Malin Corporation PLC Malin announces 2019 Interim Results (9743K)

TIDM0Y71

RNS Number : 9743K

Malin Corporation PLC

03 September 2019

Malin Corporation plc

Malin reports 2019 Interim Results

Dublin-Ireland, 3 September 2019: Malin Corporation plc (Euronext Growth Dublin:MLC) ("Malin", the "Company"), a company investing in highly innovative life sciences companies, today publishes its interim results and interim report for the six month period ended 30 June 2019.

Highlights of the 2019 Interim Report

-- The Company reaffirms its business strategy, which is focused on delivering value to shareholders by:

o focusing on the four Priority Assets which management believes have the potential to deliver the most significant value for shareholders

o supporting the Growth Potential Assets to near-term value inflection and realisation points

o operating within a lean and efficient infrastructure

o returning capital to shareholders following asset realisation events

-- The Board today announces the appointment of Darragh Lyons, current Chief Business and Financial Officer, as Chief Executive Officer with immediate effect. Darragh will lead the continued execution of the strategic actions above. Pat Jennings, current Group Financial Controller, has assumed the role of Chief Financial Officer.

-- The aggregate fair value of Malin's interests in its investee companies, estimated in accordance with the International Private Equity and Venture Capital Valuation Guidelines, was EUR385 million at 30 June 2019. The 5% decrease from 31 December 2018 is due to a decrease in estimated value of Malin's investment in Immunocore. Malin is confident that Immunocore will deliver significant value to Malin over time with important near-term potential clinical milestones and value inflection points.

-- Malin's corporate cash balance was EUR31 million at 30 June 2019. Management's ongoing commitment to operating within a lean infrastructure will result in further corporate refinements to reduce annual corporate cash operating expenses to approximately EUR4 million from 2020.

Malin's interim report for the six month period ended 30 June 2019 is available to view on Malin's website under the Investors' section, http://malinplc.com/investors/results-centre/

Darragh Lyons, Chief Executive Officer, commented: "Our Priority Assets have continued to make good clinical progress through the first half of the year with a number of significant operational and clinical catalysts on the horizon. Following my appointment as CEO, I continue to be focused on the delivery of value to shareholders through the ongoing execution of our business strategy. We believe that our strategy has the potential to generate significant value over the next 12 to 18 months as our assets mature and we return the realised capital to our shareholders."

Outlook

Several of Malin's assets have near-term important clinical and regulatory milestones which have the potential to unlock significant value for the remainder of 2019 and in 2020. These potential milestones include:

-- Poseida: Targeting completion of potential registrational clinical trial for its lead programme and initiation of its next two clinical programmes.

-- Immunocore: Important near-term data from several programmes including from the pivotal studies of its lead programme and proof-of-concept data.

-- Kymab: Proof-of-concept Phase 2a clinical data from its autoimmune programme in atopic dermatitis and Phase 1/2 clinical data for its anti-ICOS programme.

   --    Growth Potential Assets: 

o Reaching optimal value inflection points for divestment by Malin

o Altan: Targeting product approval and commercial launch of its IV paracetamol product in the US.

Corporate Update Conference Call

Darragh Lyons, Chief Executive Officer, and Jessica Bergin, Director of Investor Relations, will host a conference call today, 3 September, at 12:00pm Irish Standard Time/BST, to provide an operational update. Presentation slides are available on Malin's website under the Investors' section, http://malinplc.com/investors/results-centre/.

The call may be accessed by using the following details:

   Irish callers:                           01 431 9615 
   UK callers:                              084457 18892 
   US callers:                              1 631 510 7495 
   International dial-in:             [phone] 
   Conference ID:                      8189424 

A replay of the call will be accessible for one month and replay details will be available on the Company's website from this afternoon.

ENDS

About Malin Corporation plc

Malin (Euronext Growth Dublin:MLC) is a company investing in highly innovative life sciences companies. Its purpose is to create shareholder value through the application of long-term capital and operational and strategic expertise to a diverse range of global healthcare businesses. Malin has a focus on innovative businesses underpinned by exceptional science and works with its investee companies, providing strategic and financial support to enable them to reach their value potential. Malin is headquartered and domiciled in Ireland and listed on the Euronext Growth Dublin. For more information visit www.malinplc.com

For further information, please contact:

Malin

Jessica Bergin, Investor Relations & External Reporting

Tel: [phone]

[e-mail]

Davy Corporate Finance (Euronext Growth Adviser & Joint Broker)

Brian Garrahy / Daragh O'Reilly

Tel: [phone]

Liberum (Joint Broker)

Bidhi Bhoma / Euan Brown

Tel: [phone]

Consilium Strategic Communications

Mary-Jane Elliott / Chris Welsh / Angela Gray

Tel: [phone]

[e-mail]

Powerscourt (Irish media enquiries)

Jack Hickey

Tel: [phone]

[e-mail]

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

IR LTMMTMBTMTPL

(END) Dow Jones Newswires

September 03, 2019 02:00 ET (06:00 GMT)