TIDMPEBI

RNS Number : 9337U

Port Erin Biopharma Investments Ltd

18 July 2018

18 July 2018

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 30 June 2018

Jim Mellon, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 30 June 2018 was 8.40 pence per share, including un-invested cash of GBP555,293. The portfolio is valued under IFRS at bid price.

Net Assets stand at GBP2.0 million including investments of GBP1.2 million. This quarter's NAV represents an increase of 1.57% from the previous valuation of 8.27 pence per share, which included un-invested cash of GBP502,705. No management fee is due to Shellbay Investments Limited.

Regent Pacific Group Limited value increased by 21% in the period under review, following the positive annual financial results published in March 2018 highlighting the news regarding the global launches of Fortacin(TM).

As previously announced in June 2018, we disposed of approximately half of our holding in Summit Therapeutics plc before the announcement of the failure of their clinical trial to meet primary or secondary endpoints. This sale generated GBP118,701.67 net cash to add to our reserves.

Insilico Medicine Inc, a Baltimore based next generation artificial intelligence company, specializes in the application of deep learning for target identification, drug discovery and aging research. In June 2018, Insilco announced that it has entered into a collaboration agreement with WuXi AppTec, a leading global pharmaceutical and medical device open-access capability and technology platform, to potentially improve the efficiency of drug discovery and increase productivity.

AgeX Therapeutics, Inc announced in May 2018 the award of a grant of approximately US$386,000 from the National Institute of Neurological Disorders and Stroke of the National Institutes of Health. The grant provides funding for continued development of the company's technologies for addressing age-related degenerative diseases. In June 2018, AgeX announced it had closed a US$5 million equity financing through the sale of common shares to Juvenescence Limited.

Our other holdings in unquoted companies continue to show promise. In particular, Cytox Limited announced in May 2018 that it has launched a collaboration agreement with Mayo Clinic to evaluate novel genetic based approaches for assessing Alzheimer's risk."

 
                                                          Unaudited to 
                                                      30 June 2018 GBP 
Fixed Assets 
 Investments                                                 1,174,946 
Current Assets 
 Loan receivable                                               226,584 
 Sundry Debtors                                                 14,480 
 Uninvested cash                                               555,293 
Current Liabilities 
 Creditors: amounts due                                       (23,759) 
                                                     ----------------- 
                                                             1,947,544 
Capital and Reserves 
 Share Capital                                                      23 
 Share Premium                                               1,890,142 
 Reserves                                                       57,379 
                                                     ----------------- 
                                                             1,947,544 
 
Shares in Issue                                             23,195,558 
 
Net Asset Value per share                                   8.40 pence 
 

Portfolio Details

 
 Investments as at 30 June 2018           Value  % of Total Portfolio 
 
 Regent Pacific Group Limited        GBP465,974                39.66% 
 Summit Therapeutics plc              GBP21,338                 1.82% 
 SalvaRX Group plc                    GBP54,444                 4.63% 
 Other quoted holdings                GBP35,090                 2.99% 
 Other unquoted holdings             GBP598,100                50.90% 
 
 Total                             GBP1,174,946               100.00% 
 

For further information, please contact:

 
Port Erin Biopharma   Beaumont Cornish Limited     Optiva Securities 
 Investments Limited                                Limited 
The Company           Nomad                        Broker 
 
Denham Eke            Roland Cornish/James Biddle  Jeremy King/Ed McDermott 
 +44 (0) 1624 639396   +44 (0) 207 628 3396         +44 (0) 203 137 1904 
 

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END

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