9th Mar 2021 12:03
Arix Bioscience PLC - focused on investing in biotech companies - Reports net asset value of GBP328 million as at the end of 2020, up from GBP202 million at the end of 2019. On a per share basis, it was 242p and 149p, respectively, a 62% increase year-on-year. The company swings to pretax profit of GBP126.3 million compared to GBP75.6 million loss in 2019, despite a revenue slip to GBP477,000 from GBP506,000 year-on-year. Arix says profit was helped by a reduction in administrative expenses to GBP7.8 million from GBP9.7 million.
"We have begun the journey of turning our promises to shareholders into delivery - realising GBP158 million during the year while at the same time refocusing the portfolio, restructuring and reducing our costs and laying the foundation for the next wave of investments," said Executive Chair Naseem Amin. "We enter 2021 with strong momentum in our portfolio and with multiple clinical data readouts expected."
Separately, Arix reports the foundation of a new portfolio company, Twelve Bio, which is developing novel engineered Cas12a nucleases for therapeutic gene editing. Arix is the sole investor in the company, with a 49% ownership stake.
Current stock price: 195.00 pence, up 5.4% on Tuesday
Year-to-date change: down 12%
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
ARIX.L