REG - Malin Corp PLC - Interim Results 2022

MalinAnnouncement

07/09/2022 07:00

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RNS Number : 5111Y  Malin Corporation PLC  07 September 2022

Malin Corporation plc

 

Malin reports 2022 Interim Results

 

·    Intrinsic equity value estimate increases to €9.08 per share at 5
September 2022, a 21% increase on our last publicly disclosed value of €7.50
per share at 11 March 2022.

 

·    Significant clinical and transactional progress achieved by Malin's
investee companies during the period, including two US FDA approvals:
Immunocore's lead product candidate, KIMMTRAK® and Viamet's drug, VIVJOA™,
through its successor company, Mycovia.

 

Dublin-Ireland, 7 September 2022: Malin Corporation plc (Euronext Growth
Dublin:MLC) ("Malin", the "Company"), a company investing in highly innovative
life sciences companies, today publishes its interim results for the six month
period to 30 June 2022.

 

"We continued to advance the execution of our business strategy during the
first half of 2022, while our investee companies achieved some important
clinical, operational and transactional milestones," said Darragh Lyons, Chief
Executive Officer, commenting on the results. "While the volatility and
weakness in biotech public equity markets continue, we have seen an
improvement in the share prices of both of our public company holdings,
Immunocore and Poseida, in recent months, buoyed by the achievement of some
notable strategic and operational milestones by both companies. Our current
intrinsic equity value per share is approximately €9.08 per share, a 21%
increase on our last publicly disclosed value of €7.50 at 11 March 2022."

 

Financial Highlights

 

·    Estimated intrinsic equity value is calculated using our estimate of
the fair value of our investee company holdings in accordance with the
International Private Equity and Venture Capital Valuation ("IPEV")
guidelines, adjusted for cash.

 

·    Malin's estimated intrinsic equity value per share at 30 June 2022
was €7.61, representing a 13% decrease compared to the estimated intrinsic
equity value per share as at 31 December 2020 of €8.70. This decrease was
primarily attributable to the decline in the public market share price of
Poseida in that period.

 

·    Malin's estimated intrinsic equity value per share at 5 September
2022 was €9.08, a 19% increase compared to 30 June 2022. This increase was
attributable to increases in the public market share prices of Immunocore and
Poseida over the summer months, buoyed by good execution and progress from
both companies, and supported by a broader biotech market improvement.

 

·    Malin's corporate cash balance at 30 June 2022 was €27.9 million.
During August 2022, Malin acquired an additional 2.2 million shares in Poseida
for consideration of $7.5 million (approximately €7.4 million). Malin also
sold approximately 380k shares in Immunocore, yielding proceeds of $20.6
million (approximately €20.4 million). As at 5 September 2022, Malin's
corporate cash balance was €40.4 million.

 

·    Corporate cash operating expenses for the first half of 2022 were
€1.5 million. Malin also incurred €1.6 million of exceptional costs during
the period, including €1.0 million of litigation-related costs in preparing
for the Irish High Court proceedings initiated by the holders of A Ordinary
Shares in Malin against the Company. Including the costs incurred during 2021,
Malin has incurred approximately €1.5 million of costs to date in preparing
for the trial, which has been set down for hearing in October 2022.

 

Investee Company Highlights

 

Immunocore

 

·    KIMMTRAK® (tebentafusp) now approved in over 30 countries with
commercial launches underway in the U.S. and Germany, and paid access in
France.

 

·    Protocol finalised for randomised Phase 2/3 trial of tebentafusp in
advanced melanoma with planned initiation of the study by Q4 2022.

 

·    Completed a $140 million PIPE financing transaction to extend cash
runway through 2025.

 

·    Initial Phase 1 data from the PRAME-targeting IMC-F106C ImmTAC to be
presented at the ESMO Congress later this week (9 September).

 

·    Post period end, Malin took advantage of recent strong share price
momentum in Immunocore's stock to sell approximately 380k shares at an average
price of $54.15 per share realising net proceeds of $20.6 million
(approximately €20.4 million). Malin had acquired 128k Immunocore shares
during December 2021 and January 2022 for total consideration of $3.7 million
(average price per share of $28.89). Malin retains a 4.5% interest in
Immunocore valued at approximately €110 million with significant potential
for further upside driven by important clinical milestones and other
operational catalysts.

 

Poseida

 

·    Entered into a strategic collaboration with Roche to focus on the
research and development of allogeneic CAR-T cell therapies directed to
haematologic malignancies. Poseida will receive $110.0 million upfront from
Roche and is eligible to receive payments potentially up to $6.0 billion in
aggregate value on the achievement of certain milestones.

 

·    Completed an $80 million (gross) underwritten public offering of
shares. Poseida now expects to have cash runway through at least mid-2024.

 

·    Initiated patient dosing in two allogeneic CAR-T studies targeting
the BCMA and MUC-1C cancer antigens.

 

Viamet

 

·    U.S. approval and commercial launch of VIVJOA™ (oteseconazole) for
the treatment of RVVC in females with a history of RVVC and who are not of
reproductive potential. Malin, alongside other shareholders in Viamet, will
benefit from milestone payments and royalties linked to the global development
and commercial success of the drug under the agreement through which Mycovia
acquired Viamet's anti-fungal drug in 2018.

 

Strategy

 

·    Malin remains committed to maximising shareholder returns by
protecting and enhancing the value of positions in existing investee companies
and deploying additional capital into existing and new asset opportunities
with suitable value, risk and maturity profiles and which are strategically
aligned to our business. Malin also retains its long-term commitment to
returning excess capital of the business to its shareholders.

 

Interim Report

 

Malin's interim report and further information on Malin is available to view
on Malin's website at www.malinplc.com (http://www.malinplc.com) , under the
Investors' section.

 

Corporate Update Conference Call

 

Darragh Lyons, Chief Executive Officer, will host a conference call today at
12:00pm Irish Standard Time / BST to provide an operational update.
Presentation slides will be available in advance of the call on Malin's
website under the Investors' section,
http://malinplc.com/investors/results-centre/
(http://malinplc.com/investors/results-centre/) . This call can be accessed as
follows:

 

From Ireland dial:                             01
53695 84

From the UK dial:
020 3936 2999

From the USA dial:                            1 646
664 1960

From all other locations dial:          +44 203 936 2999

Participant access code:               978118

 

A replay of the call will be available on the Company's website as soon as
practicable.

 

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 (http://www.malinplc.com/)

 

 

For further information please contact:

 

Malin

Fiona Dunlevy, Company Secretary

Tel: +353 (0)1 901 5700

investorrelations@malinplc.com (mailto:investorrelations@malinplc.com)

 

Davy Corporate Finance (Euronext Growth Listing Sponsor & Joint Broker)

Brian Garrahy / Daragh O'Reilly

Tel: +353 1 679 6363

 

Liberum (Joint Broker)

Phil Walker / Ben Cryer

Tel: +44 (0) 20 3100 2000

 

Powerscourt (Media enquiries)

Eavan Gannon

Tel: +353 87 236 5973

malin@powerscourt-group.com (mailto:malin@powerscourt-group.com)

 

 

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