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2020-09-08

Arix Bioscience PLC: Interim Results for the Six Months Ended 30 June 2020

Arix Bioscience PLC (ARIX)
Arix Bioscience PLC: Interim Results for the Six Months Ended 30 June 2020

08-Sep-2020 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION WITHIN THE MEANING OF THE EU MARKET ABUSE REGULATION NO.596/2014

 

 

Arix Bioscience plc

Interim Results for the Six Months Ended 30 June 2020

LONDON, 8 September 2020: Arix Bioscience plc ("Arix", LSE: ARIX) a global venture capital company focused on investing in and building breakthrough biotech companies, today announces its interim results for the period ended 30 June 2020.

Financial highlights

  • Net Asset Value of £251.0 million (December 2019: £202.1 million); 185p per share (December 2019: 149p); a 24% increase for the first six months of 2020
  • Net positive portfolio revaluation of £51.7 million[1] in the period
  • Gross Portfolio Value of £203.4 million (December 2019: £149.2 million)
  • £11.6 million of capital deployed into the portfolio during the period
  • £9.1 million of capital realised during the period
  • Cash of £44.0 million (December 2019: £54.6 million)
  • 20% IRR generated by the Gross Portfolio since inception in 2016

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[1] Including FX

Operational and strategic progress:

  • Significantly reduced net operating costs by over 35%, to an annual run rate of approximately £5.0m by the end of 2021, (down from £8.0m in 2019) which represents less than 2% of current NAV (down from 4.0% in 2019).
  • Further strengthened the Arix platform with the establishment of a Scientific Advisory Board (SAB) comprised of leading researchers and industry executives dedicated to improving treatments for patients.
  • Naseem Amin appointed as Executive Chairman, bringing over 29 years of experience in the life sciences industry. Former roles include: CSO at Smith & Nephew, VP of Business and Clinical Development at Biogen and Genzyme.
  • Christian Schetter moved into a Managing Director role, bringing 22 years of operating experience to the senior team and a track record of building successful biotech companies through to product approval and/or acquisition by big pharma.
  • Jonathan Tobin appointed to Managing Director, recognising his commitment and contribution to advancing great science through Arix's portfolio of innovative biotech companies.
  • Further strengthened Arix senior team with the appointment of Noor Lalani to Public Investments Director, bringing over 15 years of capital markets and portfolio management expertise.

 

Portfolio highlights

  • $391.5 million of proceeds raised by Arix portfolio companies in the year to date
    • Imara raised gross proceeds of $86.5 million in a Nasdaq IPO, in which Arix invested $3.0 million (£2.4 million)
    • Quench Bio completed a $35.0 million Series A financing, in which Arix committed $6.0 million (£4.6 million)
    • Autolus completed an $80.0 million follow-on financing from leading institutional investors
    • Amplyx completed a $53.0 million Series C extension, from new investors Pfizer and Adage Capital
    • Post-period end, VelosBio completed a $137.0 million Series B financing, in which Arix invested $4.0 million (£3.2 million)

 

  • Continued clinical progress in the portfolio:
    • Autolus (17% of NAV) reported positive data from its AUTO1 programme in adult Acute Lymphoblastic Leukaemia (adult ALL) and transitioned this programme into a pivotal trial. The company also reported encouraging data from its AUTO3 programme in diffuse large B-cell lymphoma (DLBCL)
    • Imara (14% of NAV) reported encouraging initial Phase 2a data from its IMR-687 clinical study for patients with sickle cell disease (SCD) and initiated Phase 2b trials in SCD and beta-thalassemia
    • Harpoon (12% of NAV) reported positive interim Phase 1 data from its HPN424 programme in prostate cancer and announced the dosing of the first patient with HPN217 in a Phase 1/2 clinical trial focused on relapsed, refractory multiple myeloma (RRMM), which triggered a $50 million milestone payment from AbbVie
    • Aura (4% of NAV) presented further positive safety and efficacy data from the ongoing AU-011 Phase 1b/2 study for choroidal melanoma
    • Atox Bio (3% of NAV) completed its Phase 3 pivotal study for necrotizing soft tissue infections (NSTI) and is preparing to submit a New Drug Application (NDA) in Q3 2020, following a meeting with the U.S. Food and Drug Administration (FDA)
    • Amplyx (2% of NAV) announced positive top line data following the completion of its Phase 2 clinical trial of fosmanogepix (APX001) as a first-line treatment for patients with invasive fungal infections caused by Candida. Additionally Amplyx announced that the first patient h...

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