28th Mar 2019 10:53
LONDON (Alliance News) - Arix Bioscience PLC on Thursday reported a significant increase in its annual net asset value, resulting from an upwards revaluation of its portfolio.
For 2018, the venture capital firm focused on investing in biotech companies, posted net asset value up to GBP270 million from GBP54 million a year ago. NAV per share increased to GBP2.00 from GBP1.52.
The company's gross portfolio value jumped to GBP175 million from GBP54 million, with the company netting GBP70 million from a revaluation of the portfolio.
"We are encouraged by progress in 2018 with a number of positive developments in our business, and a net increase of GBP70 million in the value of our portfolio companies," Chief Executive Officer Joe Anderson said.
"This performance is an early sign, I believe, of the potential in our business and the strength of the young portfolio we have built. We are well positioned for further growth and investment in 2019 and look forward to the year ahead with confidence and optimism."
Furthermore, Arix said it appointed Mark Breuer as non-executive director with effect from April 25.
Breuer will replace Meghan FitzGerald, who will be stepping down from the board on Monday. Breuer was described by the company as "a highly experienced corporate financier" having worked in investment banking for 30 years.
Arix shares were trading up 2.9% at 148.12 pence each.
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