TIDM0Y71
RNS Number : 9743K
Malin Corporation PLC
03 September 2019
Malin Corporation plc
Malin reports 2019 Interim Results
Dublin-Ireland, 3 September 2019: Malin Corporation plc
(Euronext Growth Dublin:MLC) ("Malin", the "Company"), a company
investing in highly innovative life sciences companies, today
publishes its interim results and interim report for the six month
period ended 30 June 2019.
Highlights of the 2019 Interim Report
-- The Company reaffirms its business strategy, which is focused
on delivering value to shareholders by:
o focusing on the four Priority Assets which management believes
have the potential to deliver the most significant value for
shareholders
o supporting the Growth Potential Assets to near-term value
inflection and realisation points
o operating within a lean and efficient infrastructure
o returning capital to shareholders following asset realisation
events
-- The Board today announces the appointment of Darragh Lyons,
current Chief Business and Financial Officer, as Chief Executive
Officer with immediate effect. Darragh will lead the continued
execution of the strategic actions above. Pat Jennings, current
Group Financial Controller, has assumed the role of Chief Financial
Officer.
-- The aggregate fair value of Malin's interests in its investee
companies, estimated in accordance with the International Private
Equity and Venture Capital Valuation Guidelines, was EUR385 million
at 30 June 2019. The 5% decrease from 31 December 2018 is due to a
decrease in estimated value of Malin's investment in Immunocore.
Malin is confident that Immunocore will deliver significant value
to Malin over time with important near-term potential clinical
milestones and value inflection points.
-- Malin's corporate cash balance was EUR31 million at 30 June
2019. Management's ongoing commitment to operating within a lean
infrastructure will result in further corporate refinements to
reduce annual corporate cash operating expenses to approximately
EUR4 million from 2020.
Malin's interim report for the six month period ended 30 June
2019 is available to view on Malin's website under the Investors'
section, http://malinplc.com/investors/results-centre/
Darragh Lyons, Chief Executive Officer, commented: "Our Priority
Assets have continued to make good clinical progress through the
first half of the year with a number of significant operational and
clinical catalysts on the horizon. Following my appointment as CEO,
I continue to be focused on the delivery of value to shareholders
through the ongoing execution of our business strategy. We believe
that our strategy has the potential to generate significant value
over the next 12 to 18 months as our assets mature and we return
the realised capital to our shareholders."
Outlook
Several of Malin's assets have near-term important clinical and
regulatory milestones which have the potential to unlock
significant value for the remainder of 2019 and in 2020. These
potential milestones include:
-- Poseida: Targeting completion of potential registrational
clinical trial for its lead programme and initiation of its next
two clinical programmes.
-- Immunocore: Important near-term data from several programmes
including from the pivotal studies of its lead programme and
proof-of-concept data.
-- Kymab: Proof-of-concept Phase 2a clinical data from its
autoimmune programme in atopic dermatitis and Phase 1/2 clinical
data for its anti-ICOS programme.
-- Growth Potential Assets:
o Reaching optimal value inflection points for divestment by
Malin
o Altan: Targeting product approval and commercial launch of its
IV paracetamol product in the US.
Corporate Update Conference Call
Darragh Lyons, Chief Executive Officer, and Jessica Bergin,
Director of Investor Relations, will host a conference call today,
3 September, at 12:00pm Irish Standard Time/BST, to provide an
operational update. Presentation slides are available on Malin's
website under the Investors' section,
http://malinplc.com/investors/results-centre/.
The call may be accessed by using the following details:
Irish callers: 01 431 9615
UK callers: 084457 18892
US callers: 1 631 510 7495
International dial-in: +44 (0) 2071 928 000
Conference ID: 8189424
A replay of the call will be accessible for one month and replay
details will be available on the Company's website from this
afternoon.
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
For further information, please contact:
Malin
Jessica Bergin, Investor Relations & External Reporting
Tel: +353 (0)1 901 5700
investorrelations@malinplc.com
Davy Corporate Finance (Euronext Growth Adviser & Joint
Broker)
Brian Garrahy / Daragh O'Reilly
Tel: +353 1 679 6363
Liberum (Joint Broker)
Bidhi Bhoma / Euan Brown
Tel: +44 (0) 20 3100 2000
Consilium Strategic Communications
Mary-Jane Elliott / Chris Welsh / Angela Gray
Tel: +44 (0)20 3709 5700
malin@consilium-comms.com
Powerscourt (Irish media enquiries)
Jack Hickey
Tel: +353 83 448 8339
malin@powerscourt-group.com
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END
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