REG-Arix Bioscience PLC Arix Announces Strategic Review

Arix BioscienceAnnouncement

13/07/2023 07:15

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   Arix Bioscience PLC (ARIX)
   Arix Announces Strategic Review

   13-Jul-2023 / 07:01 GMT/BST

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   The  information  communicated  in   this  announcement  contains   inside
   information for the purposes of article 7 of Regulation (EU) No.  596/2014
   as amended and  transposed into  UK law  in accordance  with the  European
   Union (Withdrawal)  Act  2018,  ("MAR").  Upon  the  publication  of  this
   announcement, this information is considered to be in the public domain.

                                        

                              Arix Bioscience plc

                                        

                        Arix Announces Strategic Review

   LONDON, 13 July 2023: Arix Bioscience plc (“Arix” or the “Company”)  (LSE:
   ARIX), a transatlantic  venture capital  company focused  on investing  in
   breakthrough biotechnology  companies,  announces the  commencement  of  a
   strategic review of the  Company’s strategy and assets  to assess how  the
   Company can best deliver shareholder value (the “Strategic Review”).

   Arix’s investment strategy  seeks to deliver  significant returns  through
   investment in companies making cutting-edge advances in life sciences.  As
   noted in the Annual Report published  on 25 April 2023, the recent  period
   of prolonged uncertainty, volatile market conditions and depressed biotech
   valuations have  resulted  in fewer  new  investments this  year  with  an
   increased focus on cash conservation. 

    

   The Board believes that Arix remains well positioned to deliver attractive
   returns over the long term. However,  the Board is conscious of the  share
   price and  the  significant discount  to  the Company’s  Net  Asset  Value
   (“NAV”) per share, despite the Company’s significant net cash balance.

    

   The audited NAV of the Company was £226m, £1.75 per share, with a net cash
   balance of £122.8m as at 31 December 2022 and the unaudited estimated  NAV
   is £241m, £1.86 per share, with a net cash balance of £101m as at 30  June
   2023. This discount  has occurred  during a sustained  period of  investor
   risk aversion  which has  particularly affected  the discount  applied  to
   unlisted securities across the market as a whole.

    

   In response to this and engagement with shareholders following release  of
   the Annual Report,  the Board  today announces  that it  has launched  the
   Strategic Review, which will include a consideration of:

     • the Company's investment and realisation strategies;
     • its capital allocation and shareholder returns policies; and
     • a tax-efficient wind-down of the Company.

    

   There is no  certainty that  any changes  will result  from the  Strategic
   Review. The Company will make further announcements in due course.

    

   The person responsible for arranging  the release of this announcement  on
   behalf of the Company is Robert Lyne, Chief Executive Officer.

    

    

                                      ENDS 

    

   Enquiries

   For more information on Arix, please contact:

    

   Arix Bioscience plc

   +44 (0)20 7290 1050

   ir 1 @arixbioscience.com

    

   Powerscourt Group

   Sarah MacLeod, Ibrahim Khalil, Nick Johnson

   +44 (0)20 7250 1446

    2 arix@powerscourt-group.com

    

   About Arix Bioscience plc

   Arix Bioscience  plc  is  a  global venture  capital  company  focused  on
   investing in  breakthrough  biotechnology  companies  around  cutting-edge
   advances in life sciences.

    

   We collaborate  with exceptional  entrepreneurs and  provide the  capital,
   expertise, and  global  networks  to  help  accelerate  their  ideas  into
   important new treatments for patients. As a listed company, we are able to
   bring this exciting  growth phase of  our industry to  a broader range  of
   investors.  3 www.arixbioscience.com

    

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BD045071
   Category Code:  MSCH
   TIDM:           ARIX
   LEI Code:       213800OVT3AHQCXNIX43
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   257307
   EQS News ID:    1678841


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:charlotte@arixbioscience.com
   2. mailto:arix@powerscourt-group.com
   3. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=889c637ce21c3a47a35c39202ebd9825&application_id=1678841&site_id=refinitiv&application_name=news


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