REG - Malin Corp PLC - Poseida raises $142 million in Series C Financing

Novartis AGAnnouncement

23/04/2019 08:05

RNS Number : 7135W
Malin Corporation PLC
23 April 2019
 


 
Malin Corporation plc
 
Poseida raises $142 million in Private Financing Round led by Novartis Pharma AG
 
Dublin-Ireland, 23 April 2019: Malin Corporation plc. (Euronext Growth Dublin:MLC) ("Malin"), a company investing in highly innovative life sciences companies, is pleased to note that Poseida Therapeutics ("Poseida"), one of Malin's Priority Assets, has announced the closing of a Series C financing round, raising $142 million, led by a $75 million equity investment from Novartis Pharma AG ("Novartis"). Several new institutional investors participated alongside current investors, including Malin who invested $4 million as part of the financing transaction. The financing round was completed at a premium to the value at which Malin based its Poseida fair value estimate at 31 December 2018.
 
Commenting on the transaction, Darragh Lyons, Malin Chief Business & Financial Officer, said: "We are pleased with the completion of this private financing transaction by Poseida. Novartis' significant participation serves as additional validation of Poseida's high-quality and differentiated pipeline and technology platforms with broad utility.
 
"Poseida has significantly strengthened its balance sheet position and expanded its institutional investor base as the company moves into an important phase of clinical development, including initiating a registrational study for its lead product candidate and the advancement of three further programmes into the clinic.
 
"Following the completion of this financing transaction and as the company enters this exciting phase of development including gathering more mature data in its ongoing clinical trials, Poseida is well-positioned to further engage with potential strategic interests.
 
"Malin retains an ownership interest in Poseida of approximately one-quarter of the issued share capital and we look forward to working alongside Novartis and the other new investors to help the company progress and achieve its upcoming important milestones."
 
A copy of Poseida's press release is available to view here:
https://poseida.com/poseida-therapeutics-raises-142-million-in-series-c-financing/
 
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 (Euronext Growth 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 
 




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