Malin portfolio value rises to €402m in first half of 2018

Dublin-based life sciences investment firm Malin said the value of its investment portfolio rose to €402 million in the six months to June 30th.

The company said the valuation was driven by a rise in the value of its core assets, Poseida, Immunocore, Kymab and Viamet, which account for more than 70 per cent of its investment portfolio. The value of these assets grew by 20 per cent or €49 million over the six months, while the remainder of Malin’s profile fell in value by €48 million.

During the period, Poseida Therapeutics presented positive clinical data for its lead product for the treatment of multiple myeloma, while Immunocore data from a phase one study for its lead programme was "compelling", the firm said.

Meanwhile, Kymab also released positive clinical data of its lead human monoclonal antibody programme, and Viamet’s lead drug was acquired by NovaQuest Capital in January 2018.

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Operating expenses were €5 million for the first half of the year, falling by 45 per cent year on year. The company is targeting full-year 2018 corporate cash operating expenses of less than €10 million.

Focus resources

Malin had cash of €36 million at the end of the first half of the year, with a share placing in January generating €28 million, and asset sales also contributing to the balance sheet.

Since the end of the reporting period, Malin has appointed a new chairman, with Ian Curley taking up the role.

"Malin has a clear strategy to focus resources on core assets with the potential to generate significant value over the next 24 months," said Dr Adrian Howd, chief executive of Malin.

“We have significantly reduced our cost base and simplified the business and, with new leadership at the board level, are fully focused on our goal of aligning the company’s value with the significant intrinsic value in these assets.”