Port Erin Biopharma Investments Ltd Net Asset Value(s) (6849L)

TIDMPEBI

RNS Number : 6849L

Port Erin Biopharma Investments Ltd

23 April 2018

23 April 2018

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 31 March 2018

Jim Mellon, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 31 March 2018 was 8.27 pence per share, including un-invested cash of GBP502,705. The portfolio is valued under IFRS at bid price.

Net Assets stand at GBP2.0 million including investments of GBP1.2 million. This quarter's NAV represents a decrease of 6.0% from the previous valuation of 8.80 pence per share, which included un-invested cash of GBP603,123. No management fee is due to Shellbay Investments Limited.

Of our quoted investments, Regent Pacific Group Limited published its annual financial results in March 2018. The European launch of Fortacin(TM), the first European Union approved topical prescription treatment for premature ejaculation that does not act on the central nervous system, in February and March this year and subsequent global launches are expected to generate long-term recurring royalty revenues from their commercial sales partners, further fueling future growth. This month, Summit Therapeutics plc, announced the completion of ezutromid dosing in patients with Duchenne muscular dystrophy ('DMD') for the full 48-week PhaseOut DMD clinical trial. They expect top-line data from the full trial to be available in the third quarter of 2018. In March 2018, SalvaRX Group plc announced that two of its investee companies, iOx Therapeutics and Intensity Therapeutics - both developing cancer immunotherapy treatments - have been granted additional patents and are moving towards commencing clinical trials.

Our holdings in unquoted companies continue to show promise and we have subscribed for warrants in support of our holding in AgeX Therapeutics, Inc., an early stage operation focused on the emerging field of interventional gerontology. Cytox Limited announced in March 2018 that it had been awarded a further GBP0.8 million funding from Innovate UK to continue Alzheimer's disease research testing. Finally, Insilico Medicine, Inc. has been listed as one of the companies in the "AI Top 100" of most promising artificial intelligence companies in the world for its work in using AI to extend healthy longevity through innovative solutions for drug discovery and aging research.

Thus, the Company's investment portfolio continues to show significant growth prospects for 2018 and beyond".

 
                                                           Unaudited to 
                                                      31 March 2018 GBP 
Fixed Assets 
 Investments                                                  1,202,033 
Current Assets 
 Loan receivable                                                200,000 
 Sundry Debtors                                                  47,815 
 Uninvested cash                                                502,705 
Current Liabilities 
 Creditors: amounts due                                        (34,766) 
                                                     ------------------ 
                                                              1,917,787 
Capital and Reserves 
 Share Capital                                                       23 
 Share Premium                                                1,890,142 
 Reserves                                                        27,622 
                                                     ------------------ 
                                                              1,917,787 
 
Shares in Issue                                              23,195,558 
 
Net Asset Value per share                                    8.27 pence 
 

Portfolio Details

 
 Investments as at 31              Value  % of Total Portfolio 
  March 2018 
-------------------------  -------------  -------------------- 
 
 Regent Pacific Group 
  Limited                     GBP369,816                30.76% 
 Summit Therapeutics 
  plc                         GBP225,576                18.77% 
 SalvaRX Group plc             GBP33,333                 2.77% 
 Other quoted holdings         GBP35,351                 2.94% 
 Other unquoted holdings      GBP537,957                44.76% 
 
 Total                      GBP1,202,033               100.00% 
-------------------------  -------------  -------------------- 
 

For further information, please contact:

 
Port Erin Biopharma   Beaumont Cornish Limited     Optiva Securities 
 Investments Limited                                Limited 
The Company           Nomad                        Broker 
 
Denham Eke            Roland Cornish/James Biddle  Jeremy King/Ed 
 [phone]   [phone]         McDermott 
                                                    [phone] 
                                                    1904 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 23, 2018 02:01 ET (06:01 GMT)