29th Mar 2019 12:16
LONDON (Alliance News) - Port Erin Biopharma Investments Ltd on Friday said it intends to change its investment focus in 2019 following a decline in net asset value.
The AIM-listed company, which invests in the biotechnology and biopharmaceutical sectors, said its loss narrowed in 2018 to GBP17,357 from GBP74,631 reported a year earlier, following a gain of GBP53,307 on its investments.
Port Erin said its invested assets at fair value increased by 22% to GBP1.4 million from GBP1.2 million a year before.
The company's net asset value per share at December 31 was 8.14 pence, slightly lower than 8.21p at the end of 2017.
Port Erin said it has finalised its strategic review and intends to seek shareholder approval to change the existing investing policy to a new investing policy focussing on opportunities within the life sciences sector.
Upon approval, the company said it will consider ways of increasing the capital available for investing under the new investing policy.
Port Erin shares were untraded on Friday, last closing at 4.85 pence each.