TIDMPEBI

RNS Number : 0094U

Port Erin Biopharma Investments Ltd

19 October 2017

19 October 2017

Port Erin Biopharma Investments Limited

(the "Company")

Net Asset Value calculation to 30 September 2017

Jim Mellon, Chairman, commented: -

"The Net Asset Value ("NAV") calculation for the Company as at closing on 30 September 2017 was 9.20 pence per share, including un-invested cash of GBP634,765. The portfolio is valued under IFRS at bid price.

Net Assets stand at GBP2.1 million including investments of GBP1.3 million. This quarter's NAV represents a decrease of 1.6% from the previous valuation of 9.35 pence per share, which included un-invested cash of GBP875,885. No additional management fee is due to Shellbay Investments Limited.

Of our principal investments: Regent Pacific Group Limited announced in August 2017 that the commercial launch of their flagship product, Fortacin(TM), will begin in early 2018; Summit Therapeutics PLC announced further positive data for the Phase 2 clinical trial with their selective antibiotic ridinilazole; and SalvaRx Group PLC announced in September 2017 that its wholly owned subsidiary had formed a joint venture with Immunova LLC to develop selective nanomedicine delivery, potentially minimising negative side-effects that patients experience under traditional therapies. We continue to be very positive in our assessment of our portfolio's prospects."

 
                                                           Unaudited to 
                                                      30 September 2017 
                                                                    GBP 
Fixed Assets 
 Investments                                                  1,304,740 
Current Assets 
 Loan receivable                                                200,000 
 Sundry Debtors                                                  23,287 
 Uninvested cash                                                634,756 
Current Liabilities 
 Creditors: amounts due                                        (27,880) 
                                                     ------------------ 
                                                              2,134,903 
Capital and Reserves 
 Share Capital                                                       23 
 Share Premium                                                1,890,142 
 Reserves                                                       244,747 
                                                     ------------------ 
                                                              2,134,912 
 
Shares in Issue                                              23,195,558 
 
Net Asset Value per share                                    9.20 pence 
 

Portfolio Details

 
 Investments as at 30 September           Value  % of Total Portfolio 
  2017 
--------------------------------  -------------  -------------------- 
 
 Regent Pacific Group Limited        GBP378,056                28.98% 
 Summit Therapeutics PLC             GBP225,576                17.29% 
 SalvaRx Holdings PLC                 GBP59,259                 4.54% 
 Other quoted holdings                GBP36,726                 2.81% 
 Other unquoted holdings             GBP605,123                46.38% 
 
 Total                             GBP1,304,740               100.00% 
--------------------------------  -------------  -------------------- 
 

For further information, please contact:

 
Port Erin Biopharma Investments  Northland Capital Partners  Peterhouse Capital Limited 
 Limited                          Limited 
The Company                      Nomad and Broker            Broker 
 
Denham Eke                       Matthew Johnson / David     Lucy Williams 
 +44 (0) 1624 639396              Hignell                     +44 (0) 207 469 0936 
                                  +44 (0) 203 861 6625 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 19, 2017 02:00 ET (06:00 GMT)

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