Port Erin Biopharma Investments Ltd Net Asset Value(s) (4448C)

TIDMPEBI

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 GBP603,123. The portfolio is valued under IFRS at bid price.

Net assets stand at GBP2.04 million, including investments of GBP1.25 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 GBP634,756. 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(TM), a breakthrough treatment for premature ejaculation, in Europe. As a result, RPG will be eligible to receive payments of up to EUR41 million plus royalties after hitting certain milestones related to the European roll-out. RPG received an immediate payment of EUR4 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 GBP 
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              Value  % of Total Portfolio 
  December 2017 
-------------------------  -------------  -------------------- 
 
 Regent Pacific Group 
  Limited                     GBP421,432                33.78% 
 Summit Therapeutics 
  plc                         GBP201,190                16.13% 
 SalvaRx Holdings plc          GBP34,259                 2.75% 
 Other quoted holdings         GBP40,768                 3.27% 
 Other unquoted holdings      GBP549,779                44.07% 
 
 Total                      GBP1,247,428               100.00% 
-------------------------  -------------  -------------------- 
 

For further information, please contact:

 
Port Erin Biopharma     Northland Capital Partners  Peterhouse Capital 
 Investments Limited     Limited                     Limited 
The Company             Nomad and Joint Broker      Joint Broker 
 
Denham Eke              Matthew Johnson / David     Lucy Williams 
 (+44) (0) 1624 639396   Hignell                     (+44) (0) 207 
                         (+44) (0) 203 861 6625      469 0936 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

NAVFMGMMVLFGRZM

(END) Dow Jones Newswires

January 22, 2018 02:00 ET (07:00 GMT)