 469 0936 |