Malin Corporation
plc
2023 Full Year Results and
Notice of 2024 AGM
· Estimated intrinsic equity
value per share is €6.56 at 31 December 2023 and
€7.91 at 26 February 2024
· Malin returned €140.7
million of capital to shareholders through a tender offer and
on-market buybacks in 2023
· Important clinical and
regulatory milestones achieved by Malin's investee companies during
2023
· Mr Liam Daniel's role to
revert to Non-Executive Chair following the 2023 leadership
transition
· Malin's AGM will be held on
28 March 2024
Dublin-Ireland, 28 February 2024: 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 2023. Malin today
also announces that the Letter from the Chair,
Notice of Annual General Meeting ("AGM") and Form of Proxy have
been issued to shareholders.
Malin has previously communicated
that its strategy going forward will focus on maximising
shareholder returns by protecting and enhancing the value of
Malin's remaining positions in its investee companies. With this
refined strategy in mind, in 2023 the leadership of the Company
transitioned from Darragh Lyons to Fiona Dunlevy, who has held
several senior positions in the Company since 2015. Mr Liam Daniel
undertook additional duties as Executive Chair during this period.
Following a successful transition, the Board now considers it
appropriate for Mr Daniel's role to revert to Non-Executive Chair
with effect from 29 February 2024.
Fiona Dunlevy, Executive Director, said:
"We are pleased with the progress made by the business during
2023. The focus of our business strategy over the past few years
has been to protect and enhance the value of our positions in our
investee companies, insofar as possible, while these businesses
worked towards reaching important business milestones. During 2023,
we continued our execution of this strategy, starting the year with
the return of €140 million of capital to shareholders via a tender
offer which had been brought about by capital generated from the
successful divestment of a number of investee
companies."
Estimated intrinsic equity value
·
Malin's intrinsic equity value at 31 December 2023
was estimated to be €6.56 per share, or €123.7
million and is arrived at by taking the aggregate fair value
of our investee company holdings in accordance with the
International Private Equity and Venture Capital Valuation ("IPEV")
Guidelines and adjusting this value for Malin's corporate cash
balance.
·
Malin's estimated intrinsic equity value at 26
February 2024 has increased to €7.91 per share, or €149.1
million primarily due to an increase in the share price of
Malin's NASDAQ-listed biotech holding, CG Oncology Inc.
("CGO").
Fair value of investee companies
·
The aggregate fair value of Malin's interests in
its investee companies was €94.4 million at 31 December
2023 compared to €143.4 million at 31 December 2022. The decrease
in the aggregate fair value during 2023 is largely due to the
reduction in the Poseida share price during the year along with
distributions received from Viamet. The aggregate fair value was
also reduced as a result of updated fair value estimates for
Malin's stakes in Viamet and Xenex. The reduction in the aggregate
fair value is partially offset by an increase in the fair value of
Malin's interest in CGO, resulting from an additional investment by
Malin in July 2023 of €2.1 million and an increase in the fair
value of Malin's interest in CGO based on the company's initial
public offering ("IPO") price.
·
The aggregate fair value of Malin's interests in
its investee companies increased to €114.6 million as at
26 February 2024 as a result of the increase in the market share
price of CGO since its IPO on 25 January 2024.
Cash Position
·
Malin's corporate cash balance at 31 December 2023
was €29.3 million compared to €173.9 million at 31 December
2022.
·
The reduction in Malin's cash balance over this
period is primarily as a result of the €140 million tender offer in
March 2023 and a €2.1 million follow-on investment in CGO in July
2023.
·
Malin's cash balance at 26
February 2024 was €34.5 million, having increased since 31 December
2023 as a result of the receipt of a contingent milestone payment
related to the 2021 sale of Kymab to Sanofi.
·
Malin remains committed to returning excess
capital to its shareholders, having taken into account potential
investments into its existing investee companies if strategically
or financially attractive investment opportunities arise and the
operational needs of the business.
Investee Company Highlights
Poseida
·
Poseida made important progress with its clinical
and pre-clinical cell therapy pipeline during 2023. The company
presented positive early safety and preliminary efficacy data from
its P-BCMA-ALLO1 Phase 1 trial at the 65th American Society of
Hematology ("ASH") Annual Meeting in December
2023.
