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Real-Time news about Bionex Inv. (London Stock Exchange): 0 recent articles
|topvest: Yes, I wonder what that was for? Share price moving up a bit as well.|
|topvest: Got some in the demerger and the rest at about 1.35p. Fixed asset investmentes are the residual biotech holdings and current asset investments is a £500k investment in the Mountcashel LLP hedge fund which is Irish Listed. Not sure what the share price is at the moment. I'll have a quick look.|
|a harris: http://business.scotsman.com/latest.cfm?id=2541716
Doctors Set for Boost as Ark Floats
By Louisa Nesbitt, City Staff, PA News
Three doctors are poised for a £10 million windfall from the flotation of the healthcare company they founded, it was announced today.
Ark Therapeutics was set up by two medics from University College London and a Finnish doctor, all world leaders in their medical fields.
The company expects to raise around £55 million when it floats on the London Stock Exchange's main market next month.
Professor John Martin, Dr Stephen Barker and Professor Seppo Yla-Herttuala, who hold 4.5% of the company, could also share £10 million in the next two to four years if they cash in a series of share options. This depends on the performance of the company and its share price.
The placing of new shares will give Ark Therapeutics a total market value of between £165 million and £190 million.
The company has one product in use a wound dressing device for leg and foot ulcers introduced to UK hospitals in November.
Another three of its products are at the late stage of clinical development, including a gene-based therapy for operable brain tumours and a treatment for muscle wasting that occurs in patients with cancer.
It is also testing a product for the treatment of patients with kidney failure.
Ark was formed in 2001 through the merger of a UK firm and a Finnish company.
The two British doctors are world leaders in vascular medicine specialising in diseases of the blood while their Finnish colleague is a leader in gene therapy.
Chief executive Nigel Parker said all of the products being trialled by Ark addressed areas of unmet clinical need.
He said: "Each of these products represents an attractive market opportunity and, having retained the right to market all our lead products in the key North American and European markets, we believe that Ark is well placed to succeed."
|octopus100: Does anyone have any idea on current valuation figures - lets say ARK was valued at 100m as mentioned above - what % does Bionex hold, what would this be worth and how does this translate into the Bionex share price?|
|rivaldo: This is from today's Guardian market report. Can't believe the share price now - Ark will have to achieve a bleeding good valuation to justify this:
"On the AIM, Bionex Investments surged 50%, or 1p, to 3p as dealers realised that it owns a sizeable stake in biotech company Ark Therapeutics. Over the weekend it emerged that Ark had appointed CSFB to look at a stock market flotation, which could value the company at up to £200m."|
|simonevans: Interesting - the words "for the time being" say something to me.......
The CEO has gone - well that's probably not a bad thing as he costs a fair whack and they haven't done anything much yet. As previously mentioned, I think that this co. will change its strategy again sometime soon - maybe for use as a shell for one of it's investments or another biotech co. From day one the strategy has not looked great and you supsect that this co. will be used for something else.
I agree with Rivaldo that the share price suggests something may be happening. Tempted to add a few more if the share price drops back.|
|rivaldo: Results announced earlier:
No revelations, no progress reports on the investee companies - disappointing in that respect, though I suppose anything meaningful, particularly re Ark/flotation prospects, is confidential anyway and can't be announced until the relevant company makes its own announcement.
There's also a fresh provision that wasn't there at the interim stage - it's ambiguous as to whether it's against one or a number of companies. Certain investments are quieter than others judging from the web sites - say Ecosmart or Photo Therapeutics, so could be these.
But generally it seems like good news to me:
- Net assets at £3.36m are 2.1p per share, against a 1.05p share price
- There's still £1m cash
- Provisioning against investments is "conservative" - no more write-downs?
- Total expenses for the year were, net of everything, around £75,000. Not a lot!
- Trading activities generated a handy £73k profit.
So it's as before - wait for news on Ark, with a 100% discount to NAV as a safety net.|
|rivaldo: Oooh RL, you are a one!
The Telegraph article from 2002 earlier in the thread mentioned a £140m valuation and a £40m fundraising, so you're probably in the right ballpark at a £100m valuation. Ark got pretty close to a float from memory at that valuation and pulled it because the markets suddenly lurched downwards (as did a number of others at the time).
The opening post covers the warrants in that as far as I can see they don't come into play until a 2.5p share price is achieved - so there's still leeway up to this point.
Let's say the Bionex stake in Ark is worth £2.6m at only a £75m valuation. Bionex therefore has/had:
- Ark stake worth £2.6m
- Cash of £1m
- Other stakes of £1.1m, including Biovex, Morphochem and Avidex which look particularly good.
So total NAV would be £4.7m, or 3p per share (which is before the usual discount on investment vehicles). Still plenty of mileage there short-term, though long-term is where the real gains are to be made. The price has come a long way quickly, and Ark news will be the trigger to where it ends up, but I don't see that a current market cap of around £2.75m against NAV of £4.7m is challenging - there's not much downside risk at the least, and the upside could be substantial and sharp.
And many thanks OBR for your detective work - looking forward to more gems.|
Bionex share price data is direct from the London Stock Exchange