REG - Malin Corp PLC - Full Year 2018 Results

MalinAnnouncement

02/04/2019 07:05

RNS Number : 7596U
Malin Corporation PLC
02 April 2019
 


 
Malin Corporation plc
 
Full Year 2018 Results
Strong operational progress across investee companies
 
Dublin-Ireland, 02 April 2019: Malin Corporation plc. (Euronext Growth Dublin:MLC) ("Malin", the "Company"), a company investing in highly innovative life sciences companies, today publishes its full year results and annual report for the year ended 31 December 2018.
 
Commenting on the results, Darragh Lyons, Chief Business & Financial Officer, said:
 
"We are pleased by the operational and clinical progress made by our Priority Assets during 2018, with several advancing towards important clinical and regulatory milestones over the next year. We will continue to work closely with these companies to support them as they progress towards these catalysts, which have the potential to create significant value for our shareholders. We remain committed to returning capital to shareholders following a significant asset realisation."
 
Financial highlights from 2018 Full Year Results
 
·    The fair value of Malin's assets, estimated in accordance with the International Private Equity Valuation & Venture Capital Guidelines, was €404 million at 31 December 2018
 
·    Malin's corporate cash balance was €43 million at 31 December 2018
 
·    Malin's debt balance with the European Investment Bank was €55 million at 31 December 2018
 
Priority Asset highlights
 
·    Poseida progressed a Phase 1 study of its lead CAR-T programme, P-BCMA-101, reporting positive data and advanced the late-stage pre-clinical development of other candidates
 
·    Immunocore progressed a pivotal trial of its lead candidate, IMCgp100, towards interim analysis; made important executive management appointments; completed a co-development / co-promote deal with Genentech for its MAGE-A4 target; and filed a number of INDs
 
·    Kymab reported positive data from a Phase 1 study of its lead candidate, KY1005 anti-OX40L, and initiated a Phase 2a study in atopic dermatitis; filed an IND for its KY1044 anti-ICOS candidate; and advanced its discovery and preclinical antibody pipeline
 
·    Viamet completed the structured sale of its lead asset, VT-1161, to NovaQuest, with the potential of significant and recurring cash flows from milestones and sales royalties
 
Growth Potential Assets
 
·    Malin will continue to support the progression of these assets as they work towards potential value inflection and maturation points.
 
Malin's annual report and further information on Malin is available at www.malinplc.com, under the Investors' section.
 
Outlook
 
·    Several of Malin's assets have important milestones in the year ahead which have the potential to create significant value for shareholders including:
 
o Poseida: Initiation of registrational clinical trial for its lead programme, an autologous CAR-T therapy for multiple myeloma
 
o Immunocore: Interim analysis of the single arm study data from its lead programme, targeting metastatic uveal melanoma
 
o Kymab: Phase 2a data for its lead programme, a monoclonal antibody treating atopic dermatitis
 
o Growth Potential Assets: Several clinical and commercial milestones
 
·    The Company is focused on supporting these assets through their upcoming important milestones and is committed to returning capital to shareholders in the event of a significant asset realisation
 
·    The Company is committed to maintaining an efficient business structure and will add additional expertise within the future investment focus area when this is needed
 
Corporate Update Conference Call
 
There will be a conference call for analysts and investors today at 12:00pm Irish Standard Time/BST. The call will be hosted by Ian Curley, Executive Chairman, and Darragh Lyons, Chief Business & Financial Officer, and will include a Q&A session.
 
Analysts and investors wishing to participate in the call should use the following details:
 
Standard International dial-in:        +44 (0) 2071 928000
Ireland dial-in:                                   +353 (0)1 4319615
US dial-in:                                           +(1) 8669661396
Conference ID:                                  7559243
 
Presentation slides will be available on Malin's website, www.malinplc.com, under the Investors' section, from 11:45am Irish Standard Time/BST.
 
ENDS
 
For further information, please contact:
 
Malin
Jessica Bergin, Director of Investor Relations & External Reporting
Tel: +353 (0)1 901 5700
investorrelations@malinplc.com
 
Consilium Strategic Communications
Mary-Jane Elliott / Jessica Hodgson
Tel: +44 (0)20 3709 5700
malin@consilium-comms.com
 
Powerscourt (Irish media enquiries)         
Eavan Gannon                                              
Tel: +353 87 236 5973                            
malin@powerscourt-group.com              
 
Davy Corporate Finance (ESM Adviser)
Brian Garrahy / Daragh O'Reilly
Tel: +353 1 679 6363
 
About Malin Corporation plc
Malin (Euronext Growth Dublin:MLC) is a company investing in and supporting highly innovative life sciences companies developing exceptional science and technology to deliver transformative outcomes for patients and create significant value for shareholders. Its purpose is to create shareholder value through the application of long-term capital and strategic support to its investee companies 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 
 




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 rns@lseg.com or visit www.rns.com.
 
END
 
 
FR FMGGDGMGGLZZ