·
In July 2023, Poseida received IND
clearance from the FDA for P-CD19CD20-ALLO1, an allogeneic CAR-T
product being developed to target B-cell malignancies in
partnership with Roche, to allow patient dosing to commence in
early 2024. P-CD19CD20-ALLO1 is Poseida's first dual CAR-T program,
containing two fully functional CAR molecules to target cells that
express either CD19 or CD20.
·
In August 2023, Poseida announced a $50
million strategic investment by Astellas, which comprised of
the purchase of 8.3 million common shares of Poseida, representing
approximately 8.8% of Poseida and a right of exclusive
negotiation and first refusal for any potential partnering of
P-MUC1C-ALLO1, Poseida's allogeneic CAR-T cell therapy product
candidate for solid tumours.
·
Poseida announced in November 2023 that,
based upon substantial progress in its P-BCMA-ALLO1 and
P-CD19CD20-ALLO1 programs, certain payments as well as the expected
timing of achievement of upcoming milestones in programs under its
collaboration with Roche have been accelerated, resulting in
expected cash runway into the second half of 2025.
CG
Oncology
·
CGO closed a $105 million Series F crossover
financing in July 2023, in which Malin made a follow-on investment
of €2.1 million ($2.3 million) in the company.
·
CGO completed the first biotech IPO of 2024 in
January, raising $437 million at an IPO price per share of $19 and
listing on the Nasdaq Global Select Market under the ticker symbol
"CGON". Malin made a further investment of approximately $1 million
in the IPO. All shares acquired by Malin in CGO pre-IPO are
restricted from resale for a period of 180 days under market
standoff and lock‑up agreements.
·
In November 2023 CGO announced positive interim
data from its BOND-003 Phase 3 monotherapy clinical trial of
cretostimogene grenadenorepvec for the treatment of Non-Muscle
Invasive Bladder Cancer ("NMIBC") in patients who are unresponsive
to BCG. The company expects to report topline data from this study
by the end of 2024, which if successful, could serve as the basis
for a BLA submission to the FDA.
·
In December 2023, CGO announced that the FDA had
granted fast track and breakthrough therapy designations to
cretostimogene grenadenorepvec for use as a potential therapeutic
option in patients with high-risk BCG-unresponsive
NMIBC.
Xenex
·
In September 2023, Xenex announced that the U.S.
Food and Drug Administration ("FDA") had granted the company De
Novo authorisation for its LightStrike™+ device, a high-intensity,
broad-spectrum ultraviolet (UV) light robot.
Kymab
·
Malin previously announced that, in connection
with the Kymab sale to Sanofi in 2021, it could receive up to a
further $33 million from Malin's share of
milestone-related contingent payments. In February 2024, Malin
received €6.5 million by way of the first of these potential
milestone-related contingent payments.
Viamet
·
During the second half of 2023, Malin received
distributions from Viamet of approximately €1.3 million relating to
milestone payments triggered by ex-US development
progress.
Annual Report
Malin's 2023 Annual Report and
further information on Malin is available to view on Malin's
website at www.malinplc.com,
under the Investors' section.
2024 AGM
The Letter from the Chair, Notice of
Annual General Meeting and Form of Proxy have been issued to
shareholders. An electronic copy of all documents is also
available on the Company's website at www.malinplc.com.
Malin's 2024 AGM will be held in the
Conrad Dublin Hotel, Earlsfort Terrace, Dublin 2, D02 V562, Ireland
at 1:00p.m. GMT on Thursday, 28 March 2024.
The Notice of AGM sets out the
resolutions to be proposed at the AGM and the processes by which
shareholders may vote in connection with the AGM.
In addition, a teleconference
facility will be available to any shareholders not in physical
attendance at the AGM to listen remotely to the proceedings of
the meeting, using the following details:
From Ireland dial:
01 691 7842
From the UK dial:
020 3936 2999
From the USA dial:
1 646 787 9445
From other locations dial:
+44 20 3936
2999
Listen-Only Access Code:
084241
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 contact:
Malin
Fiona Dunlevy, Executive Director /
Company Secretary
Tel: +353 (0)1 901 5700
cosec@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 (Irish Media enquiries)
Eavan Gannon
Tel: +353 87 236 5973
malin@powerscourt-group.com
