ARIX.L Regulatory News (ARIX)

 

Arix Bioscience plc

 

("Arix" or "the Company")

 

Strategy Implementation Review

 

LONDON, 24 March 2021: The board of Arix (LSE: ARIX), a global venture capital company focused on investing in and building breakthrough biotech companies, today announces the commencement of a strategy implementation review (the "Review").

 

Arix collaborates with exceptional entrepreneurs and provides the capital, expertise and global networks needed to help accelerate their ideas into important new treatments. As a listed company, Arix is able to bring this exciting growth phase to a broader range of investors. The Company is committed to its strategy of supporting its current portfolio and investing in the next wave of opportunities, deploying its £174m capital pool. Arix will continue to seek out and support a mix of late- and early-stage investment opportunities, on an approximate ratio of 2:1 in order to manage risk and optimise returns.

 

In 2020 NAV increased by 62% to £328m vs the year-end 2023 NAV target of £500m, net operating costs reduced by over 35% and a new Scientific Advisory Board was appointed.

 

As previously stated, Arix is committed to a programme of stronger corporate governance as well as the expansion of its investment team in the UK and US to take advantage of a strong pipeline of new opportunities.

 

The Review will examine:

Board composition, ensuring that the Company's governance reflects best practice and has the right mix of skills and experience; Executive resourcing, choosing the right mix of skills and experience to deploy capital into the Company's exciting pipeline of new opportunities; and Remuneration structures, enabling Arix to attract and retain the right talent for the business.

 

As part of the Review, the Company will solicit views from a wide range of stakeholders. This will include a shareholder consultation to fully understand the views of all shareholders and reflect their wishes as the Company's owners. This programme of work will be overseen on the Board's behalf by the Company's Senior Independent Director, Giles Kerr, and has already begun through engagement with the Company's largest shareholder.

 

The initial findings of the Review will be delivered ahead of the notice to shareholders of the forthcoming AGM, which is expected to be circulated on or around 23 April.

 

Commenting on the Review, Arix's Chairman, Naseem Amin, said:

 

"The Company's founding thesis continues to be sound and has been validated by the VelosBio exit. As a consequence, we believe it is necessary to accelerate the development of our capabilities to ensure we make the most of the opportunities before us.

 

"We aim to report the Review's initial findings in time for the 2021 AGM and welcome constructive engagement from all those with whom we have a relationship, as we work to ensure Arix offers a high quality platform to identify and support exciting new biotech opportunities."

 

[ENDS]

 

For more information, please contact:

 

Arix Bioscience plcCharlotte Parry, Head of Investor Relations+44 (0)20 7290 1072charlotte@arixbioscience.com

 

Montfort CommunicationsOlly Scott

+44(0)78 1234 5205

 

Optimum Strategic Communications

Mary Clark, Supriya Mathur, Shabnam Bashir

+44 (0)20 3922 1906

optimum.arix@optimumcomms.com  

 

About Arix Bioscience plc

Arix Bioscience plc is a global venture capital company focused on investing in and building breakthrough biotech companies around cutting-edge advances in life sciences.

 

We collaborate with exceptional entrepreneurs and provide the capital, expertise and global networks to help accelerate their ideas into important new treatments for patients. As a listed company, we are able to bring this exciting growth phase of our industry to a broader range of investors. www.arixbioscience.com