17th Mar 2016 10:01
LONDON (Alliance News) - Biotechnology and biopharmaceutical sector investor Port Erin Biopharma Investments Ltd on Thursday said its existing portfolio has performed well in the first half and said it is eyeing new investments.
The company said its net asset value per share was 10.79 pence at the end of December, compared to 11.58p at the close of its 2015 financial year at the end of June. The fall in the net asset value resulted from a GBP184,674 net loss booked in the half, driven by unrealised losses on investments and running costs.
The group said its investment portfolio has continued to perform well, however, particularly AIM-listed Summit Therapeutics PLC, which has made progress on trials of its treatment for Duchenne Muscular Dystrophy, the muscle-wasting disease.
After the close of the half, pharmaceutical company Plethora Solutions Holdings PLC completed its takeover by Regent Pacific Group, and Port Erin said it has received Regent shares for its Plethora holding.
The company also invested in the Diabetic Boot Co Ltd in the first half, a company developing therapies for treating diabetic foot ulcers.
"The company's three principal investments continue to show significant growth potential for the remainder of 2015 and beyond. In addition, your board is currently considering a number of further options which show significant promise in being able to eliminate the substantial discount to Net Asset Value in line with the investing policy adopted in November 2013," said Port Erin Chairman Jim Mellon.
Port Erin shares were up 15% to 5.75p on Thursday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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