BAF British & American Investment Trust Plc

 
TIDMBAF 
 
Net Asset Value 
 
This announcement is made further to the publication earlier today of our 
Half-year Report to 30th June 2018. 
 
In our Report, Net Asset value as at 25th September 2018 was shown as GBP26.1 
million, equivalent to 65 pence per share (prior charges deducted at par) and 
75 pence per share on a fully diluted basis. This was based on the closing 
market price on 24th September for our largest investment, Geron Corporation, 
of $6.38 per share. 
 
Since the publication of our Report earlier today, Geron Corporation has 
unexpectedly announced the discontinuation of its collaboration agreement with 
Janssen Biotech Inc (a unit of Johnson & Johnson) for the development of 
Geron's oncology drug, Imetelstat, currently in clinical trials for two 
hematologic  (blood) cancer indications, Myelofibrosis (MF) and Myelodysplastic 
Syndrome (MDS) .  Janssen's decision follows a strategic review and 
prioritisation of assets within its portfolio.   Geron now regains full 
ownership of all rights and clinical trial data to Imetelstat previously 
assigned to Janssen. 
 
As noted in our Report, the share price of Geron has increased substantially in 
recent months in reaction to positive developments in its clinical trials and 
in anticipation of a positive decision by Janssen to continue its collaboration 
with Geron, which had been accelerated to the end of the third quarter.  As a 
result of today's decision by Janssen not to continue the collaboration with 
Geron, the Geron share price is likely to fall substantially and this is likely 
to have a material impact on our previously announced net asset value. 
 
 
 
END 
 

(END) Dow Jones Newswires

September 27, 2018 10:31 ET (14:31 GMT)

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