Net Asset Value(s)

RNS Number : 4448C

Port Erin Biopharma Investments Ltd

22 January 2018

 

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 / David Hignell (+44) (0) 203 861 6625	Lucy Williams (+44) (0) 207 469 0936

 

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