12th Aug 2021 12:12
(Alliance News) - Arix Bioscience PLC on Thursday reported a drop in its portfolio value in the first half of 2021, as share prices of its listed companies performed poorly.
Arix, a London-based investor in early-stage listed and unlisted biotech companies, saw its net asset value per share fall 12% over the half, to 214 pence at June 30 from 242p at December 31. The company swung to a pretax loss of GBP38.5 million from a profit of GBP49.0 million a year ago.
Shares were down 6.7% to 162.40 pence in London on Thursday morning.
Some of Arix's portfolio companies have suffered heavy losses in 2021 so far. Shares in immuno-oncology company Harpoon Therapeutics Inc, its biggest investment making up 8% of NAV, are down 45% year-to-date. Clinical-stage genetic medicine company LogicBio Therapeutics Inc, forming 3% of NAV, is down 39%. Sickle cell disease-focused medical company Imara Inc, which makes up 2% of NAV, has dropped 78%.
But there were some positives, with Arix making a profit when former investee Amplyx Pharmaceuticals was acquired by Pfizer Inc in April.
"I am pleased that during the period Arix portfolio companies made strong progress with clinical data updates, new trial initiations and successful financing rounds by both our public and private portfolio companies," Interim Chief Executive Robert Lyne said.
"Whilst the volatility of public companies has impacted our financial performance during the period, our focus remains on the clinical progress of these businesses. This is what we believe will drive their value in the future."
By Ivan Edwards; [email protected]
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